CNOOC(SH:600938) Guoxin Securities·2024-05-27 03:07Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Buy" (maintained rating) [1][3][6] Core Views - CNOOC has signed oil exploration and production contracts for five offshore blocks in Mozambique, covering a total area of approximately 29,000 square kilometers, with water depths ranging from 500 to 2,500 meters [2][4] - This marks CNOOC's first acquisition of oil and gas resources in Mozambique, indicating potential for rapid business expansion in the region [2][5] - The company plans to invest approximately $370 million in the first phase of exploration, which includes drilling at least four wells in deep water [2][5] - CNOOC's overseas oil and gas production has shown rapid growth, with a net production of 180.1 million barrels of oil equivalent in Q1 2024, representing a year-on-year increase of 9.9% [2][4] Summary by Sections Contract Acquisition - CNOOC's subsidiary has signed contracts for five offshore blocks (S6-A, S6-B, A6-D, A6-E, A6-G) in Mozambique, with operator interests of 70%, 77.5%, 80%, and 79.5% respectively [2][4] Future Expansion - The company aims to expand its operations in Mozambique's oil and gas sector, following a successful bid in the sixth round of national oil and gas licensing [2][5] Production Growth - In Q1 2024, CNOOC's net production was 180.1 million barrels of oil equivalent, with overseas production contributing significantly, particularly from projects in Guyana and Canada [2][4] Financial Forecast - The forecast for CNOOC's net profit for 2024-2026 is 149.8 billion, 156.4 billion, and 163.3 billion yuan respectively, with corresponding EPS of 3.15, 3.29, and 3.43 yuan [3][6]