中曼石油20240926

Key Points Industry and Company * Company: Zhongman Petroleum * Industry: Oil and Gas Exploration and Production Core Views and Arguments * Production Performance: Zhongman Petroleum achieved a production volume of 3.163 million tons in the first half of the year, a 5% increase compared to the same period last year. The production in the interval block increased by 150% compared to last year, with the fastest drilling speed reaching 16.2 days. [1] * Cost Control: Zhongman Petroleum maintains one of the lowest oil production costs in China, with the interval block's oil production cost down 5% to 8% compared to last year. [3] * Future Production Expectations: The Wenshu block is expected to increase production by more than 10% this year, while the interval block is in the initial stage of capacity construction and is expected to see a significant increase in production in the next two years. The Shainan block is expected to start releasing production next year, with the exploration results of the new mining rights potentially significantly increasing the overall reserves. [5] * Investment Plans: Zhongman Petroleum plans to acquire the remaining 49% of the哈萨克斯坦 project in the future, but the specific plan and timeline have not been finalized. [6] * Engineering Business: The engineering business is expected to maintain a stable development trend, with stable revenue and gross profit margins. [10] Other Important Points * Dividend Policy: Zhongman Petroleum conducted its first mid-year dividend payment, reflecting the company's continuous profitability and confidence in its financial condition. [4] * Exploration and Development Activities: Zhongman Petroleum is actively exploring and developing new oil and gas fields, including the Wenshu block, the interval block, and the Shainan block. [2] * Iraq Project: Zhongman Petroleum has two production sharing contracts in Iraq, with a term of 25 years. The company will receive a portion of the profits from the production of oil and gas in these blocks. [13]