CITIC Lyon: China Oilfield (02883) Rated "Outperforming the Market" with Attractive Risk-Reward Profile.
CITIC Securities believes that CNOOC's mid-term capital expenditure increase (approximately 7 billion yuan) will be mainly used for oilfield services rather than drilling rig purchases.
CITIC Lyon released a research report stating that the strategic outlook for CHINA OILFIELD (02883) in 2025 is limited, and further information will be needed from its parent company CNOOC (00883) on capital expenditure numbers to understand the specific situation. Based on the limited data available, the bank believes that the medium-term capital expenditure increase (approximately 7 billion RMB) will be mainly used for oilfield services rather than drill rig purchases. Morgan Stanley believes that the risk-return profile of CHINA OILFIELD is attractive, especially in the context of a slightly improved global oil market. The company is rated as "outperform" by the bank.
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