Chinese offshore giant, China National Offshore Oil Corp. or CNOOC Ltd. CEO recently announced that the Enping 18-1 oilfield has begun production.
Located in the Pearl River Mouth Basin of the South China Sea, Enping 18-1 is an independent oilfield that lies in an average water depth of about 90 meters. CNOOC is the operator of Enping 18-1 oilfield with an interest of 100%.
The oilfield will fully utilize the existing facilities of Enping 24-2. Additionally, it has joined forces with Enping 23-1, Enping 23-2 and Enping 23-7 oilfields for regional joint development.
Currently, there are three wells that yield about 2,010 barrels of crude oil per day. The project is anticipated to touch its ODP designed maximum production capacity of about 11,800 barrels of crude oil per day within 2016.
CNOOC is one of the three leading oil companies in China and one of the largest independent oil and gas exploration and production companies of the world. It is China’s dominant producer of offshore crude oil and natural gas and engages in the exploration, development, production as well as sale of crude oil, natural gas, and other petroleum products.
The company’s oil and gas properties are located in four major production areas in offshore China – Bohai Bay, western South China Sea, eastern South China Sea, and the East China Sea.
Over the next three to five years, CNOOC’s growth profile is expected to benefit from numerous development projects in offshore China, international growth from recent acquisitions, and intensive exploration and development programs with its partners.
CNOOC currently carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are Enbridge Inc. ENB, NGL Energy Partners LP NGL and Murphy USA Inc. MUSA. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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