CNOOC(SH:600938) Zhong Guo Hua Gong Bao·2025-12-16 03:22Core Insights - The global marine oil and gas exploration and development investment is expected to reach $217.55 billion in 2023, accounting for 35.7% of total global oil and gas investment, marking five consecutive years of growth with a compound annual growth rate (CAGR) of 11% [1] - By 2025, marine oil and gas will account for approximately 79% of the global oil and gas (excluding unconventional onshore) newly proven reserves [1] - The report indicates that by 2025, global marine oil and gas production is projected to be 49.12 million barrels of oil equivalent per day, reflecting a year-on-year increase of 4.1% [2] Investment Trends - The marine oil and gas exploration and development investment is expected to grow by over 3% in 2026, representing about 36% of total global oil and gas investment [3] - Key drivers for growth include increased investment, technological advancements, cost reductions, and favorable resource endowments [2] Regional Insights - The Middle East and South America are leading the growth in marine oil and gas production, with the Middle East having the largest production share and South America showing the highest growth rate [2] - Saudi Arabia and Brazil are responsible for 63.7% of the global increase in marine oil production [2] China's Developments - China has made significant discoveries in marine oil and gas exploration, with five new discoveries and 22 evaluated oil and gas structures as of Q3 2025 [2] - By 2025, China's marine oil production is expected to reach approximately 68 million tons, contributing about 80% of the national oil production increase [2] - Marine natural gas production in China is projected to be around 30 billion cubic meters, reflecting a year-on-year increase of approximately 4 billion cubic meters [2]