香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 表 明 不 會 就 本 公 告 全 部 或 任 何 部 分 內 容 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任 。 * （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 中 外 合 資 股 份 有 限 公 司 ） （ 股 份 代 號 ： 5 6 8） 海外監管公告 本 公 告 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 第 13. 10B 條 而 作 出 。 茲 載 列 山 東 墨 龍 石 油 機 械 股 份 有 限 公 司 （ 「 本 公 司 」 ） 在 中 國 報 章 刊 登 或 在 深 圳 證 券 交 易 所 網 站 發 佈 的 日 期 為 二 零 二 五 年 八 月 二 十 三 日 的 《 2025 年 半 年 度 報 告 摘 要 》《 2025 年 半 年 度 報 告 》《 2025 年 半 年 度 ...

8月21日从中国石化新闻办获悉，江汉油田红星页岩气田1650.25亿立方米页岩气探明储量顺利通过自然 资源部审定，标志着湖北首个超千亿立方米大气田诞生，这也是我国首个二叠系大型页岩气田。利川市 作为该气田的核心区域，为保障国家能源安全再添湖北力量。 ...

Core Insights - The article discusses the geopolitical and economic dynamics of a "three-nation shadow war" involving China, India, and Russia, highlighting China's significant role in the evolving global energy landscape [1][6]. Group 1: India's Oil Procurement Strategy - India has reduced its oil imports from Russia due to concerns over potential punitive tariffs from the U.S., which could reach up to 50%, significantly increasing costs for Indian exporters [1][4]. - As a result, Indian refineries are seeking alternative high-priced oil sources from the U.S., Brazil, and the Middle East, even if it means paying an additional $8 per barrel [1][4]. Group 2: Russia's Response to India's Withdrawal - With India being a major buyer of Russian oil, its exit has created a need for Russia to find new markets, leading to attractive offers for Chinese refiners, such as a $1 per barrel discount on Urals crude for October delivery [1][3]. - Russia's oil exports are heavily reliant on China, with 34% of its export revenue now depending on Chinese purchases following India's withdrawal [4][6]. Group 3: China's Strategic Moves - Chinese refiners quickly secured 15 batches of Russian oil, totaling around 10 million barrels, capitalizing on the lower prices, which could save them tens of millions of dollars [3][4]. - The Chinese refining sector is well-equipped to process high-sulfur Urals crude, and this procurement aligns with China's strategy to enhance energy security while reducing dependence on other oil sources [5][6]. Group 4: The Broader Implications - The shift in oil procurement dynamics has strengthened the energy ties between China and Russia, with predictions indicating a 43% increase in Russian oil exports to China by Q1 2025 [8]. - The article suggests that the geopolitical maneuvering has inadvertently benefited Russia, pushing it closer to China while complicating India's energy strategy amid U.S. pressures [6][8].

Core Viewpoint - The announcement by former U.S. President Donald Trump to personally participate in the development of a super oil field in Pakistan is not merely an energy business deal but a significant geopolitical maneuver that could reshape regional dynamics and influence global power structures [1]. Group 1: Pakistan's Economic Situation - Pakistan's economy is under severe pressure, with foreign exchange reserves dropping below $10 billion, barely covering 30 days of import needs, and external debt reaching $1.3 trillion, including approximately $300 billion owed to China [3]. - The discovery of a giant oil field in southwestern Pakistan, estimated to contain 227 billion barrels of oil and 16 trillion cubic meters of natural gas, positions Pakistan as the fourth-largest oil reserve holder globally, surpassing Iran [3][5]. - The oil field primarily consists of shale oil, which is challenging to extract due to high technical requirements, necessitating advanced technology that Pakistan currently lacks [5]. Group 2: U.S.-Pakistan Cooperation - Pakistan's decision to collaborate with the U.S. for oil field development is driven by the need for advanced technology and immediate cash flow, as U.S. energy capital offers billions in cash, payable in Pakistani rupees [5][6]. - Trump's involvement aims to leverage U.S. technological advantages in the South Asian energy landscape, with potential implications for India's energy security, as Pakistan's oil could be sold to India, creating a strategic leverage point [7]. Group 3: Infrastructure Challenges - The large-scale development of shale oil requires significant investment in infrastructure, including power, pipelines, and ports, which could cost several billion dollars, posing a challenge given Pakistan's current infrastructure limitations [9]. - Many critical components of Pakistan's infrastructure, particularly the electricity grid, have been developed with Chinese involvement, which may complicate U.S. efforts to efficiently extract and transport oil [9]. Group 4: China's Strategic Position - China maintains a strategic advantage in the energy transport sector, as the key port for oil exports, Gwadar Port, is operated by Chinese enterprises, which could impact the efficiency of U.S. oil exports [10]. - Pakistan's defense needs are increasingly tied to its energy development, with reports of Pakistan planning to purchase advanced fighter jets from China, indicating a deeper strategic partnership [12]. - A "oil-for-debt" arrangement is being pursued, where a portion of the oil produced will be used to repay debts to China, ensuring a stable supply of oil for China while alleviating Pakistan's immediate cash flow issues [14]. Group 5: Long-term Implications - China's approach includes transferring shale oil extraction technology to Pakistan and establishing training centers, fostering long-term energy development capabilities in Pakistan [16]. - The ongoing competition for the oil field represents a complex geopolitical struggle, with the U.S. holding technological advantages but facing infrastructure constraints, while China leverages its existing investments and strategic relationships to secure its interests [16].

Core Insights - China Petrochemical Corporation (Sinopec) announced the successful verification of 1650.25 billion cubic meters of shale gas reserves at the Hongxing shale gas field in the Jianghan Oilfield, marking the establishment of another large shale gas field in China, which is significant for national energy security [1] Group 1 - The newly discovered shale gas field has a proven reserve of 1650.25 billion cubic meters [1] - The verification was approved by the Ministry of Natural Resources, indicating regulatory endorsement [1] - The establishment of this shale gas field is expected to have a positive impact on ensuring energy security in China [1]

酷望基金刘刚认为，油气开采板块技术性反弹、持续性欠佳； 中国银河证券财富星首席投资顾问高乐认为，能源安全为纲，滞涨补涨题材； 金元证券首席投资顾问徐传豹认为，油气板块估值较低，短线有望补涨。 ...

来源：中国石化江汉油田 转自：北京日报客户端 中国石化江汉油田红星页岩气田1650.25亿立方米页岩气探明储量顺利通过自然资源部审定，标志我国 又一大型页岩气田正式诞生，进一步证明红星地区具有良好的资源潜力，成功开拓了页岩气战略增储新 阵地，对保障国家能源安全具有积极意义。 ...

Core Insights - India has reduced its purchases of Russian oil due to pressure from the Trump administration, which has threatened to impose a 25% secondary tariff on Russian oil imports starting from late August [3] - In response to India's withdrawal, Chinese refineries have seized the opportunity to purchase over 10 million barrels of Russian oil at discounted prices, with 15 batches already bought this month [1][5] - The strategic implications of this move include strengthening energy cooperation with Russia and demonstrating to Moscow that China is a reliable partner compared to India's fluctuating stance [8][9] Group 1 - India's reluctance to buy Russian oil stems from the potential 25% tariff imposed by the U.S., which has led Indian state-owned refineries to halt purchases since late July [3] - The discounts previously enjoyed by India on Russian oil have decreased, prompting Indian refineries to reassess their purchasing strategies [3] - Chinese companies have negotiated a $1 discount per barrel on Urals crude oil, which is significant given the current price of around $65 per barrel [5] Group 2 - The increase in Chinese purchases of Urals crude is primarily a commercial decision driven by price competitiveness, as Chinese refineries typically use higher-quality ESPO crude [6] - The short-term impact of increased Russian oil purchases by China has led to a reduction in demand for Saudi oil, with some refineries cutting back on September deliveries [8] - Despite the current increase in Russian oil imports, China aims to maintain a diversified energy import strategy to avoid over-reliance on a single source, learning from Europe's energy dependency issues [8][9]

Core Insights - Chevron has resumed its first shipments of Venezuelan crude oil following the U.S. government's restoration of its operating license in the sanctioned country, marking a preliminary restart of trade that had been abruptly halted earlier this year [1][3] - The resumption of exports highlights a potential shift in U.S. energy security concerns, which may outweigh strict sanctions, especially as domestic refiners face raw material imbalances [3] Group 1: Chevron's Operations - Chevron's vessels, Mediterranean Voyager and Canopus Voyager, recently departed from Venezuelan waters carrying heavy crude oil to the U.S. West Coast and Port Arthur, Texas [1] - The initial trade volume is still relatively small, but even a limited amount of Venezuelan oil could alter the trading dynamics in the Gulf Coast heavy crude market [3] Group 2: Venezuelan Oil Industry - The return of Chevron provides much-needed operational stability and export certainty to Venezuela's oil industry, which has been suffering from years of underinvestment and sanctions [3] - Current export levels remain around 700,000 barrels per day, significantly lower than pre-crisis levels, with structural limitations in PDVSA's infrastructure acting as a ceiling [3] Group 3: Market Dynamics - U.S. Gulf Coast refiners continue to favor Venezuelan heavy crude due to its compatibility with coking units designed for processing similar crude from Mexico and Canada [3] - The reduction of heavy oil exports from Mexico and pipeline transportation constraints in Canada have heightened the raw material anxiety among refiners like Valero Energy, which is reportedly negotiating supply agreements with Chevron [3]

Group 1 - The core viewpoint emphasizes the need for state-owned enterprises in the energy sector to enhance energy supply capabilities and focus on their main responsibilities [1] - The government encourages increased domestic oil and gas exploration and development, as well as participation in the national strategic reserve system [1] - There is a strong push for transformation and development, aiming to increase the production of efficient oil products and high-value-added chemical products [1] Group 2 - The focus is on building core capabilities for independent innovation and breaking through key technologies in deep water exploration and high-end new materials development [1] - The government aims to achieve high-quality stable growth by understanding macroeconomic conditions and market trends, while also emphasizing cost reduction and effective investment [1] - There is a call for deeper reforms in state-owned enterprises, enhancing corporate governance, and improving market-oriented operational mechanisms [1]