能源石化行业深度报告：油气开发由陆向海，产业投资前景广阔

Investment Rating - The report rates the oil and gas development industry as "Positive" [3]. Core Insights - High oil prices are expected to accelerate the development of new oil and gas fields, as increased demand or decreased supply leads to higher prices, enhancing the cost safety margin for producers and driving capital expenditures [3][11]. - The development of offshore oil and gas resources is gaining momentum, with significant potential due to rich reserves and lower development costs compared to onshore resources [3][30]. - The report highlights the importance of technological advancements in marine engineering, which have improved resource accessibility and reduced costs, enhancing the feasibility and economic viability of offshore oil and gas development [3][40]. Summary by Sections 1. Review of the Past: Global Oil and Gas Development Cycle - The oil market typically experiences four phases: rising prices due to demand exceeding supply, introduction of new non-traditional oil supplies, a surplus leading to price declines, and subsequent investment cuts by producers to restore balance [11][12]. 2. Future Outlook: Offshore Oil and Gas Resource Development 2.1 Global Offshore Oil and Gas Development Potential - Offshore oil and gas reserves are significantly larger than onshore, with 60% of new discoveries in the last decade occurring offshore, particularly in deepwater and ultra-deepwater areas [30][34]. - The exploration level for offshore resources remains low, with a conventional oil and gas reserve-to-production ratio of 67 years for offshore compared to 48 years for onshore [30][34]. 2.2 China’s Offshore Oil and Gas Resource Potential - China's Bohai Sea is at a peak exploration stage, while the South China Sea is in the early exploration phase, indicating substantial future development potential [3][30]. 3. Technological Advancements Driving Production - The average development costs for offshore oil and gas have decreased significantly, with deepwater and shallow water breakeven prices dropping to $43 and $37 per barrel, respectively, by 2023 [40][41]. - The report emphasizes that advancements in marine engineering technology have led to increased operational efficiency and reduced costs, making offshore resources more commercially viable [3][40]. 4. Investment Opportunities in the Oil and Gas Sector 4.1 Oil and Gas Resource Investment Opportunities - The report suggests focusing on companies like China National Offshore Oil Corporation (CNOOC) and its partners, as they are well-positioned to capitalize on offshore resource development [3][4]. 4.2 Oilfield Services Investment Opportunities - The global oilfield services industry is expected to experience a prolonged upturn due to high oil prices and increased demand for offshore resource development [3][4].