Group 1 - China National Offshore Oil Corporation (CNOOC) has launched the country's first national-level deepwater oil and gas emergency rescue base, significantly reducing emergency response time in southern maritime areas [1] - The establishment of the rescue base marks a major breakthrough in China's offshore emergency rescue system and is a crucial step in enhancing the deep-sea oil and gas exploration and development framework [1] - The South China Sea holds approximately 24.8 billion tons of oil and 42 trillion cubic meters of natural gas, with about half of these resources located in deepwater areas [1] Group 2 - The domestic emergency response for deepwater oil and gas well control previously relied on foreign assistance, with an average response time of about 30 days; the new domestic capabilities can now respond within 48 hours [1] - Since the 14th Five-Year Plan, China has developed several deepwater oil and gas fields, including the "Deep Sea No. 1" gas field, which is the largest offshore gas field in terms of production [1] - CNOOC has improved its ultra-deepwater marine equipment manufacturing capabilities, launching the "Qinghai Techigh" brand for deepwater oil and gas production equipment [2] Group 3 - In 2024, China's dependence on foreign oil is projected to be approximately 71.9%, while natural gas dependence is expected to be around 41%, highlighting the urgency to enhance energy security and resource assurance [3] - The construction of the deepwater oil and gas exploration and development system is accelerating, with marine oil and gas production expected to grow by 4.7% and 8.7% year-on-year, respectively [3] - The increase in marine crude oil production is expected to account for nearly 80% of the national crude oil production increase, making it a significant growth driver for China's oil and gas reserves [3]

Core Insights - China National Offshore Oil Corporation (CNOOC) has launched the country's first national-level deepwater oil and gas emergency rescue base, significantly reducing emergency response times in southern maritime areas, marking a major breakthrough in China's offshore emergency rescue system [1] - The deepwater region is identified as a crucial area for future energy resources, with over 70% of global oil and gas reserves located in oceans, and 40% of that in deepwater [1] - China's South China Sea holds approximately 24.8 billion tons of oil and 42 trillion cubic meters of natural gas, with about half located in deepwater [1] Industry Developments - The establishment of the emergency rescue base allows domestic emergency response teams to reach relevant maritime areas within 48 hours, compared to the previous reliance on foreign resources which took about 30 days [1] - Since the 14th Five-Year Plan, China has developed several deepwater oil and gas fields, including the "Deep Sea No. 1" gas field, which is now the largest offshore gas field in terms of production [1] - CNOOC has improved its ultra-deepwater marine equipment manufacturing capabilities, launching the "Qinghai Techigh" brand for deepwater oil and gas production equipment, which is essential for efficient resource development [2] Future Projections - By 2024, China's dependence on foreign oil is projected to be around 71.9%, and natural gas dependence at approximately 41%, highlighting the urgent need to enhance energy security and resource assurance [3] - Continuous advancements in deepwater oil and gas exploration and development are expected to accelerate, with marine oil and gas production projected to increase by 4.7% and 8.7% year-on-year, respectively, contributing significantly to national oil and gas reserves [3]