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CNOOC Commissions Dongfang1-1 Gas Field Phase I Project - Analyst Blog

CNOOC Ltd.CEO recently announced that it has brought online the Dongfang1-1 gas field Phase I adjustment project. The company's share price, however, has been trending downward post announcement and decreased marginally by 0.1%.

Located in Yinggehai Basin of Beibu Gulf in the South China Sea, Dongfang1-1 gas field lies in an average water depth of about 70 meters. The field started production before the scheduled period.

The adjustment project intends to make full use of the existing facilities of Dongfang1-1 and has constructed another wellhead platform on the field to facilitate the same.

The project comprises 7 producing wells in total. Currently, 5 out of the 7 wells are yielding about 53 million cubic feet of natural gas per day. The adjustment project is anticipated to touch its ODP designed maximum production capacity of about 54 million cubic feet per day this year.

CNOOC is the operator of the Dongfang1-1 independent gas field with a 100% interest.

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. The company is a dominant producer of offshore crude oil and natural gas in China and engages in the exploration, development, production, and sale of crude oil, natural gas, and other petroleum products. CNOOC is the only company permitted to conduct exploration and production activities with international oil and gas companies off the shores of China.

We remain positive about CNOOC's performance, which reflects its premium-assets portfolio, excellent execution strategy, unique position as a pure oil player and potential transactions in the merger and acquisition space.

CNOOC currently sports a Zacks Rank #1 (Strong Buy). Other players worth considering in the same space include Transmontaigne Partners L.P. TLP , LRR Energy, L.P. LRE and Pembina Pipeline Corporation PBA . All these stocks sport the same Zacks Rank as CNOOC.

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TRANSMONTN PTNR (TLP): Free Stock Analysis Report

CNOOC LTD ADR (CEO): Free Stock Analysis Report

PEMBINA PIPELN (PBA): Free Stock Analysis Report

LRR ENERGY LP (LRE): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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