中金:維持中海油(0883.HK)“跑贏行業”評級 目標價15.5港元
中金髮布報告稱,中海油(00883.HK)湛江分公司負責中國南海西部海域的油氣勘探、開發和生產活動。截至 2018 年底,湛江分公司儲量和產量分別達到8.46億桶油當量和5630萬桶油當量,佔中海油總儲量和產量的17% 和12%。湛江分公司去年實現淨利潤85.8億元,創歷史新高,桶油完全成本連續 5 年下降至 24.65 美元/桶。
該行稱,過去幾年裏,湛江分公司在超高温超高壓以及深水勘探方面取得了重要突破。去年該分公司正式宣佈負責陵水 17-2 氣田的開發。 陵水17-2氣田是中國海域首個自主開發的深水氣田,公司計劃於 2021 年投產,預計平均年產量為 32 億立方米。
湛江分公司也起草了增儲上產 7 年行動計劃,目標至2025年將油氣年產量從目前的0.56億桶油當量逐步提高到0.6-0.8億桶油當量,並且保持儲量替代率在130%以上。為實現這一目標,該分公司預計每年的資本支出將不低於 160 億元。
該行表示,維持目標價15.5港元,維持“跑贏行業”評級。
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