Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has achieved a significant breakthrough in lithological exploration in the Paleogene system of the Liaozhong sag in the Bohai Bay Basin, successfully drilling high-yield oil and gas wells, which further strengthens China's offshore oil and gas resource reserves [1] Group 1 - CNOOC's successful drilling of high-yield oil and gas wells marks a major advancement in the exploration of offshore resources [1] - The achievement is expected to enhance the foundation of China's offshore oil and gas resource reserves [1]

Core Insights - China's offshore oil and gas exploration has achieved significant breakthroughs, particularly in the Bohai Bay Basin's Liaozhong Depression, with the successful drilling of high-yield oil and gas wells [1][3] - The JZ27-6-3 well encountered a 57.4-meter oil and gas layer and reached a total depth of 1,925 meters, producing approximately 500 tons of crude oil and 20,000 cubic meters of natural gas per day [1][3] Exploration Achievements - The region's complex oil and gas reservoir structure had previously hindered large-scale exploration, but China National Offshore Oil Corporation (CNOOC) has made technological advancements to address these challenges [3] - CNOOC established a coupling relationship between sediments and uplifts, innovating a model for the advantageous migration of Paleogene lithologic bodies, which led to the identification of rich oil and gas accumulation zones [3] Strategic Implications - The breakthrough in the Liaozhong Depression confirms the substantial exploration potential of Paleogene lithologic oil and gas reservoirs in the Bohai Bay Basin, facilitating secondary exploration in older oil fields [3] - This discovery is crucial for ensuring stable energy supply in the Beijing-Tianjin-Hebei region and the surrounding Bohai Sea area, while also providing replicable technical routes and practical experiences for similar explorations in China's maritime regions [3]

9月29日，中国海油宣布在渤海湾盆地成功钻获高产油气井。这是JZ27-6-3井测试现场放喷。 (中国海油 供图) 该区域油气储层构造复杂，多年来一直未有规模性勘探发现。中国海油持续推进老油田"接续勘探工 程"，围绕在产油田周边开展新层系、新类型技术攻关。辽中凹陷古近系岩性勘探的重大突破，印证了 渤海湾盆地古近系岩性油气藏巨大的勘探潜力，推动老油区二次勘探进程，也为中国海域类似领域的勘 探提供了可复制的技术路线和实践经验。 近年来，中国海油先后在多个海域实现了多种类型古近系大中型油气田重大发现，不断丰富中国海上油 气资源储备。据介绍，此次在辽中凹陷的勘探新发现，对保障京津冀和环渤海地区能源稳定供应具有重 要意义。(完) 中新社北京9月29日电 (记者 王恩博)记者29日从中国海油获悉，其在渤海湾盆地辽中凹陷古近系岩性勘 探领域取得重大突破，成功钻获高产油气井，进一步夯实了中国海上油气资源储量基础。 辽中凹陷位于渤海北部海域，平均水深22米。探井JZ27-6-3井钻遇油气层57.4米，完钻井深1925米。经 测试，该井日产原油约500吨，日产天然气约2万立方米。 ...

据了解，该区域油气储层构造复杂，多年来一直未有规模性勘探发现。中国海油科研人员持续进行技术 攻关，开展多专业联合研究，建立起沉积物与凸起之间的耦合关系，创新提出古近系岩性体优势运移模 式，破解了古近系岩性体难以规模成藏的科研难题，锁定岩性油气藏富集区带，实现勘探突破。 中国海油持续推进老油田"接续勘探工程"，围绕在产油田周边开展新层系、新类型技术攻关。辽中凹陷 古近系岩性勘探的重大突破，印证了渤海湾盆地古近系岩性油气藏巨大的勘探潜力，推动老油区二次勘 探进程，也为中国海域类似领域的勘探提供了可复制的技术路线和实践经验。 新华财经北京9月29日电（记者安娜） 记者29日从中国海油获悉，我国在渤海湾盆地辽中凹陷古近系岩 性勘探领域取得重大突破，成功钻获高产油气井，进一步夯实了我国海上油气资源储量基础。 辽中凹陷位于渤海北部海域，平均水深22米。探井JZ27-6-3井钻遇油气层57.4米，完钻井深1925米。经 测试，该井日产原油约500吨，日产天然气约2万立方米。 （文章来源：新华财经） 近年来，中国海油先后在多个海域实现了多种类型古近系大中型油气田重大发现，不断丰富我国海上油 气资源储备。此次在辽中凹陷的勘探新 ...

Group 1 - The core viewpoint of the article highlights the strategic transformation and debt restructuring of the company, focusing on overseas oil and gas exploration and development while divesting from real estate [1] - The company has expanded its overseas asset portfolio through a dual approach of "project value enhancement + project acquisition," establishing a solid presence in resource-rich areas such as Kazakhstan, Iraq, and Albania [1] - The management team is experienced and well-educated, and the company has implemented a "repurchase + tiered dividend" incentive mechanism to ensure long-term development and shareholder returns [1] Group 2 - The Kazakhstan project serves as a production foundation, with the desert oilfield expected to provide short-term incremental production by 2025 [2] - The company has developed a multi-layered asset matrix in Kazakhstan, including projects that maintain low decline rates and significant long-term potential [2] - The sales strategy optimizes resource allocation, maintaining the lowest domestic sales ratio and exporting crude oil through the CPC pipeline to enhance profitability [2] Group 3 - The investment environment in Iraq has improved, with the country holding significant oil and gas reserves and a strong government willingness to increase production [3] - The company has successfully secured multiple blocks and projects in Iraq, which are located in safe and mature areas, thus reducing exploration risks and enhancing returns [3] - The deepening of energy cooperation under the Belt and Road Initiative has positioned China as the largest exporter of offshore crude oil to Iraq [3] Group 4 - The Albania project provides a high-quality supplement to the company's overseas asset portfolio, further diversifying regional operational risks [4] Group 5 - The company is expected to benefit from the high oil prices and the upcoming production from projects in Kazakhstan and Iraq, with projected net profits for 2025-2027 being 330 million, 360 million, and 920 million yuan respectively [5] - The corresponding price-to-earnings ratios for these years are projected to be 28.2X, 26.2X, and 10.2X, leading to a "buy" rating for the company [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [14][16]. Core Insights - The company, Intercontinental Oil and Gas, focuses on overseas oil and gas exploration and development, expanding its business into resource-rich areas such as Kazakhstan, Iraq, and Albania through a dual strategy of project enhancement and acquisitions [10][14]. - The management team is experienced and well-educated, implementing a "buyback + tiered dividend" incentive mechanism to support long-term development and enhance shareholder returns [10][14]. Summary by Sections Company Overview - Intercontinental Oil and Gas has undergone significant strategic transformation and debt restructuring, completely divesting from real estate to focus on overseas oil and gas exploration and development [10][24]. Kazakhstan Operations - Kazakhstan is a core area for the company, with projects like the Maten and Keshan fields providing a stable production base. The Desert Oilfield is expected to contribute significantly starting in 2025, while the Suk gas field offers both gas and high-value helium resources [11][12][14]. Iraq Operations - The investment environment in Iraq has improved, with the company successfully securing multiple blocks in the region, including Huwaiza and Naft Khana, which are located in safe and mature areas with high potential for returns [12][14]. Financial Performance - The company has improved its financial health significantly post-restructuring, with a reduction in debt and an increase in registered capital. The debt-to-asset ratio has decreased to 37%, and the liquidity ratio has risen above 1, indicating strong solvency [33][34]. Management and Incentives - The management team has extensive industry experience, with a significant number of high-level professionals, including PhDs and Masters, contributing to the company's strategic direction and operational efficiency [46][52]. Future Projections - The company expects to see net profits of 330 million, 360 million, and 920 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios indicating strong growth potential [14].

Core Viewpoint - CNG has entered into an operational cooperation agreement with PIONEER OIL INDONESIA (POI) to conduct oil and gas exploration, development, and production activities in a specific area of the Jabangdengka block in Indonesia, with POI covering all operational costs and investing up to $200 million over three years [1][1][1] Group 1 - The agreement allows CNG to avoid any financial contribution while benefiting from potential profits, which will be shared equally (50:50) if exploration is successful [1][1] - POI, a company registered in Indonesia, specializes in oil and gas field exploration and development, with ownership split equally between two stakeholders [1][1] - The cooperation aims to accelerate the exploration and development process of the Jabangdengka block by leveraging the resources, expertise, and experience of both CNG and POI to create synergies [1][1][1]

Core Viewpoint - CNG has entered into an operational cooperation agreement with Pioneer Oil Indonesia (POI) to explore, develop, and produce oil and gas in the Jabangdengga block in Indonesia, with CNG set to receive 70% of the profit share from the project [1] Group 1 - CNG will not bear any funding obligations under the agreement, while POI will cover all operational costs in the designated area of the Jabangdengga block [1] - POI is expected to invest up to $200 million over the next three years to support exploration and development activities [1] - If exploration efforts are successful, profits will be shared equally (50:50) between CNG and POI [1] Group 2 - The operational cooperation agreement aims to accelerate the exploration and development process of the Jabangdengga block by leveraging the resources, expertise, and experience of both CNG and POI [1]

公司秉持"资源为王、技术为本"的核心发展理念，深耕油气产业链，坚定不移做大做强油气勘探开发业 务。目前，哈萨克斯坦坚戈区块已初步形成规模化产能，项目整体开发进入高效实施阶段，本次收购有 利于进一步提升项目勘探开发效率，实现增储上产和降本增效目标，同时将提升公司权益储量和产量规 模，为公司长远发展提供持续快速增产动能和潜力。 智通财经APP讯，中曼石油(603619.SH)发布公告，为进一步提升发散油气资源量和权益产量，公司全 资子公司中曼石油天然气集团(海湾)公司(简称"中曼海湾")拟收购昕华夏国际能源开发有限公司(简称"昕 华夏能源")下属全资子公司 China Rising Energy International (Cayman) Co., Limited(简称"昕华夏开曼")持 有的Rising EnergyInternational Middle East FZCO(简称"昕华夏迪拜")49%股权。本次股权收购交易金额 为5.63亿元人民币(折合7931.83万美元)，收购完成后，中曼海湾将持有昕华夏迪拜100%股权，从而间接 持有坚戈区块100%权益。 ...

Core Viewpoint - Zhongman Petroleum (603619.SH) announced the acquisition of a 49% stake in Rising Energy International Middle East FZCO from Xinhua International Energy Development Co., Ltd for 563 million RMB (approximately 79.32 million USD), aiming to enhance oil and gas resource volume and production rights [1] Group 1: Acquisition Details - The acquisition will allow Zhongman Gulf, a wholly-owned subsidiary, to hold 100% of Rising Energy International Middle East FZCO, thereby indirectly owning 100% rights in the Kenge block [1] - The transaction amount is 563 million RMB, which is equivalent to 79.32 million USD [1] Group 2: Strategic Importance - The company adheres to the core development philosophy of "resources are king, technology is fundamental," focusing on the oil and gas industry chain [1] - The Kenge block in Kazakhstan has begun to form scalable production capacity, and the overall project development has entered an efficient implementation phase [1] - This acquisition is expected to improve exploration and development efficiency, achieve increased reserves and production, and reduce costs while enhancing the company's equity reserves and production scale [1]