Core Insights - China National Offshore Oil Corporation (CNOOC) has achieved significant progress in the large-scale application of offshore heavy oil thermal recovery technology, with cumulative production exceeding 5 million tons, making China the first country globally to achieve large-scale thermal recovery of offshore heavy oil [1][4] Industry Overview - Heavy oil, characterized by high viscosity, density, and poor flowability, poses significant extraction challenges, especially in offshore environments where operational space is limited and costs are high [1] - Approximately 70% of the world's remaining oil resources consist of heavy oil, making it a primary focus for oil-producing countries aiming to increase production [1] Technological Advancements - CNOOC has developed a "few wells, high yield" thermal recovery theory, utilizing a large well spacing approach combined with high-intensity injection and multi-phase thermal fluid collaboration to enhance single well output [4] - The company has successfully created world-leading equipment capable of withstanding temperatures of 350°C for thermal recovery, along with a mobile thermal injection platform, "Thermal Recovery No. 1," filling a gap in offshore heavy oil thermal recovery equipment [4] Production Capacity and Future Plans - The development of the thermal recovery technology system and core equipment has accelerated the construction of offshore heavy oil production capacity, with expectations to exceed 1 million tons in production by 2024 [4] - CNOOC plans to intensify technological research and expedite the development of heavy oil fields to continuously enhance the ability to utilize heavy oil reserves [4]

Core Insights - China National Offshore Oil Corporation (CNOOC) has achieved a cumulative production of over 5 million tons of offshore heavy oil through thermal recovery, becoming the first country globally to realize large-scale thermal recovery development of offshore heavy oil [1] Group 1: Production Achievements - The Luda 5-2 North Oilfield Phase II project, which commenced production in February, has added over 20 million tons of recoverable heavy oil reserves and has a daily thermal recovery production exceeding 500 tons, contributing a cumulative thermal recovery output of over 100,000 tons [1] - The newly launched 100-million-ton-level Kenli 10-2 oilfield development project has added over 14 million tons of recoverable heavy oil reserves [1] - As of this year, China has accelerated the construction of offshore heavy oil thermal recovery capacity, with a cumulative thermal recovery production exceeding 1.3 million tons, setting a historical high for the same period [1]