Yahoo Finance·2025-10-02 22:00Core Insights - China's subsea pipeline network has reached a total length of 10,000 kilometers, marking a significant milestone in offshore oil and gas development as the country aims to reduce its reliance on energy imports [1][2] - The pipeline network is expected to exceed 13,000 kilometers by 2030, enhancing the offshore energy transport infrastructure and potentially accommodating future energy sources like hydrogen and shale gas [3] - CNOOC's recent projects in the Bohai Sea, including the Kenli 10-2 field, are set to boost production significantly, with expected peak output of 19,400 barrels of oil equivalent per day by 2026 [5] Pipeline Network Development - The densest part of the pipeline network is located in the Bohai Sea, specifically in Bohai Bay, which contains 3,200 miles of pipelines [4] - The pipeline network is part of China's broader strategy to increase domestic oil and gas production and transition to alternative energy sources [2][3] Production Initiatives - CNOOC has initiated several production projects in the South China Sea, including the Wenchang 16-2 Oilfield Development Project, which aims for a peak production of 11,200 barrels daily by 2027 [6] - The Deep-Sea No. 1 natural gas project has reached full capacity, contributing an additional 4.5 billion cubic meters of natural gas per year to domestic output [6] Financial Performance - CNOOC reported a record net oil and gas production of approximately 720 million barrels of oil equivalent for 2024, marking the sixth consecutive year of record production [7] - The company also anticipates an 11.4% increase in profit for 2024, reaching $19 billion, driven by the record production rates [7]