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CNOOC LIMITED

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China CNOOC's deepwater gas field hits daily peak output - state media

11/24/2021 | 11:22pm EST
FILE PHOTO: 2021 China International Fair for Trade in Services (CIFTIS) in Beijing

SINGAPORE (Reuters) - Chinese oil and gas major CNOOC Ltd's first wholly-owned deepwater natural gas field "Shenhai No.1" was pumping ahead of schedule at its designed peak rate, after it started production in June, state television reported on Thursday.

The gas field, also named Lingshui 17-2 that sits 1,500 meters below the sea surface in the South China Sea, was producing 10 million cubic metres a day, the report said.

Gas flowing in from 11 production wells are being pumped via a subsea pipeline to onshore receiving points in Hong Kong and south China's Guangdong province, before joining the national gas grid, the report added.

In full production, the field will be able to supply 3 billion cubic meters of gas a year, or roughly 1% of China's gas demand.

With proven reserves of 100 billion cubic meters and wells sunk 4,000 meters below the seabed, the project shored up confidence that China's energy majors possess the technical and operational acumen to fulfill their gas ambitions, Reuters reported in July.

(Reporting by Chen Aizhu; Editing by Shailesh Kuber)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CNOOC LIMITED 0.65% 7.77 End-of-day quote.8.22%
GOLD 0.15% 1787.4 Delayed Quote.-6.11%
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Financials
Sales 2021 240 B 37 835 M 37 835 M
Net income 2021 71 818 M 11 304 M 11 304 M
Net Debt 2021 103 B 16 209 M 16 209 M
P/E ratio 2021 3,89x
Yield 2021 11,1%
Capitalization 283 B 44 496 M 44 577 M
EV / Sales 2021 1,61x
EV / Sales 2022 1,44x
Nbr of Employees 18 151
Free-Float 35,0%
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Number of Analysts 22
Last Close Price 6,34 CNY
Average target price 9,90 CNY
Spread / Average Target 56,1%
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Managers and Directors
Ke Qiang Xu Chief Executive Officer & Executive Director
Qing Long Xia President & Executive Director
Wei Zhi Xie Chief Financial Officer
Dong Jin Wang Chairman
Xiaonan Wu Joint Secretary & Compliance Officer
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