Core Insights - The "Deep Sea No. 1" Phase II project has been fully operational since June 25, marking China's largest offshore gas field and a significant step towards large-scale deep-sea oil and gas development [1][2]. Industry Overview - Over 70% of global oil and gas resources are located in oceans, with 40% from deep water. China's South China Sea alone has approximately 2.48 billion tons of oil and 42 trillion cubic meters of natural gas, with about half found in deep water [2]. - The exploration and development of deep-sea oil and gas resources, particularly in the South China Sea, is a long-term and significant growth direction for China [2]. Project Details - The "Deep Sea No. 1" gas field is located 150 kilometers from Sanya, Hainan Province, and has geological reserves exceeding 100 billion cubic meters [2]. - The project has overcome numerous technical challenges associated with deep-water operations, establishing China as a player in the global deep-water oil and gas development arena [3][4]. Technological Innovations - The "Deep Sea No. 1" energy station is the world's first 100,000-ton deep-water semi-submersible production and storage platform, featuring three world-class innovations and 13 domestically developed technologies [4]. - The project has developed a unique operational model combining underwater production systems, shallow water platforms, and deep-water semi-submersible platforms, creating a large-scale oil and gas production facility cluster [6][7]. Production Capacity - The "Deep Sea No. 1" project has a maximum daily production capacity of 15 million cubic meters, with an expected annual output exceeding 4.5 billion cubic meters [7]. - The cumulative production has surpassed 12 billion cubic meters, making it the largest offshore gas field in China and a key supplier for the Guangdong-Hong Kong-Macao Greater Bay Area [7]. Future Prospects - The technological and equipment systems established by the "Deep Sea No. 1" project are expected to facilitate the development of other complex deep-water oil and gas fields in the future [8]. - There are vast areas in the South China Sea awaiting exploration, and the advancements made through this project lay a solid foundation for future deep-sea endeavors [8].

Core Insights - China's Bohai Oilfield has established the most densely packed underwater pipeline network in the country, with over 3,200 kilometers of underwater oil and gas pipelines, contributing to a total length of over 10,000 kilometers, ranking among the top in the world [1][2] Group 1: Underwater Pipeline Network - The underwater pipeline is referred to as the "lifeline" of the marine oil and gas production system, connecting internal facilities of oil and gas fields and ensuring stable transportation of resources to land terminals, forming a complete production chain from "subsea wellhead - underwater pipeline - land terminal" [1] - The construction of underwater pipelines has seen significant advancements, with China National Offshore Oil Corporation (CNOOC) enhancing original technology and accelerating deepwater oil and gas exploration and development [1] Group 2: Technological Advancements - CNOOC has achieved comprehensive upgrades in pipeline laying capabilities, covering a full range of specifications from 2 inches to 48 inches, including single-layer, double-layer, composite, and mother-son pipe types, with technology and equipment capabilities reaching international advanced levels [1] - The evolution of vessel equipment, from first-generation shallow water S-lay pipelaying vessels to second-generation deepwater vessels, has driven the independent and comprehensive upgrade of China's underwater pipeline construction [2] Group 3: International Contributions - CNOOC is actively contributing to energy development in countries and regions along the "Belt and Road" initiative, having undertaken over 10 projects in Southeast Asia, the Middle East, and Africa, with a cumulative laying of over 500 kilometers of underwater oil and gas pipelines [2]

Core Insights - The South China Sea is estimated to have oil reserves exceeding 29.2 billion tons, surpassing some Middle Eastern countries like Iraq and Kuwait [2][5] - The region is rich in diverse resources, including 4 trillion cubic meters of natural gas and combustible ice equivalent to 19.4 billion tons of oil [5] - The South China Sea is crucial for China's energy security, potentially reducing reliance on Middle Eastern oil imports [15] Resource Potential - The South China Sea covers an area of 3.5 million square kilometers and contains 37 sedimentary basins, making it China's largest marine oil and gas storage area [4] - There are over 250 oil and gas fields beneath the sea, contributing significantly to global oil reserves [4] Development Challenges - Historical context shows that since the 1970s oil crisis, countries have focused on marine resources, with China gradually exploring the South China Sea [7] - The development of oil and gas resources is complicated by territorial disputes with neighboring countries like Vietnam, the Philippines, and Malaysia [7][9] Strategic Development - China's strategy in the South China Sea emphasizes steady progress and technological advancement, with significant discoveries in deep-water areas [9] - By 2030, it is projected that marine oil production could account for over half of China's total output, contingent on resolving territorial disputes [9] Infrastructure and Local Development - Sansha City, established in 2012, plays a key role in resource protection and development in the South China Sea [11] - Infrastructure improvements in Sansha, including waste treatment and transportation facilities, have enhanced living conditions for residents [13][15] Future Outlook - The South China Sea's oil and gas resources are vital for balancing China's energy supply and reducing import risks [15] - Continued international cooperation is necessary to avoid geopolitical conflicts while maximizing resource development [15]

Group 1 - The "Deep Sea No. 1" Phase II project has achieved full production, with a total of 23 underwater gas wells operational, reaching a maximum daily output of 15 million cubic meters, making it the largest offshore gas field in China [2][4] - The project consists of two phases, with Phase I launched in June 2021 and Phase II deploying 12 underwater gas wells across three areas, along with new infrastructure including a platform and underwater production systems [2][3] - The project faces complex natural conditions, with total well depths exceeding 60,000 meters, maximum formation temperatures of 138 degrees Celsius, and pressures reaching 69 MPa, presenting significant technical challenges [3] Group 2 - The "Deep Sea No. 1" gas field is expected to produce over 4.5 billion cubic meters of gas annually, with the gas being distributed to regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port [4] - The project has led to the development of five world-first key technologies for deep-water high-pressure well drilling and completion, enhancing operational efficiency by over 30% [3] - An innovative development model combining underwater production systems with shallow water platforms and deep-water semi-submersible platform remote control systems has been introduced, transforming existing shallow water gas field facilities into gas transmission hubs [3]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced the full production of the "Deep Sea No. 1" Phase II project, marking the completion of China's largest offshore gas field [1][3]. Group 1: Project Overview - The "Deep Sea No. 1" gas field has a total proven geological reserve of over 150 billion cubic meters, with the maximum operational water depth exceeding 1,500 meters and well depths over 5,000 meters [1][3]. - The Phase II project faced extreme geological conditions, with the highest formation temperature reaching 138 degrees Celsius and maximum pressure exceeding 69 MPa, which is equivalent to 1,000 times the working pressure of a household pressure cooker [3]. Group 2: Technological Innovations - The project introduced an innovative development model combining underwater production systems, shallow water jacket platforms, and deep-water semi-submersible platform remote control systems [3]. - A total of 12 underwater gas wells were deployed across three well areas (south, north, east), along with the construction of one jacket platform, one underwater production system, five subsea pipelines, and five deep-water umbilicals, creating a large-scale oil and gas production facility cluster spanning over 170 kilometers [3]. Group 3: Production Capacity and Impact - The "Deep Sea No. 1" gas field has reached its maximum design capacity, with an expected annual gas production of over 4.5 billion cubic meters [3]. - The produced deep-water natural gas will flow to the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan through various land terminals, integrating into the national natural gas pipeline network [3][4].