周一亚市盘中，WTI原油报84.67美元/桶附近；油价上周五收高，On Monday, the oil service concept collectively strengthened.
As of press release, CNOOC once hit a rise and fall at 9.26%, the offshore oil project rose 4%, Becken Energy and Zhongman Petroleum rose more than 2%, and potential Hengxin, Petrochemical Services, and CNPC Engineering followed suit.
In the Asian market on Monday, WTI crude oil was reported near 84.67 US dollars/barrel; oil prices closed higher last Friday.WTI's December crude oil futures closed at 85.05 US dollars/barrel, and Brent's December crude oil futures closed at 93.50 US dollars/barrel.Hopes of increased demand and a fall in the dollar overshadowed concerns about the impact of the global economic downturn and interest rate hikes on fuel use.
The energy crisis caused by the ongoing Russia-Ukraine conflict continues. Since this year, as international oil prices have fluctuated and risen, international oil manufacturers have only “lay” on oil wells to count money; and benefiting from the high level of oil prices, the domestic oil service industry has also ushered in a new boom.
CNOOC Oil Services “Xi Ti” Middle East's 14 billion order
According to one news report, CNOOC announced yesterday,Recently, the company made major breakthroughs in overseas markets. The company signed a number of long-term drilling platform service contracts with leading international oil companies in the Middle East region, with a total contract amount of about 14 billion yuan.
According to reports, CNOOC'sThe main business includes geophysical collection and engineering survey services, drilling services, oil field technical services, ship services, integration and new energy services. The company's service areas includeOffshore from China and countries and regions such as Asia Pacific, the Middle East, the Far East, Europe, America and Africa.
This year, with the internationalOil and gas giants have increased their investment in oil and gas exploration and development, and the oilfield service market has ushered in a continuous recovery. From CNOOCJudging from the performance of the semi-annual report, the first half of this yearCNOOC Oil Service achieved operating revenue of 15.213 billion yuan in the first half of the year, an increase of 19.5% over the previous year; it achieved net profit of 1,103 billion yuan, an increase of 37.6% over the previous year.
According to the previousCNOOC Oil Services' semi-annual report on overseas businessintroductory:
inSaud, signing an important long-term drilling contract;
inMalaysiato develop new customers for mud and well cementing services;
inIndonesia, the new undispersed cement slurry system successfully solved customer problems and won the bid for the largest logging project in Southeast Asia;
inIraq, won the bid for the 32-hole drilling turnkey project and the daily cost project for a well repair machine;
inUgandanThe 8,000-meter silent, zero-emission drill rig tailored for customers has officially gone abroad.
inMexico, won the bid for an integrated project for 8 businesses, including drilling fluid, cementing, and targeted wells;
inIndonesia, obtained integrated projects for 7 businesses including cementing, finishing fluid, and logging, opening up a new situation for the company to expand the regional market.
In addition to CNOOC, the overseas business of domestic oil service companies is also continuously expanding.
Petrochemical Oil Service also revealed yesterday that the company achieved the best amount of new contracts signed in the first nine months of the “13th Five-Year Plan”. The cumulative amount of new contracts signed reached 65.42 billion yuan, an increase of 11.8% over the previous year.
Among them, the amount of new contracts signed in the China Petroleum & Chemical Corporation market was RMB 39.04 billion, an increase of 4.1% over the previous year; the amount of new contracts signed in the domestic and external markets was RMB 12.58 billion, an increase of 19.5% over the previous year;The amount of new contracts signed in overseas markets was RMB 13.8 billion, an increase of 31.7% over the previous year.
From January to September 2022, the company strives to increase the “gold content” of newly signed contracts and increase large-scale and efficient market development efforts.A total of 103 new projects exceeding 100 million yuan have been signed.
Is a wave of expansion in global crude oil production coming?
Judging from the actions of the international oil giants, it is imminent to expand production.
Earlier, the UAE's Abu Dhabi National Petroleum Company (ADNOC) decided to raise the target of crude oil production in 2025 to 5 million barrels per day. This is also the country's original goal to be achieved by 2030.
According to reports, the Abu Dhabi National Petroleum Company has requested international companies involved in the country's oil field development to increase long-term production capacity targets by 10%. If the aggressive 2025 expansion plan is completed on time, the country will aim to achieve the goal of producing 6 million barrels of crude oil per day by 2030.
Saudi Arabia also made it clear that demand for crude oil will remain high “in the next few decades,” and announced that it will seek to raise the crude oil production target from 12 million barrels per day to 13 million barrels per day by 2027.
Saudi oil giant Aramco is also struggling to expand production. According to reports, the oil giant's capital expenditure in the second quarter was 9.4 billion US dollars, an increase of 25% over the previous year. It expects capital expenditure to reach 40-50 billion US dollars this year, up from 32 billion US dollars last year.
And along withStrong “assists” from upstream oil giants,Oil service industryThe economy also welcomed the recovery.
According to HIS forecasts, the global capital expenditure for upstream exploration and development in 2022 was 493.6 billion US dollars, an increase of 34.1% over the previous year, of which capital expenditure for offshore oil field exploration and development was 132.3 billion US dollars, an increase of 19.9% over the previous year. The global oilfield service industry market is expected to reach 265.4 billion US dollars in 2022, an increase of 30% over the previous year.
Zhongtai Securities suggests that in the first half of 2022, demand for refined oil products recovered, while the Russian-Ukrainian conflict brought about a shortage of crude oil supply, and the international oil price center moved all the way up. According to Wind, the average price of Brent crude oil in the first half of 2022 was 105 US dollars/barrel, up 61% year on year. The average price of Brent crude oil in the second quarter of 2022 was 112 US dollars/barrel, up 62% year on year and 14% month on month. Crude oil prices have declined recently, but global crude oil inventories have been low for nearly five years, yet demand is still high.
According to the opinion of Fangzheng Securities,Oil prices will continue to remain high in the medium to long term, and energy resources are expected to be in a long-term boom cycle in the next 3-5 years. For oil service companies, global upstream crude oil investment was insufficient in 2015-2021, and the recovery in oil prices in 2021 did not significantly boost upstream capital expenditure. Combined with the Russian-Ukrainian conflict disrupted supply, leading to current tight crude oil supply.
The agency said that while oil prices remain high, it is recommended to focus on leading oil and gas companies such as CNPC, Sinopec, and CNOOC; the capital expenditure trend of oil and gas companies is expected to improve, boosting the prosperity of the oil service industry. It is recommended to focus on oil service companies such as CNOOC Oil Services, Jerry Co., Ltd., and Dewell. High oil prices are good for gas companies to profit, and they are optimistic about satellite chemistry.
