Di Yi Cai Jing·2025-06-20 13:12Core Viewpoint - China National Offshore Oil Corporation (CNOOC) aims to achieve an oil and gas production target of 40 million tons this year from the Bohai Oilfield while maintaining cost advantages in oil production amidst the "dual carbon" goals [2][3][4] Group 1: Production and Development - The Bohai Oilfield is a key area for CNOOC, contributing significantly to China's oil and gas production, with plans for marine crude oil production to account for approximately 80% of the national total increase by 2024 [3][4] - The Bohai Oilfield has seen a continuous increase in production since 2019, with daily crude oil production surpassing 100,000 tons, representing nearly one-sixth of the national output [4][5] - As of the end of last year, the Bohai Oilfield confirmed net reserves of 2.24 billion barrels of oil equivalent (approximately 306 million tons), accounting for about 30% of CNOOC's total reserves [7] Group 2: Technological Advancements - CNOOC has made significant breakthroughs in exploration and development technologies, including the development of heavy oil extraction techniques and deepwater oil and gas equipment [5][9] - The company has implemented a modular assembly approach for platform construction, reducing project timelines to 3-5 years [9] - CNOOC's first deepwater jacket platform and cylindrical FPSO have been successfully deployed, extending the production life of oil fields and reducing development costs [5][9] Group 3: Cost Management and Efficiency - CNOOC has maintained a low cost of approximately $28 per barrel, the lowest among major oil companies, despite the higher challenges of offshore exploration [8][10] - The company has implemented a cost reduction and efficiency enhancement strategy since 2014, focusing on project economic viability and management innovation [9][10] - Energy-saving measures at the Bohai Oilfield have led to a reduction in daily electricity consumption by 13,300 kWh, translating to annual savings of over 3.6 million yuan [10] Group 4: Environmental Considerations - CNOOC is committed to a development philosophy that balances protection and development, aiming to implement a carbon capture, utilization, and storage (CCUS) center in the Bohai region [9][10] - The company has replaced traditional oil and gas power generation methods with shore power, marking the largest offshore oil field shore power project in China [9]