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Goldman Sachs: Reiterates CNOOC "Buy" rating with a Target Price of 23.5 Hong Kong dollars.
Goldman Sachs released a research report stating it reaffirms the 'Buy' rating for CNOOC (00883), believing its project portfolio is highly competitive and can benefit from rising oil prices, with a Target Price of HKD 23.5. CNOOC expects its daily production last year to be approximately 1.97 million barrels of oil equivalent, which is 2% lower than the firm's expectations but in line with the company's previous production guidance upper limit. The report states that the company has set the production target for 2027 at 2.2 million to 2.3 million barrels of oil equivalent per day, implying a compound annual growth rate of 4% to 4.9% from 2024 to 2027. The target is higher than the production target announced last year.
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