格隆汇10月9日丨中国海油(600938.SH)公布，截至2025年10月8日，中国海油集团累计增持公司港股股 份2209.8万股，占公司总股本的0.05%，增持金额为人民币3.32亿元（不含税费）。 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced the progress of its controlling shareholder's share buyback plan, indicating a commitment to increase its stake in the company over the next year [1] Summary by Relevant Sections Share Buyback Plan - CNOOC Group plans to increase its holdings in A-shares and Hong Kong stocks with an investment amount ranging from 2 to 4 billion yuan over a 12-month period [1] - As of October 8, the cumulative buyback in Hong Kong stocks reached 22,098,000 shares, accounting for 0.05% of the total share capital, with an investment amount of 332 million yuan (excluding taxes) [1] Shareholding Details - The controlling shareholder held 735,626,000 shares in Hong Kong stocks prior to the buyback, representing 1.55% of the total shares [1] - The buyback plan is currently more than halfway through its timeline, but the actual investment amount has not yet reached the lower limit of 50% of the planned investment [1] Future Plans - The company intends to continue the buyback at opportune moments, despite potential market fluctuations that may affect the original expectations of the buyback plan [1]

Core Viewpoint - Intercontinental Oil and Gas announced the latest updates on its share repurchase plan, indicating a commitment to enhancing shareholder value through strategic buybacks [1]. Group 1: Repurchase Plan Details - The company plans to repurchase shares through centralized bidding, with a budget ranging from 100 million yuan to 200 million yuan [2]. - The maximum repurchase price is set at 3.89 yuan per share, with the repurchase period lasting from November 25, 2024, to November 24, 2025 [2]. - The repurchased shares will be utilized for employee stock ownership plans or equity incentives [2]. Group 2: Repurchase Progress - As of the announcement date, no shares have been repurchased, with a total repurchase amount of 0 yuan and a shareholding ratio of 0% [3]. - The company emphasizes adherence to relevant regulations and will make repurchase decisions based on market conditions while fulfilling information disclosure obligations [3].

Core Viewpoint - Shell is preparing to restart preliminary work on the Dragon gas field in Venezuela to supply natural gas to Trinidad and Tobago, indicating increased confidence in the U.S. government's potential issuance of new licenses to exempt the project from sanctions [1] Group 1: Project Details - The Dragon gas field is located in the shallow waters between Venezuela and Trinidad, and its production will help alleviate Trinidad's LNG supply shortages [1] - The project is part of a dual strategy by the U.S. government towards Venezuela, balancing military pressure with diplomatic engagement to restart gas cooperation [1] - The U.S. government has previously revoked oil and gas project licenses in Venezuela to increase pressure on the Maduro regime, with the Dragon gas field being one of the projects affected [1] Group 2: Licensing and Regulatory Environment - In July, the U.S. government granted Chevron a limited license to restart heavy crude oil production and exports from Venezuela, with similar actions expected for Shell and other companies involved in gas projects [2] - The U.S. Treasury Department is still negotiating the final terms of Shell's license, which the company hopes will last up to 10 years for long-term investment [3] Group 3: Partnerships and Market Context - Shell's partner in the project is Trinidad's state-owned National Gas Company, while BP is also seeking to restore its license for the Manakin-Cocuina gas field straddling the maritime border of Venezuela and Trinidad [4] - Shell and BP are major shareholders in Trinidad's Atlantic LNG complex, which has seen declining gas production over the past decade, leading to supply shortages affecting LNG and petrochemical exports [5] Group 4: Strategic Implications - The U.S. government is willing to allow oil companies to restart operations in Venezuela as long as they pay taxes and fees in hard currency, with ongoing support for Trinidad to access Dragon gas field resources [9] - A 30-year production sharing contract for the Dragon gas field was signed at the end of 2023, with reserves exceeding 40 trillion cubic feet, although initial agreements were made in 2018 before sanctions halted progress [9]

Group 1 - The 28th Uzbekistan International Oil and Gas Exhibition (OGU2026) will take place from May 12-14, 2026, at the CAEX International Exhibition Center in Tashkent, Uzbekistan [1] - OGU is the only oil and gas industry exhibition in Uzbekistan, supported by the government and recognized by the UFI since 2009, attracting global participants [3] - In 2018, OGU attracted 275 companies from over 30 countries, with more than 12,000 professional visitors [3] Group 2 - Uzbekistan is positioned as a rapidly growing oil and gas producer in Central Asia, with proven oil reserves of 584 million tons and natural gas reserves exceeding 55 trillion cubic meters [3] - The country is a key gas supplier for the Central Asia-China gas pipeline, with expected investments in oil and gas field development reaching billions of dollars over the next three years [4] Group 3 - The exhibition will showcase a wide range of oil and gas equipment, including drilling machinery, geological exploration tools, and various industrial automation and safety equipment [7][9] - Chemical products for oil fields, such as drilling chemicals and oil recovery agents, will also be featured, along with technical services related to surveying, refining, and safety [9][10]

Tiber-Guadalupe项目由BP公司100%持股，将成为BP在美国墨西哥湾运营的第七个油气生产中心。该项 目将新建一座浮式生产平台，日原油产能可达8万桶。该项目预计于2030年投产，是BP计划在2028年至 2030年期间在全球范围内启动的8至10个重大项目之一。预估投资50亿美元的Tiber-Guadalupe项目完全 符合BP审慎的财务框架。今年早些时候，BP进行了重大战略调整，将财务框架重点向上游业务倾斜， 削减可再生能源领域的投资，转而聚焦油气生产这一核心业务。 中化新网讯 近日，英国石油公司(BP)宣布，已就其位于美国墨西哥湾、预估投资额达50亿美元的Tiber- Guadalupe项目做出最终投资决定。该项目是BP提升上游产量战略的一部分，其目标是到2030年将其在 美国的原油日产量提高至100万桶油当量以上。 在美国市场，BP将与其100%持股的Kaskida项目协同推进，计划投资约10亿美元开发美国墨西哥湾古近 纪油气项目。到2030年，Tiber-Guadalupe与Kaskida两大项目将助力BP将美国海上区域的日产量提升至 40万桶油当量以上。 根据新战略，BP计划到2027年底 ...

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Viewpoints - The U.S. economic data falling short of expectations has boosted the expectation of interest rate cuts, leading to an increase in global risk appetite [1]. - The U.S. government shutdown adds uncertainty to the economic outlook, and key economic data delays may affect the Fed's monetary policy [4]. - Gold prices have reached record highs due to factors such as the U.S. fiscal deficit, geopolitical conflicts, central bank gold - buying, and Fed rate - cut expectations [6]. - The steel market may continue to fluctuate in a range due to weak demand, and the energy - chemical market is affected by production increases and demand changes [8]. 3. Summary by Directory Domestic Macro - During the 2025 National Day holiday, the travel intensity was lower than that of the May Day holiday, with a 4.9% year - on - year increase in the average daily cross - regional human flow from the 1st to the 5th day, a 3.1 - percentage - point drop from the May Day holiday [1]. - Traditional tourist attractions' popularity declined, while cross - border and specialty tours were popular. For example, the bookings in some specialty tourist areas like Zhaotong and Hezhou increased by 95% and 88% respectively, and outbound travel bookings increased by over 30% [3]. - By the end of September, China's foreign exchange reserves rose to 33386.58 billion US dollars, and the gold reserves increased by 40000 ounces to 74060000 ounces, with the 11th consecutive monthly increase [2]. - As of the end of September, new growth - stabilization plans for seven key industries were released, focusing on the balance between supply and demand and AI - enabled upgrades [3]. International Macro - The U.S. government shut down due to the failure to pass a temporary fiscal appropriation. It is expected to have a minor impact on GDP and may slightly increase the unemployment rate temporarily. Key economic data release may be delayed [4]. - S&P believes the government shutdown adds uncertainty to the economic outlook, and the Fed is expected to cut interest rates twice by 25 basis points by the end of this year and further relax monetary policy by 50 basis points in 2026 [4]. - The U.S. September ADP employment decreased by 32000 people, far lower than the expected increase of 51000 people, and the September ISM services PMI dropped to 50 [4]. - The eurozone's September CPI initial value was 2.2%, and Germany's September manufacturing PMI was 49.5, with the manufacturing situation deteriorating due to a decline in new orders [4]. - High - profile political events in the U.S. and Japan: High - profile political events in the U.S. and Japan: High - profile political events in the U.S. and Japan: High - profile political events in the U.S. and Japan: High - profile political events in the U.S. and Japan: High - profile political events in the U.S. and Japan: High - profile political events in the U.S. and Japan: High - 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Report Industry Investment Rating Not mentioned in the report. Core Viewpoints The report comprehensively analyzes overseas and domestic macro - dynamic trends during the National Day holiday. Overseas, the US government shutdown, economic data fluctuations, and changes in market expectations for the Fed's interest rate cuts are the main focuses. Domestically, A - shares show a structural market, and the bond market maintains an oscillating pattern. Meanwhile, the National Day holiday sees a significant increase in cross - regional passenger flow, a boost in the tourism market, and a stable performance in the movie market [12][5][6][7][8]. Summary by Directory 1. Overseas Macro - dynamic Tracking 1.1 Overseas Assets: Equity Rallies, Gold Hits New High - During the National Day holiday, the expectation of two more Fed rate cuts this year strengthened, leading to a decline in the 2Y US Treasury yield. The US government shutdown pushed up the term spread, and gold prices soared to a record high. OPEC+ considering increased production in the next three months caused oil prices to fall. - Global major stock indices mostly rose. The S&P 500, Dow, and Nasdaq increased by 1.19%, 0.82%, and 1.49% respectively in the week up to October 6. - In the commodity market, gold, silver, and copper prices rose, while oil prices fell. The US dollar slightly increased, and the euro and yen against the US dollar declined [13][15]. 1.2 Overseas Politics: Focus on the US Government Shutdown - The US federal government shut down on October 1 due to the Senate's rejection of the Republican's temporary appropriation bill. The probability of this shutdown lasting until October 15 or later is 70%. - The government shutdown may impact GDP through consumption, business operations, and government spending. Historical data shows that previous shutdowns led to a decline in GDP growth rates [19][22][23]. - Other political hot - spots include new US tariffs, the Trump administration's plan to end the Gaza conflict, and the Supreme Court's ruling on the Fed official's dismissal [24]. 1.3 Economic Data: US Employment and PMI - US JOLTS job openings in August were higher than expected, with an increase mainly in healthcare and accommodation & catering, and a significant decline in construction and the federal government. - US ADP employment in September was significantly lower than expected, with a decrease of 32,000 people, the largest decline since March 2023. - The US ISM manufacturing PMI in September was slightly higher than expected, but new order demand was weak. The ISM services PMI was significantly lower than expected, with a sharp decline in business activity and new orders [27][29][34]. 1.4 Fed: Market Rate - cut Expectations Strengthen - Fed officials had different stances during the holiday. Logan and Goolsbee were hawkish, while Milan was dovish. - Market expectations for two more rate cuts this year strengthened. As of October 3, the probability of 25bp rate cuts in October and December was 86.3%, up from 65.4% a week ago [37][38][39]. 2. Domestic Macro - dynamic Tracking 2.1 Domestic Assets: A - shares' Structural Market, Bond Market Maintains Oscillating Pattern - In late September, A - shares were led by the technology - growth sector. The Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and STAR 50 Index all rose. Looking ahead, A - shares will continue the structural market driven by policies and liquidity. - The bond market is in an environment where negatives outweigh positives, with interest rates likely to oscillate. Short - term bonds are stable, while ultra - long - term bonds are weak [41]. 2.2 National Day Passenger Flow: Cross - regional Passenger Volume Hits a New High - During the first half of the 2025 National Day and Mid - Autumn Festival holiday (up to October 4), the cross - regional passenger volume reached about 1.25 billion person - times, a 5.7% increase from the previous year, with a daily average of over 310 million person - times [6]. 2.3 National Day Tourism: Travel Radius Further Expands - The 8 - day holiday boosted both domestic and outbound tourism. Long - distance outdoor consumption demand was evident, and outbound tourism continued to heat up. For example, bookings for trips to Russia increased nearly three - fold after the visa - free policy, and the top 10 popular outbound destinations included Japan, Thailand, etc. [7][47]. 2.4 Off - line Consumption: National Day Movie Market Remains Stable - As of 17:28 on October 6, the total box office (including pre - sales) of the 2025 National Day movie season exceeded 1.5 billion yuan, slightly lower than last year. The average ticket price decreased, and the market remained stable due to price concessions and diversified supply [8][50].

格隆汇10月7日｜壳牌公布第三季度展望：液化天然气产量预计为700万至740万吨；上游业务产量预计 为每日179万至189万桶油当量；综合天然气业务产量预计为每日91万至95万桶油当量；化工与成品业务 炼油利润指标为每桶11.6美元。 ...

Core Insights - Petrobras has successfully imported non-conventional natural gas from Argentina's Vaca Muerta reserve, marking a significant step in its energy sourcing strategy [1] Company Summary - Petrobras is a state-controlled oil company in Brazil that has initiated its first import of non-conventional natural gas [1] Industry Summary - The import of natural gas from Argentina's Vaca Muerta reserve indicates a growing trend in cross-border energy trade within the South American region [1]