China Trade Information

The share price of CNOOC (NYSE: CEO, HK: 0883) is unlikely to surge following the company’s announcement on Oct. 18 that its two offshore gasfields Ledong 22-1 and 15-1 in South China Seas will add two billion cubic meters of gas to the explorer, analysts say.

Though the new output addition would be significant to the company with gas output of 5.07 billion cubic meters last year, the two gasfields would not come on stream until Sept. 2008, they say.

Estimated to have recoverable reserves of 37.5 billion cubic meters, the two fields will supply feedstock to CNOOC’s methane plant in Hainan province.

CNOOC closed at 14.38 HK dollars after opening high at 14.90 dollars on HKEx, an increase of 0.7 percent over the previous day.

Tags: CNOOC, output

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