CNOOC's New Project: A Deep Dive into Huizhou 26-6

CNOOC Limited, one of the world's leading oil and gas producers, has recently brought on-stream the Huizhou 26-6 Oilfield Development Project, marking a significant milestone in the company's production and reserve growth strategies. As an investor, you might wonder how this project aligns with CNOOC's long-term goals and what it means for the company's technological advancements. Let's explore these aspects and more in this article.

The Huizhou 26-6 Oilfield Development Project is CNOOC's first deep buried hill reservoir development project in the South China Sea, contributing to the company's strategic focus on exploration and production in the region. With an expected peak production of approximately 20,600 barrels of oil equivalent per day by 2027, this project supports CNOOC's production targets of 700 million to 720 million BOE in 2024, 780 million to 800 million BOE in 2025, and 810 million to 830 million BOE in 2026. By investing in this project, CNOOC demonstrates its commitment to delivering on its long-term production and reserve goals.



CNOOC's investment in the Huizhou 26-6 project also showcases the company's dedication to technological advancements. The project features a new intelligent drilling production platform, marking the first of its kind in China. This platform, along with the adaptively-modified "NAN HAI FEN JIN" FPSO, enhances operational efficiency and contributes to CNOOC's technological prowess in the oil and gas industry. These innovations enable CNOOC to sustain and increase reserves and production, empowering its high-quality development and aligning with the company's 2024 business strategy.

However, as an investor, you may also be interested in the financial implications of this project. While CNOOC has not provided specific financial details about the Huizhou 26-6 project, we know that the company's total capital expenditure for 2024 is budgeted at RMB 125 billion to RMB 135 billion. Exploration, development, and production account for approximately 16%, 63%, and 19% of the total capital expenditure, respectively. Given the project's significance, it is reasonable to assume that a portion of this capital expenditure is dedicated to the Huizhou 26-6 project.



In conclusion, the Huizhou 26-6 Oilfield Development Project is a testament to CNOOC's commitment to long-term production and reserve growth, as well as its dedication to technological advancements. As an investor, you can be confident that CNOOC is strategically positioned to achieve its ambitious production targets and maintain its status as a leading oil and gas producer. With the company's focus on increasing reserves and production, technological innovation, and green development, CNOOC is well-equipped to navigate the challenges and opportunities of the global energy landscape.