CNOOC Launches Xijiang Oilfields 24 Block Project, Expected to Produce 18,000 Barrels Daily
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2h ago
0mins
Source: PRnewswire
- Project Launch: CNOOC has announced the commencement of production at the Xijiang Oilfields 24 Block Development Project, which is expected to reach a plateau production of approximately 18,000 barrels per day by 2026, significantly enhancing the company's market position in the Pearl River Mouth Basin.
- Technological Innovation: The newly constructed unmanned platform is China's first offshore platform for high-temperature fluid cooling and export, utilizing a temperature control system to mitigate the impact of high temperatures on subsea pipelines, thereby ensuring stable and continuous production.
- Resource Integration: The project primarily leverages existing facilities from the Huixi Oilfields, with plans to develop 10 wells, maximizing output through existing resources and enhancing overall operational efficiency.
- Full Ownership: CNOOC holds 100% interest in this project, serving as the operator, which further solidifies its leadership position in the domestic oil and gas industry and enhances future profitability and market competitiveness.
00883
$20.5+Infinity%1D
Analyst Views on 00883
Wall Street analysts forecast 00883 stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for 00883 is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Analyst Rating
0 Buy
0 Hold
0 Sell
Current: 20.380
Low
Averages
High
Current: 20.380
Low
Averages
High
About the author

Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.





