深水、超深水油气资源前景广阔

Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Insights - The exploration potential for offshore oil and gas, particularly in deep water, is significant due to low discovery rates compared to onshore resources. As of 2017, the proven reserves for onshore oil and gas were 36.72% and 47.01%, respectively, while offshore oil and gas were only 23.70% and 30.55% [1][3]. - The company has made several significant discoveries in offshore oil and gas resources recently, including the Bozhong 26-6 oil field with over 40 million cubic meters of geological reserves and the largest deep-water oil field discovered in the South China Sea [11][24]. Summary by Sections Exploration Potential - Offshore oil and gas exploration is still in its early stages, with substantial potential for discovery. The proven rates decrease significantly with water depth, with shallow water (less than 400 meters) having a discovery rate of 28.05%, deep water (400-2000 meters) at 13.84%, and ultra-deep water (greater than 2000 meters) at 7.69% for oil [3][12]. - Investment in offshore oil and gas exploration has been increasing, with expenditures surpassing $100 billion in 2022, indicating a high level of industry activity and potential for future discoveries [5][12]. Company Performance - The company has a robust resource base, with confirmed net reserves of approximately 6.78 billion barrels of oil equivalent as of the end of 2023, reflecting an 8.7% year-on-year growth. Domestic net reserves account for 4.05 billion barrels, up 12.6% year-on-year [34]. - The company achieved a net production of 6.78 million barrels of oil equivalent in 2023, marking an 8.7% increase compared to the previous year [34]. Regional Insights - The Bohai Sea is the company's primary oil production area, with confirmed reserves of 196.84 million barrels and a production rate of 599,847 barrels per day in 2023, representing a 7.55% increase year-on-year [47]. - The South China Sea's western oil fields have a reserve of 861.9 million barrels, while the eastern oil fields have reserves of 892.6 million barrels, with production rates increasing by 5.14% and 5.50%, respectively [55][56].