目前，"深海一号"气田每天产出1500万立方米天然气和超1600吨凝析油。据悉，2025年，包括"深海一 号"在内的环海南岛海上气田群累计生产油气突破1000万吨油当量，相较"十三五"末实现产量翻番。其 中，深海油气成为重要增长极，占区域新增油气产量90%以上。（记者丁怡婷） [ 责编：肖春芳 ] "深海一号"气田是中国迄今为止自主开发的作业水深最深、地层温压最高、勘探开发难度最大、天然气 产能最大的海上气田，最大作业水深超1500米，地层最高温度达到138摄氏度，天然气探明地质储量超 1500亿立方米，分两期开发建设。两组核心装置"深海一号"能源站和"四星连珠"平台群均具备基本的深 海油气加工处理能力，能在海上就地完成天然气和原油气的分离与外输。 记者2日从中国海油获悉，中国海上最大气田"深海一号"近期完成投产以来的第100船原油外输工作， 2025年油气总产量突破450万吨油当量，与陆地中型油田产量规模相当。 ...

本报讯（记者 孙杰）记者从中国海油获悉，我国海上最大气田"深海一号"近期完成投产以来的第100船 原油外输，2025年气田油气总产量突破450万吨油当量，与陆地中型油田产量规模相当。 "深海一号"气田是我国迄今为止自主成功开发的作业水深最深、地层温压最高、勘探开发难度最大、天 然气产能最大的海上气田。该气田最大作业水深超1500米，地层最高温度达138℃，天然气探明地质储 量超1500亿立方米，分两期开发建设，能在海上就地完成天然气和原油的分离与外输。 目前，"深海一号"每天产出1500万立方米天然气和超1600吨凝析油。经过四年多的持续探索，"深海一 号"作业团队自主建立起一套超深水气田生产运维完整技术体系，表明我国深海气田生产运维技术已达 到世界先进水平。 目前，包括"深海一号"在内的环海南岛海上气田群2025年累计生产油气突破1000万吨油当量，相较"十 三五"末实现产量翻番。其中，深海油气成为重要"增长极"，占区域新增油气产量的90%以上。 ...

"深海一号"气田是中国迄今为止自主成功开发的作业水深最深、地层温压最高、勘探开发难度最大、天 然气产能最大的海上气田，最大作业水深超1500米，地层最高温度达到138摄氏度，天然气探明地质储 量超1500亿立方米，分两期开发建设。 1月2日，中国海油宣布中国海上最大气田"深海一号"产量达到陆地中型油田规模。图为穿梭油轮在平静 海况下与"深海一号"能源站对接输油。徐海舟 摄 其两组核心装置"深海一号"能源站和"四星连珠"平台群均具备基本的深海油气加工处理能力，能在海上 就地完成天然气和原油气的分离与外输。 中新社北京1月2日电 (记者 王恩博)中国海油2日对外宣布，中国海上最大气田"深海一号"近期完成投产 以来的第100船原油外输工作，2025年气田油气总产量突破450万吨油当量，与陆地中型油田产量规模相 当。 目前，"深海一号"每天产出1500万立方米的天然气和超过1600吨的凝析油。部分凝析油被分别存储于平 台四根立柱的储油舱中，达到一定规模后通过穿梭油轮进行外输，这也是"深海一号"能源站三项世界首 创技术之一。 据介绍，包括"深海一号"在内的环海南岛海上气田群2025年累计生产油气突破1000万吨油当量， ...

未来，中国海油计划将"深海一号"开发建设形成的生产运维技术体系广泛推广应用，为国家经济社会发 展提供更为充足的能源保障。 新华社北京1月2日电（记者王悦阳、陈子薇）中国海油1月2日宣布，我国海上最大气田"深海一号"近期 完成投产以来的第100船原油外输工作，2025年气田油气总产量突破450万吨油当量，与陆地中型油田产 量规模相当。 "深海一号"气田是我国迄今为止自主开发的作业水深最深、地层温压最高、勘探开发难度最大、天然气 产能最大的海上气田，最大作业水深超1500米，地层最高温度达到138摄氏度，天然气探明地质储量超 1500亿立方米，分两期开发建设。两组核心装置"深海一号"能源站和"四星连珠"平台群均具备基本的深 海油气加工处理能力，能在海上就地完成天然气和原油气的分离与外输。 目前，"深海一号"每天产出1500万立方米天然气和超过1600吨凝析油。部分凝析油被分别存储于平台四 根立柱的储油舱中，达到一定规模后通过穿梭油轮进行外输，这是"深海一号"能源站三项世界首创技术 之一。 ...

Summary of Conference Call Notes Industry Overview - The deep-sea oil and gas development is becoming increasingly cost-competitive, particularly in South America, which is driving a global shift towards deep-sea exploration. By 2024, deep-sea development will account for only 7% of total oil and gas development, yet over 70% of new reserves discovered in the past decade are located in deep-sea areas [1][3]. Key Points and Arguments - **FPSO Importance**: Floating Production Storage and Offloading (FPSO) units are essential for deep-sea oil and gas extraction, providing initial processing capabilities for resources far from shore. Large FPSOs are particularly advantageous in low-cost extraction scenarios in Brazil and Guyana, marking a strategic opportunity for the industry [1][4][5]. - **Impact of Interest Rates**: High-interest rates previously compressed FPSO contractors' profit margins and delayed order releases. The initiation of a Federal Reserve rate-cutting cycle is expected to improve financing conditions, potentially accelerating FPSO order releases and activating projects that have already passed Final Investment Decision (FID) [1][6]. - **Shift in Global Industry Focus**: The global deep-sea oil and gas industry is shifting its focus to Southeast Asia and South America, leading to a supply chain transition towards the Asia-Pacific region. Chinese companies are benefiting from upgrades in technology and manufacturing capabilities, allowing them to handle more complex high-end equipment manufacturing projects [1][7][8]. Beneficiary Companies - Companies expected to benefit from the acceleration of FPSO orders include: - **China International Marine Containers (CIMC)**: High proportion of offshore business, expected to break even in 2025 and achieve a profit increase of approximately 1 billion in 2026 [1][9]. - **China Shipbuilding Industry Corporation**: Responsible for hull construction in some IPSO projects [2][9]. - **Bohai Shipbuilding Heavy Industry**: Focused on the construction of upper modules [2][9]. - **Neway Valve**: Expected to benefit as a white horse company in the IPSO order release [2][9]. - Additionally, equipment suppliers related to FPSO, such as leading oil tree companies, are also expected to benefit from the release of orders [2][9]. Additional Insights - The transition of the global oil and gas development structure towards deep-sea operations is primarily driven by cost changes, with deep-sea oil and gas costs in South America now lower than some high-cost onshore regions, such as Canadian oil sands and North American shale gas [3]. - The strategic importance of FPSOs is underscored by their ability to economically store and process resources in deep-sea environments, where direct pipeline transport is not feasible [5]. - The technological advancements and manufacturing upgrades in Chinese enterprises position them favorably in the current offshore investment cycle, enhancing their profitability and ability to capture growth opportunities [8].

Core Insights - "Deep Sea No. 1" is China's largest offshore gas field, with an annual production capacity exceeding 4.5 billion cubic meters [5][8] - The project has achieved a daily gas production of up to 15 million cubic meters, marking a significant milestone in deep-sea oil and gas development in China [6][8] Production Capacity - The "Deep Sea No. 1" gas field has a total of 23 underwater gas wells that are now operational, contributing to its status as the largest offshore gas field in China [5][6] - The gas produced is transported to various regions, including Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area, benefiting numerous households and industries [5][8] Technical Achievements - The project faced extreme geological conditions, with the highest formation temperature reaching 138 degrees Celsius and maximum pressure exceeding 69 MPa, presenting significant technical challenges [6][9] - "Deep Sea No. 1" has become the deepest and most challenging deep-water gas field developed independently in China, showcasing advanced technology and engineering capabilities [6][9] Innovative Development Model - The project utilized a pioneering development model combining underwater production systems, shallow water jacket platforms, and deep-water semi-submersible platforms, which is a first in the industry [7] - The infrastructure includes a vast network of underwater pipelines and platforms, spanning over 170 kilometers and operating at depths exceeding 1,500 meters [7][8] Future Prospects - The successful implementation of "Deep Sea No. 1" is expected to enhance the development of other complex deep-water oil and gas reserves, contributing to China's energy supply and supporting the transition to a greener energy structure [7][9]

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [7] Core Views - The company reported a revenue of 117.06 billion RMB for the first three quarters of 2025, a year-on-year decrease of 9.23%. The net profit attributable to shareholders was 1.566 billion RMB, down 14.35% year-on-year [1] - The decline in revenue and profit in Q3 2025 is attributed to a high base effect from the container business in the same period last year. However, the energy business has a full order book, and the offshore engineering business is expected to benefit from the global recovery in deep-sea oil and gas development, providing new growth momentum for performance [1][4] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 40.97 billion RMB, a year-on-year decline of 17.82%, but a quarter-on-quarter increase of 2.26%. The net profit attributable to shareholders was 287 million RMB, down 70.13% year-on-year and 60.86% quarter-on-quarter [1] - The gross margin for Q3 2025 was 11.40%, down 2.21 percentage points year-on-year and 1.79 percentage points quarter-on-quarter, primarily due to the increased revenue share from the lower-margin offshore business [2] Business Segments - The container business showed resilience despite facing high base pressure from 2024. The company sold 1.8018 million TEUs of dry cargo containers, a year-on-year decrease of approximately 27.53%, while the refrigerated container sales increased by 64.35% year-on-year to 153,500 TEUs [3] - The energy segment has a robust order backlog of approximately 30.763 billion RMB as of September 2025, a year-on-year increase of 10.9%. The offshore business is improving operational efficiency and profitability, with several significant deliveries in 2025 [4] Profit Forecast and Valuation - The company is expected to benefit from the accelerated release of global deep-sea oil and gas development demand. The forecasted net profit attributable to shareholders for 2025-2027 is 3.018 billion RMB, 3.630 billion RMB, and 4.038 billion RMB, respectively, with corresponding EPS of 0.56, 0.67, and 0.75 RMB [5] - The target price for the A shares is set at 10.72 RMB, while the target price for the H shares is 10.87 HKD, based on a PE ratio of 16 times for 2026 [5]

Core Viewpoint - The article highlights the emergence of the company as a leader in the FLNG (Floating Liquefied Natural Gas) sector, showcasing its significant market share and technological advancements that have reshaped the global marine engineering landscape [1][2][3]. Company Overview - The company, 惠生清能 (Hui Sheng Qing Neng), is the only Chinese enterprise capable of independently constructing and delivering FLNG projects, holding over 30% of the global market share in newly built FLNG contracts [1][7]. - It has established long-term partnerships with major international energy companies, including ENI and Malaysia's national oil company [7][10]. Technological Advancements - The company has developed a modular integration technology with over 90% modularization rate, significantly reducing construction time by nearly one-third compared to international standards [4][5]. - It has produced the world's largest SPB (Self-supporting Prismatic Shape) storage tank, breaking the international monopoly on this technology [5]. Market Position and Strategy - 惠生清能 has positioned itself as a key player in the high-end marine engineering equipment sector, transitioning from a follower to a leader through technological innovation and comprehensive project management capabilities [6][9]. - The company aims to expand its global market presence and diversify its client base while enhancing its product offerings in floating marine equipment and offshore wind power [11][12]. Industry Context - The global demand for natural gas is projected to grow, with significant opportunities in deep-sea oil and gas development, which aligns with the company's strategic focus on FLNG technology [13]. - The Chinese marine engineering equipment industry is evolving from low-end assembly to high-value-added production, with 惠生清能 serving as a model for this transformation [8][9].

Core Insights - The "Deep Sea No. 1" Phase II project has achieved full production, marking it as the largest offshore gas field in China with a maximum daily output of 15 million cubic meters [2][4] - This gas field is notable for being the deepest and most challenging to develop in terms of geological conditions, with 12 underwater wells exceeding 60,000 meters in total depth, temperatures reaching 138 degrees Celsius, and pressures up to 69 MPa [4][6] - The successful completion of the project is a significant milestone for China's deep-water high-pressure gas development, positioning the country among global leaders in this field [6][9] Production Capacity and Technical Challenges - The "Deep Sea No. 1" gas field consists of 23 underwater gas wells, all operational, contributing to a projected annual gas output of over 4.5 billion cubic meters [2][9] - The project faced extreme geological challenges, including high temperature and pressure, requiring innovative solutions and extensive research to ensure safe and efficient drilling operations [4][7] - The development of the underwater production system involved complex equipment and technology, with a focus on optimizing production management and simulating various operational scenarios [4][5] Technological Innovations and Achievements - The project has led to the creation of five world-first key technologies for drilling high-pressure wells, enhancing operational efficiency by over 30% [9] - A significant achievement includes the successful development of domestically produced high-density completion fluids, which saved nearly 100 million yuan in operational costs [7][9] - The establishment of a complete technical system for deep-water gas field development is expected to facilitate the economic and efficient development of other complex offshore oil and gas reserves in the future [10] Strategic Importance - The "Deep Sea No. 1" gas field is crucial for China's energy supply, with marine oil and gas production becoming a primary focus, accounting for approximately 80% of the national crude oil increase in 2024 [6][10] - The gas produced will support industrial and residential users in the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port, integrating into the national gas pipeline network [9][10]

Core Viewpoint - The article highlights the advancements and achievements of China National Offshore Oil Corporation (CNOOC) in the Bohai Sea oil and gas production, focusing on the development of the Bozhong 19-6 condensate gas field and the company's efforts in increasing reserves and production, technological innovation, and energy transition [2][4][10]. Group 1: Infrastructure and Operations - The Bohai oil field features a modern offshore energy complex with five giant platforms connected by bridges, and seven unmanned wellhead platforms, forming a high-density production base [2][3]. - The Bozhong 19-6 condensate gas field is located at an average water depth of 22.4 meters, with oil and gas buried over 5000 meters deep, presenting significant drilling challenges due to complex geological conditions [3][4]. - The platform group employs highly intelligent management systems, allowing remote operation and monitoring of production data, ensuring safety even in extreme weather conditions [3][4]. Group 2: Technological Innovations - CNOOC has developed innovative solutions to overcome technical challenges in deep-sea drilling, including the creation of high-temperature resistant drilling fluids and the establishment of the largest offshore gas injection platform in China [4][8]. - The company has made significant breakthroughs in deep-water oil and gas exploration, transitioning from shallow to deep-water operations, and has established a complete exploration and development system [8][9]. Group 3: Production and Growth - Since 2019, the Bohai oil field has focused on increasing reserves and production, with daily crude oil output surpassing 100,000 tons, accounting for nearly one-sixth of China's total crude oil production [6][10]. - The successful launch of the Bozhong 19-6 condensate gas field marks a new phase in the development of deep-sea oil and gas resources, contributing to the goal of producing 40 million tons by 2025 [4][6]. Group 4: Environmental Initiatives - CNOOC emphasizes green development, implementing projects such as the Bohai oil field shore power application and the first offshore photovoltaic integrated project in China [7][10]. - The company aims to create a new marine industrial ecosystem by integrating offshore wind power, marine ranching, and other renewable energy sources [9].