这一合资合作是双方全球海上勘探协作的深化延伸。今年6月，道达尔能源已收购雪佛龙在美国海上40 个运营区块勘探组合中25%的工作权益。道达尔能源勘探高级副总裁尼古拉·马维拉表示："继美国海上 项目合资后，我们很高兴将合作拓展至尼日利亚，携手开发西三角洲盆地新资源，该合资项目将降低当 地油气开发风险、挖掘增长机遇，与尼日利亚国家发展目标高度契合。" 尼日利亚作为非洲最大石油生产国，是道达尔能源全球油气产量的关键贡献地，2024年该公司在尼油气 产量达20.9万桶油当量/日。 (石景文) 中化新网讯 12月1日，道达尔能源宣布，将向雪佛龙出售其在尼日利亚两个海上勘探许可项目40%的股 权，此举是两家公司就全球勘探机会持续磋商的重要成果。 交易标的为尼日利亚高产西三角洲盆地的PPL 2000与2001号勘探许可证。交易完成后，道达尔能源将继 续担任项目运营商并持股40%，雪佛龙与南大西洋石油公司将分别持股40%和20%。 ...

Core Viewpoint - The company has successfully discovered the Weizhou 5-3 oil field in the southern part of the potential mountain structure zone using WEFOX dual-focus imaging technology, with production expected to commence in June 2025 [1] Group 1: Oil Field Discovery - The company utilized WEFOX dual-focus imaging technology to obtain high-definition data for exploration [1] - The Weizhou 5-3 oil field is set to commence production in June 2025 [1] Group 2: Expansion Plans - To expand the oil field to the north, the company has deployed the WZ5-3N-1 exploratory well following the principle of "overall planning, step-by-step evaluation, and rolling development" [1] - The company has completed various preparatory works for the WZ5-3N-1 well, including site verification, geological design, engineering design, marine condition surveys, and obtaining drilling permits [1] Group 3: Financial Implications - If the WZ5-3N-1 well drilling is successful and shows good oil and gas indications, all expenditures related to preparatory work, drilling, and supporting services will be temporarily capitalized [1] - In the event of a drilling failure, the portion of expenditures borne by Wisdom Petroleum will be accounted for in the company's current profit and loss [1]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported net income of $1.1 million or $0.01 per share and adjusted EBITDA of $23.7 million, with NRI sales at 12,831 BOE per day, which was at the high end of guidance [17][18][24] - For the first nine months of 2025, the company achieved net income of $17.2 million or $0.16 per share and adjusted EBITDA of $130.5 million, despite Côte d'Ivoire being offline [5][25] - The company raised the midpoint of its full-year production and sales guidance by about 5% while reducing capital guidance by almost 20% [4][24] Business Line Data and Key Metrics Changes - NRI production was reported at 15,405 BOE per day, with working interest production at 19,887 BOE, both meeting or exceeding guidance [4][16] - Production expenses on a per BOE basis decreased by about $1, while absolute production expenses were $29.87 million, a 26% reduction quarter over quarter [19][20] - The company successfully completed a planned full-field maintenance shutdown in Gabon, contributing to strong production uptime [8][10] Market Data and Key Metrics Changes - The company experienced a 33% decrease in sales due to fewer liftings in Gabon, while pricing was lower by about 7% quarter on quarter [18] - The company has hedged approximately 500,000 barrels of remaining 2025 oil production with an average floor of about $61 per barrel [19] Company Strategy and Development Direction - The company aims to maintain operational excellence and consistent production across its portfolio to support organic growth initiatives [5][24] - The company is focused on executing projects in its enhanced portfolio, with multiple major projects anticipated to grow production and reserves significantly [15][24] - The company is exploring more efficient development opportunities through subsea development in Equatorial Guinea [12][56] Management's Comments on Operating Environment and Future Outlook - Management indicated that 2025 is a transitional year, with significant production uplift expected from major projects starting in 2026 and 2027 [5][6] - The company remains confident in its ability to execute on upcoming projects, supported by a proven track record of success [25][26] - Management expressed optimism about the operational performance in Egypt, which has contributed positively to production and cost efficiency [11][25] Other Important Information - The company reported unrestricted cash of $24 million at the end of Q3 2025, with collections from the Egyptian General Petroleum Corporation totaling over $103.6 million since January 2025 [20][21] - The company returned $6.7 million through dividends to shareholders, maintaining a dividend yield of around 7% [23][25] Q&A Session Summary Question: CapEx prediction for 2025 and its implications for 2026 - Management indicated that about $60 million was removed from CapEx guidance, with $20 million being discretionary CapEx and a $10 million increase in CDI CapEx [29][30] Question: Efficiency gains in Egypt and their sustainability - Management confirmed that efficiency gains in Egypt are expected to be retained, leading to lower costs for drilling in 2026 [34] Question: Gabon production performance despite no drilling for two years - Management attributed the strong production performance to significant reductions in back pressure and improved well performance [41][42] Question: Timetable for Côte d'Ivoire drilling program - Management confirmed that the FPSO is expected to be back on production by late April or early May 2026, ahead of the drilling program [50][61] Question: H2S wells and their production volumes - Management noted that three wells were shut in back in 2014, with production levels around 6,000 to 8,000 BOE per day, and expressed optimism about future redrills [65][66]

Company Performance & Strategy - Granite Ridge aims to be the leading public investment platform for energy development in the United States, targeting 25% full-cycle returns and mid-teens annual growth[7] - The company's Q3 2025 production reached 31,925 Boe/d, with 51% oil and 49% gas[3] - Granite Ridge has achieved a 47% CAGR growth since 2017 while maintaining leverage below 10x Net Debt/Adjusted EBITDAX[31] - The company declared a quarterly dividend of $011 per share[89] Market Trends & Opportunities - The U S rig count is down approximately 30% since its peak, indicating industry under-investment in new supply[8, 9] - US Frac Spread Count is down approximately 45% compared to pre-COVID levels, potentially impairing future production growth[10, 11] - US shale productivity has peaked, requiring more capital for less output due to depleted Tier 1 inventory[17] - Private equity fundraising in US natural resources has declined by approximately 70%, creating an opportunity for Granite Ridge[40, 41] Capital Allocation & Investment - Granite Ridge has invested over $18 billion in the past 10 years, navigating multiple downturns[35] - The company expects to close over 50 deals in 2025, expanding inventory by over 74 net locations[73] - Non-Op investments account for 35% of the company's 2025 estimated capital allocation, while Operated Partnerships represent 65%[81]

Core Insights - Kuwait Petroleum Corporation plans to invest up to $3.9 billion in exploration and drilling by 2030 as part of a larger ten-year drilling and maintenance program with a total budget of $32 billion [1] - The company aims to drill and maintain up to 6,193 oil wells by 2030 [1] - Kuwait's oil production capacity has declined since 2010, when it was 3.3 million barrels per day, and the country is now working to increase its oil production capacity [1] Investment Plans - The investment in exploration and drilling is part of a broader strategy to enhance oil production capabilities [1] - Kuwait has announced plans to invest up to $50 billion over the next five years to increase oil production capacity to nearly 4 million barrels per day [1] OPEC Context - As a founding member of OPEC, Kuwait is the fifth-largest oil producer in the organization, following Saudi Arabia, Iraq, Iran, and the UAE [1] - Increased oil production capacity may help Kuwait secure a higher oil production quota within the OPEC+ agreement [1]

Group 1 - The investor raised a question regarding the prolonged drilling period of the QK18-9 exploration well, which was initially planned for two months but has now extended to nearly four months, leading to concerns about potential budget increases [2] - The company, 潜能恒信, confirmed on the investor interaction platform that they are implementing a side drilling operation, QK18-9-6Sa, approximately 1 kilometer west of the QK18-9-6 well to further explore the Ordovician oil reservoir [2]

Core Insights - A significant shale oil resource of over 100 million tons has been discovered in the Sichuan Basin, specifically at the Qilu 1 well, which has shown promising production rates of 38.64 cubic meters of shale oil and 10,000 cubic meters of natural gas per day [1][3] Group 1: Resource Discovery - The Qilu 1 well, located in the Qijiang District of Chongqing, has successfully tested high-yield shale oil and gas flows, marking a new large-scale shale oil reserve in China [1] - The well's shale reservoir is situated over 2,000 meters underground, with a horizontal drilling length exceeding 2 kilometers and an oil-bearing shale thickness of nearly 40 meters [1] Group 2: Economic Potential - The shale oil discovered at the Qilu 1 well is characterized by shallow burial depth and high-quality oil, indicating favorable economic development prospects [1] - The breakthrough at this well confirms a large-scale target of over 100 million tons of shale oil resources, aligning with strategic goals for oil and gas exploration in the southern Sichuan Basin [1]

Core Insights - The successful drilling of QK18-9-6 well and the subsequent side drilling QK18-9-6Sa have confirmed the distribution and accumulation patterns of oil and gas in the Ordovician reservoir, providing significant guidance for future exploration and development plans [1][2] Group 1: Drilling Operations - QK18-9-6 well was drilled to a depth of 3780 meters, with oil and gas shows recorded over 267.34 meters across 34 layers, including 12 meters of oil shows in 2 layers and 255.34 meters of fluorescence in 32 layers [1] - The side drilling QK18-9-6Sa reached a total depth of 4430 meters (vertical depth of 3533.5 meters), with oil and gas shows over 56 meters across 10 layers, including 12 meters of oil shows in 2 layers and 44 meters of fluorescence in 8 layers [1] Group 2: Financial Implications - All expenditures related to the drilling preparation, drilling, and associated service contracts for QK18-9-6 well will be temporarily capitalized, having no impact on the company's operating performance for 2025 [2] - According to the oil contract, exploration costs incurred in the contract area will be recoverable through the production of crude oil once commercial production begins, based on a predetermined crude oil price [2]

Group 1 - The company, Tongyuan Petroleum (300164.SZ), primarily operates in North America and domestic regions, with no business presence in Venezuela [1]

Core Viewpoint - CNOOC's stock rose over 3% following the release of its mid-year results for 2025, indicating market optimism despite a decline in revenue and profit [1] Financial Performance - Oil and gas sales revenue was approximately 171.7 billion yuan, a year-on-year decrease of 7% [1] - Total revenue was about 207.6 billion yuan, down 8.45% year-on-year [1] - Net profit attributable to shareholders was around 69.5 billion yuan, reflecting a 13% decline year-on-year [1] - Basic earnings per share were 1.46 yuan, with an interim dividend of 0.73 Hong Kong dollars per share [1] Exploration and Production - The company is actively advancing its reserve replacement and production increase strategies, achieving significant oil and gas exploration results [1] - New discoveries in China's offshore areas include five oil and gas finds, such as the Jinzhu 27-6 [1] - Successful evaluation of large and medium-sized oil and gas structures, including Qinhuangdao 29-6, has been reported [1] - Onshore unconventional natural gas reserves are steadily increasing [1] - CNOOC has signed its first oil contract for exploration in a new block in Kazakhstan, expanding its overseas exploration potential [1] Production Metrics - In the first half of the year, the company's net production reached 384.6 million barrels of oil equivalent [1] - Natural gas production saw a significant increase of 12.0% [1] - Both domestic and international production exceeded historical levels for the same period [1]