中国海油：恩平21-4油田、乌石23-5油田群开发项目投产

Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Outperform the Market" [9][12][19] Core Insights - The report highlights the commencement of production for the Enping 21-4 oilfield and the Wushi 23-5 oilfield group, with significant expected peak production rates of 5,300 barrels of oil equivalent per day by 2025 and 18,100 barrels of oil equivalent per day by 2026, respectively [10][11][12][31] - The Enping 21-4 oilfield is noted as China's first ultra-deep large displacement well project, achieving a maximum well depth of over 9,500 meters and a horizontal displacement of 8,689 meters, setting new records for offshore drilling in China [4][30][27] - The Wushi 23-5 oilfield is recognized as China's first fully green-designed oilfield, featuring a comprehensive integration of facilities aimed at zero emissions and pollution, effectively utilizing associated gas [6][11] Financial Projections - The forecasted net profit for CNOOC from 2024 to 2026 is projected at 149.8 billion, 156.4 billion, and 163.3 billion yuan, respectively, with corresponding earnings per share (EPS) of 3.15, 3.29, and 3.43 yuan [12][19] - The report indicates that the price-to-earnings (P/E) ratios for A-shares are expected to be 11.2, 10.7, and 10.2 for the years 2024 to 2026, while the H-shares are projected at 7.0, 6.7, and 6.4 [12][19] Oil Price Outlook - The report notes a significant rebound in international oil prices, with Brent crude oil reaching $86.94 per barrel, an increase of 8.0$80 to $90 per barrel throughout the year, with a potential upward trend [28][34]