CNOOC Limited
Native name | 中国海洋石油有限公司 |
|---|---|
| Type | Public |
| Industry | Oil and gas, energy |
| Founded | August 1999 |
| Founder | CNOOC |
| Headquarters | |
Key people |
|
| Total assets | RMB384.26 billion[3] (2012) |
Number of employees | 5,377 (2013)[3] (2012) |
| Parent | CNOOC |
| Subsidiaries | |
| Website | cnoocltd.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, noted as such in 2010.[4] It is a major subsidiary of China National Offshore Oil Corporation (CNOOC) and has been listed in Hong Kong SEHK: 883 and in New York NYSE: CEO since February 2001. It was admitted as a constituent stock of the Hang Seng Index in July 2001.[3] In September 2013 it was listed on the Toronto Stock Exchange following its acquisition of Canadian oil and gas company Nexen Inc.
History[]
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,[1] due to its government background but incorporated outside mainland China. As of 31 March 2020, the company had a market capitalization of HK$363 billion.[1]
Operations[]
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.[5]
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.[3]
Competition in China[]
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".[6][7]
See also[]
References[]
- ^ Jump up to: a b c "List of Red Chip Companies". Statistics > China Dimension. Hong Kong Exchanges and Clearing. 31 March 2020. Retrieved 2 May 2020.
- ^ "Nexen Announces Completion of Acquisition by CNOOC Limited" (Press release). Nexen. 25 February 2013. Archived from the original on 21 October 2013. Retrieved 15 January 2017 – via Yahoo! Finance.[self-published source]
- ^ Jump up to: a b c d "About Us". CNOOC Limited. 10 April 2013. Archived from the original on 10 April 2013.[self-published source]
- ^ Marks, Jay F. (11 October 2010). "Chesapeake reaches deal with Chinese company". The Oklahoman. 119 (279). Oklahoma City, Oklahoma: The Oklahoma Publishing Company. p. 4A – via Newspapers.com.
- ^ "CNOOC Ltd". Bloomberg. Retrieved 9 March 2013.
- ^ "[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. Archived from the original on 8 January 2019. Retrieved 8 January 2019.
- ^ "Past Ongoing and future projects" (PDF). Serimax. 12 December 2018. Retrieved 2 May 2020.
Further reading[]
- Liedtke, Michael (3 August 2005). "Retreat: China's Cnooc, stung in Unocal tug of war with Chevron, may look to get even later". Arizona Daily Star. 164 (215). Tucson, Arizona: Star Publishing Company. Associated Press. pp. D1, D5 – via Newspapers.com. Note: link presented is to page D1; see also page D5 link.
External links[]
- Official website
- Business data for CNOOC Limited:
- Wikinvest CNOOC Ltd.
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- Companies in the Hang Seng Index
- Hang Seng China 50 Index
- Companies listed on the Hong Kong Stock Exchange
- Companies listed on the New York Stock Exchange
- Companies listed on the Toronto Stock Exchange
- China National Offshore Oil Corporation
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