Core Insights - The deep sea holds the largest undeveloped resource reserves on Earth, with the International Energy Agency (IEA) reporting that 70% of global oil and gas resources are located in oceans, and 44% are found in deep water areas over 300 meters [1][5] - China National Offshore Oil Corporation (CNOOC) has developed a highly digitalized oil and gas production model, which can be remotely controlled from the shore, at the Bozhong 19-6 gas field platform [1][3] - CNOOC's Bohai Oilfield, established in 1965, is China's largest offshore oil and gas production base, with around 60 producing oil and gas fields and over 200 production facilities [1][3] Production and Exploration - Since 2019, Bohai Oilfield has significantly increased its oil and gas production, with daily crude oil output surpassing 100,000 tons, accounting for nearly one-sixth of China's total crude oil production [3] - The new 1 million-ton oil field, Kenli 10-2, is undergoing offshore testing and is expected to be operational within the year, contributing to the goal of achieving an annual production of 40 million tons of oil equivalent by 2025 [3][5] - CNOOC has established a complete technical system for offshore oil and gas exploration and production, achieving breakthroughs in key technologies for developing ultra-deepwater oil and gas fields [5][6] Financial Outlook - According to East China Securities, CNOOC plans to maintain high capital expenditure and optimize its spending structure, with a budget of 125 billion to 135 billion yuan for 2025, focusing on exploration, development, and production [5][6] - The production target for 2025 is set at 760 to 780 million barrels of oil equivalent, representing a year-on-year growth of 5.9% [5][6] International Collaboration and Community Engagement - CNOOC has signed 110 cooperation contracts with over 60 oil companies from 16 countries, producing more than 180 million tons of oil equivalent through international collaboration [6] - The company emphasizes community development and has committed to creating over 22,000 jobs globally in 2024, with significant investments in charitable projects and rural revitalization [6]