CNOOC Limited

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
CNOOC Limited
Native name
中国海洋石油有限公司
Public
Traded as
IndustryOil and gas, energy
FoundedAugust 1999
Headquarters
Key people
Zhong Hua (CFO)
Yang Hua (Chairman and CEO),[1] Yuan Guangyu (President)
Total assetsRMB384.26 billion[2] (2012)
OwnerCNOOC
Number of employees
5,377[2] (2012)
ParentCNOOC
SubsidiariesNexen
China Oilfield Services
Websitecnoocltd.com

CNOOC Limited (中国海洋石油有限公司) is China's largest producer of offshore crude oil and natural gas. It is a major subsidiary of China National Offshore Oil Corporation (CNOOC) and has been listed in Hong Kong SEHK883 and in New York NYSECEO since February 2001. It was admitted as a constituent stock of the Hang Seng Index in July 2001.[2] In September 2013 it was listed on the Toronto Stock Exchange following its acquisition of Canadian oil and gas company Nexen Inc.

History[edit]

China National Offshore Oil Corporation or CNOOC, is a state-owned enterprise based in Beijing, capital of China. In order to float most of its assets in Hong Kong stock exchange, a special purpose vehicle was incorporated in Hong Kong as an intermediate holding company, in order to transfer the control of some subsidiaries to the company. Thus, it was considered as a red chip company of the exchange,[3] due to its government background but incorporated outside mainland China. As of 31 October 2017, the company had a market capitalization of HK$474 billion.[3]

Operations[edit]

Its core domestic operation areas are in Bohai, the South China Sea, and the East China Sea. Internationally, it has oil and gas assets in Asia, Africa, North America, South America, and Oceania.[4]

As of December 31, 2011, the CNOOC Limited owned net proven reserves of approximately 3.19 billion barrel of oil equivalent (BOE), and its average daily net production was 909,000 BOE.[2]

Competition in China[edit]

CNOOC Ltd's parent, China National Offshore Oil Corporation (CNOOC), is the third largest of the "Big Three" Chinese oil companies, and traditionally specialised in offshore upstream exploration and production, whereas CNPC Group specialised in onshore upstream exploration and production, and Sinopec Group specialised in refining and marketing. These distinctions are now increasingly blurred as the three companies compete in all areas. All of the "Big Three" have vested the majority of revenue producing assets in listed Hong Kong subsidiaries. CNPC into PetroChina, Sinopec Group into Sinopec Limited, and CNOOC Group into CNOOC Limited.

Through COOEC and other state owned entities, CNOOC owns and operates a number of offshore vessels, including six large crane barges, namely "HYSY 202", "HYSY201", "Lanjing", "Blue Xinjiang", "Binhai 109", "HYSY286", "HYSY289" and "HYSY291".[5] [6]

See also[edit]

References[edit]

  1. ^ "Nexen Announces Completion of Acquisition by CNOOC Limited". Yahoo! Finance. 25 February 2013. Archived from the original on 2013-10-21. Retrieved 2017-01-15.
  2. ^ a b c d "About Us". CNOOC Limited.
  3. ^ a b "List of Red Chip Companies". Hong Kong Exchanges and Clearing. 31 October 2017. Retrieved 22 November 2017.
  4. ^ "CNOOC Ltd". Bloomberg. Retrieved 9 March 2013.
  5. ^ "[New Record] World Largest Modified Semi-Submersible Vessel"Innovation Way" Float-On China first independently Designed Pipe Laying Barge". CCCC International Shipping Corporation. 26 October 2018. Retrieved 8 January 2019.
  6. ^ "Past Ongoing and future projects" (PDF). www.serimax.com. Serimax. Retrieved 8 January 2019.

External links[edit]