CNOOC(600938) 国信证券·2025-02-19 03:18Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Insights - The company has successfully launched the Bohai Zhong 26-6 oilfield development project, which is expected to reach a peak production of 22,300 barrels per day in 2025, with a total lifecycle carbon dioxide storage of approximately 1.5 million tons [3][7] - The Brazil Buzios 7 project has been safely launched, achieving an oil production capacity of 225,000 barrels per day, with the company holding a 7.34% stake [4][8] - OPEC+ is considering further postponing its oil production increase plans, which may help maintain oil prices in a mid-to-high range [5][9] Summary by Sections Bohai Zhong 26-6 Oilfield Development - The Bohai Zhong 26-6 oilfield is located in the central Bohai Sea and is the largest metamorphic rock potential mountain oilfield globally, with proven oil and gas geological reserves exceeding 200 million cubic meters. The project took only three years from discovery to production due to standardized engineering applications [3][7] - The project includes the construction of a central processing platform and an unmanned wellhead platform, with plans to produce 33 development wells, including 22 production wells and 10 gas injection wells [3][7] Brazil Buzios 7 Project - The Buzios oilfield is situated in the Santos Basin off the southeastern coast of Brazil and is the world's largest deep-water sub-salt oilfield. The oilfield's production is expected to reach 1 million barrels per day by the second half of 2025 [4][8] - The Buzios 7 project employs a floating production storage and offloading (FPSO) system and includes 15 development wells [4][8] OPEC+ Production Plans - OPEC+ has decided to extend its voluntary production cut of 2.2 million barrels per day for an additional three months until the end of March 2025, with gradual restoration planned thereafter [5][9] - Recent reports indicate that OPEC+ may delay its planned production increase in April, which could support oil prices [5][9] Financial Forecasts - The company forecasts net profits for 2024, 2025, and 2026 to be 149.8 billion, 156.4 billion, and 163.3 billion yuan respectively, with corresponding EPS of 3.15, 3.29, and 3.43 yuan [6][14] - The projected A-share PE ratios for the same years are 8.4, 8.1, and 7.7, while the H-share PE ratios are 5.4, 5.2, and 4.9 [6][14]