China National Offshore Oil Corporation (Cnooc)
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China National Offshore Oil Corporation (Cnooc)

China National Offshore Oil Corporation (Cnooc)
China National Offshore Oil Corporation (Cnooc)
CNOOC is the third-largest national oil company in China by revenue, and one of the largest independent oil and gas exploration and production companies in the world. It focuses on the exploration and development of offshore crude oil and natural gas in China. It also has operations in the United States, United Kingdom and Canada since it purchased the Canadian oil and gas giant Nexen in 2013.
Chairman / President
Wang Dongjin
CEO / Managing Director
Xu Keqiang
CFO / Finance Director
Xu Keqiang
Industry
Oil and gas
Website
cnooc.com.cn
Headquarters address
Beijing, China
Stock Code
SEHK:883
Year founded
1982
last updated:
30 September, 2024
The company sees production of 470 million boe to 480 million boe this year, a rise over earlier projections and the first increase in three years
Energy

China’s CNOOC raises oil output targets as prices recover

China economy

ExxonMobil to build petchems complex in China’s Daya Bay area

Hong Kong company reporting season

CNOOC reports worst result since at least 2011

Energy

Husky and Primeline legal threats against CNOOC put spotlight on mainland China gas pricing dilemma

<p>Analysts say the only way to resolve the problem is further market reform</p>
Commodities

Oil price extends overnight gains but excess supply lingers

New pastures

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Industrials

New | China’s CNOOC rings up better than expected profit

CNOOC's deep water drilling rig in the South China Sea. Photo: Xinhua

China oil giants' overseas buying spree loses steam

Outbound acquisitions by the mainland's state-owned oil and gas majors have fallen after a buying spree over the past few years, and officials are cautious on doing deals amid a protracted anti-corruption campaign by the central authorities in Beijing.

CNOOC boosts oil output off southern coast to reach target

CNOOC, China's biggest offshore energy explorer, is expanding oil production in waters off its southern coast to reach a target missed since 2011.

China oil giants change focus after spending spree

State-backed mainland oil and gas titans have spent more than US$100 billion in the past five years buying overseas assets in the name of national energy security and acquiring expertise.

The takeover of Nexen was blamed for CNOOC's disappointing result last year. Photo: AP

CNOOC sees oil and gas sales increase by 6.9pc thanks to Nexen acquisition

CNOOC, China's dominant offshore oil and gas producer, posted a 6.9 per cent year-on-year rise in unaudited oil and gas sales revenue to 59.15 billion yuan (HK$74 billion) for the year's first quarter.

The growth in CNOOC's oil and gas sales was driven by the acquisition in February last year of Canada's Nexen, whose assets are mainly in Europe and North America. Photo: Reuters

Gain from Bridas exit proves tough task for CNOOC

CNOOC, China's dominant offshore oil and gas producer, is reportedly considering selling its stake in Argentina's Bridas although analysts said it would be tough to find a buyer willing to give the Chinese firm a profitable exit.

Brightoil to buy oilfield stakes for HK$8.35 billion

Hong Kong asset managers pay US$11m to settle charges in Nexen case

Two Hong Kong asset management firms have agreed to pay US$10.9 million to settle charges by the US Securities and Exchange Commission of insider trading before a bid by CNOOC for Canadian oil firm Nexen.

Nexen

CNOOC shares hit by sober outlook

CNOOC shares fell the most in more than two years yesterday after the energy giant announced lower-than-expected projections for its output this year and next. Shares in the mainland's dominant offshore oil and gas producer fell 6.3 per cent to HK$13.08.

The headquarters of China National Offshore Oil Corp (CNOOC) in Beijing. Photo: Reuters

Chinese state firms to slow investment in Canada

Oil and gas acquisitions in Canada by Chinese state-owned enterprises will slow in the wake of Ottawa's restrictions after CNOOC's purchase of Nexen, said speakers at the Global Resource Investment Conference last week.

PetroChina

Green Dragon in talks with Chinese state-backed firms over fruits of disputed drilling

Green Dragon Gas, an explorer for natural gas trapped between coal seams, is trying to resolve a disagreement with state-backed partner CNOOC and its China United Coal Bed Methane (CUCBM) unit on the sharing of reserves and output from drilling done allegedly without its consent.

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HK Electric

Gas deal 'could cut cost of power'

Power bills on Hong Kong Island and Lamma could be cut if hopes Hongkong Electric can secure a bargain deal to buy gas come to fruition.

CNOOC weighs up LNG expansion in Canada

CNOOC, China's dominant offshore oil and gas producer, has agreed to examine the viability of building facilities on the west coast of Canada to liquefy and export natural gas produced from interior fields, as part of the country's efforts to secure more energy sources.

CNOOC backs planned trial of LNG vehicles in Hong Kong

China National Offshore Oil Corporation (CNOOC) is working with a local company on plans to introduce liquefied natural gas as vehicle fuel, with a vision of building a network of LNG refuelling stations similar to those found in mainland cities.

PetroChina

China scrambles to boost oil output

The mainland's biggest state-owned oil companies, sitting on ageing fields, are scrambling to ramp up crude oil and natural gas production to meet surging domestic demand through a slew of investments that also risk pushing up their costs.

Profits at PetroChina and Sinopec were up last quarter. Photo: Xinhua

CNOOC output rises 17.8 per cent after acquisition of Nexen

CNOOC, China's dominant offshore oil and gas producer, posted a 17.8 per cent year-on-year third-quarter rise in output, almost entirely thanks to its US$15 billion acquisition of Canada's Nexen, as domestic output fell on a dearth of new projects.

CNOOC is China's dominant oil and gas producer. Photo: Reuters

CNOOC outperforms with 7.9pc gain

CNOOC, the country's dominant offshore oil and gas producer, says investors should give Nexen more time to judge the merit of its acquisition, after the Canadian unit posted a sharp fall in interim profit, in contrast to better-than-expected gains at CNOOC, excluding the unit.

CNOOC joins the rush with US$4b bond sale

The mainland's largest offshore energy explorer undertook a record offering of securities to replace part of a loan used to acquire Nexen, which operates in Canada's oil sands, data shows. The company paid 3 per cent to sell debt due 2023, 87.5 basis points less than a year earlier, after 10-year Treasury yields last week fell to the lowest since December. Mainland borrowers are paying an average of 45 basis points less than in 2012 for US dollar loans.

Mergers & Acquisitions

Opinion | China M&A finance goes global with CNOOC, Citic Securities

An interesting new trend has major Chinese firms financing their global expansions with mega bond offerings.

CNOOC''s acquisition of Canadian oil and gas company Nexen is China''s biggest foreign takeover. Photo: Reuters

CNOOC on the lookout for more deals post-Nexen

CNOOC will continue to seek growth opportunities abroad after completing mainland China's largest overseas acquisition, which its chairman said was full of challenges. China's largest offshore oil and gas producer completed on February 26 the US$15.1 billion acquisition of Canada-based Nexen, which has assets in North America, Europe and Africa.

CNOOC chairman Wang Yilin said the process involved in acquiring Nexen was "full of difficulties and convolutions". Photo: May Tse

Nexen deal shows how Chinese firms can do business in US

The fact that China National Offshore Oil Corporation's US$15.1 billion acquisition of Calgary-based Nexen went through successfully, with the required US approval, shows that direct investment capital flows from China are not always subject to political hijacking, as many on the mainland claim.

CNOOC silent on output at spill site

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