中国石油：页岩油未来有望迎来快速上产期

Investment Rating - The investment rating for the company is "Outperform the Market" [25][56] Core Viewpoints - The company is advancing technology and management innovations in shale oil development, with significant results emerging from years of technical breakthroughs and practical applications [26][32] - The company has established a comprehensive shale oil exploration and development model suitable for China's geological characteristics, aiming to enhance production efficiency and reduce costs [26][32] - The company is expected to achieve substantial production increases in shale oil, with projections indicating that by 2025, the production from the Jiqing Oilfield will reach 1.4 million tons [4][22][26] Summary by Relevant Sections Shale Oil Development Progress - The Jiqing Oilfield has completed drilling 252 horizontal wells, with a cumulative production capacity of 1.293 million tons and an oil production of 635,000 tons in 2023 [4][22] - The company has achieved significant technological breakthroughs, including one theoretical innovation and seven technical advancements, leading to a reduction in drilling and fracturing costs by 42.7% [3][4] Future Production Expectations - By 2025, the Jiqing Oilfield is projected to produce 1.4 million tons of shale oil, with plans to drill 100 wells and complete 110 fracturing operations in 2024 [4][22] - The overall shale oil production in China is expected to reach 6.5 million tons by 2025, with the company contributing a significant portion of this output [22][26] Financial Projections - The company forecasts net profits of 173.5 billion, 186.3 billion, and 202.9 billion yuan for 2024-2026, with diluted EPS of 0.95, 1.02, and 1.11 yuan respectively [56]