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BUZZ-CNOOC's HK shares hit 3-week high on report of tapping shale oil in South China Sea

BUZZ-CNOOC's HK shares hit 3-week high on report of tapping shale oil in South China Sea

Reuters · 07/28/2022 03:42
BUZZ-CNOOC's HK shares hit 3-week high on report of tapping shale oil in South China Sea

** Hong Kong shares of China's crude oil and gas explorer and producer CNOOC Ltd CEO rise 2.2% to HK$10.16, their highest since July 5

** Stock is the second-biggest pct gainer in the Hang Seng Composite Index, which tracks energy companies .HSCIE

** CNOOC's Shanghai shares 600938.SS rise 2.5% to mark their best day since July 18

** CNOOC has tapped commercial flows of oil and gas from a shale exploration well in the South China Sea, marking the first successfully drilled shale oil well offshore China, state media reported on Thursday

** Exploration well Weiye-1, sunk at the southwestern trough of Beibuwan basin in South China Sea, tested daily production of 20 cubic meters (126 barrels) of oil and 1,589 cubic meters of gas, Shanghai Securities Journal reported

** The whole Beibuwan basin could hold about 1.2 billion tonnes of prospective shale oil resource, the report added

** The Hang Seng Composite Index on energy stocks .HSCIE rises 1.3%, the Hang Seng Mainland Oil & Gas Index .HSMOGI gains 0.9%, while the Hang Seng Index .HSI slips 0.2%

** As of last close, the Hong Kong-listed stock up 36.9% this year


(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))