Core Insights - China National Offshore Oil Corporation (CNOOC) has launched the country's first national-level deepwater oil and gas emergency rescue base, significantly reducing emergency response times in southern maritime areas, marking a major breakthrough in China's offshore emergency rescue system [1] - The deepwater region is identified as a crucial area for future energy resources, with over 70% of global oil and gas reserves located in oceans, and 40% of that in deepwater [1] - China's South China Sea holds approximately 24.8 billion tons of oil and 42 trillion cubic meters of natural gas, with about half located in deepwater [1] Industry Developments - The establishment of the emergency rescue base allows domestic emergency response teams to reach relevant maritime areas within 48 hours, compared to the previous reliance on foreign resources which took about 30 days [1] - Since the 14th Five-Year Plan, China has developed several deepwater oil and gas fields, including the "Deep Sea No. 1" gas field, which is now the largest offshore gas field in terms of production [1] - CNOOC has improved its ultra-deepwater marine equipment manufacturing capabilities, launching the "Qinghai Techigh" brand for deepwater oil and gas production equipment, which is essential for efficient resource development [2] Future Projections - By 2024, China's dependence on foreign oil is projected to be around 71.9%, and natural gas dependence at approximately 41%, highlighting the urgent need to enhance energy security and resource assurance [3] - Continuous advancements in deepwater oil and gas exploration and development are expected to accelerate, with marine oil and gas production projected to increase by 4.7% and 8.7% year-on-year, respectively, contributing significantly to national oil and gas reserves [3]

Core Viewpoint - CNOOC announced the early production of the Yellowtail project in Guyana, which is expected to significantly increase the oil production capacity of the Stabroek block [1] Group 1: Project Overview - The Yellowtail project is located in the Stabroek block of Guyana, at a water depth of 1600 to 2100 meters [1] - The main production facilities include a Floating Production Storage and Offloading (FPSO) unit and a subsea production system, with plans for 26 production wells and 25 water injection wells [1] - The FPSO for the Yellowtail project is the largest in the Stabroek block, designed with a storage capacity of approximately 2 million barrels [1] Group 2: Production Capacity - The Yellowtail project has a production capacity of 250,000 barrels per day, which will increase the total production capacity of the Stabroek block to 900,000 barrels per day [1] - Currently, the average daily oil production from the Stabroek block, including the Liza Phase 1, Liza Phase 2, and Payara projects, is approximately 650,000 barrels [1] Group 3: Stakeholder Information - CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of China National Offshore Oil Corporation (CNOOC), holds a 25% interest in the Stabroek block [1] - The operator, ExxonMobil Guyana Limited, holds a 45% interest, while Hess Guyana Exploration Ltd. owns a 30% interest in the block [1]