CNOOC Limited () is China's largest producer of offshore

crude oil Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude ...

and

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

, noted as such in 2010. It is a major

subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...

China National Offshore Oil Corporation China National Offshore Oil Corporation, or CNOOC Group (Chinese: 中国海洋石油总公司 Pinyin: ''Zhōngguó Háiyáng Shíyóu Zǒnggōngsī''), is one of the largest national oil companies in China, and the third-largest national oil c ...

(CNOOC) and has been listed in

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

since February 2001. It was listed on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...

from 2001 to 2021. It was on the

Toronto Stock Exchange The Toronto Stock Exchange (TSX; french: Bourse de Toronto) is a stock exchange located in Toronto, Ontario, Canada. It is the 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in t ...

between 2013 (following its acquisition of

Nexen CNOOC Petroleum North America ULC, formerly known as Nexen, is a Canadian oil and gas company based in Calgary, Alberta. Originally the Canadian subsidiary of US-based Occidental Petroleum (known as Canadian Occidental Petroleum or CanOxy), it ...

Inc) and 2021. It was admitted as a constituent stock of the Hang Seng Index in July 2001.

History

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 The Stock Exchange of Hong Kong (SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. As of the end of 2020, it has 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is repor ...

, 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 Red chip stocks () are the stocks of mainland China companies incorporated outside mainland China and listed in Hong Kong. It refers to businesses based in mainland China and with (majority) shares controlled either directly or indirectly by a ...

company of the exchange, due to its government background but incorporated outside mainland China. , the company had a market capitalization of .

Operations

Its core domestic operation areas are in Bohai, the

South China Sea The South China Sea is a marginal sea of the Western Pacific Ocean. It is bounded in the north by the shores of South China (hence the name), in the west by the Indochinese Peninsula, in the east by the islands of Taiwan and northwestern Phil ...

, and the

East China Sea The East China Sea is an arm of the Western Pacific Ocean, located directly offshore from East China. It covers an area of roughly . The sea’s northern extension between mainland China and the Korean Peninsula is the Yellow Sea, separated b ...

. Internationally, it has oil and gas assets in Asia, Africa, North America, South America, and Oceania. As of December 31, 2011, the CNOOC Limited owned

net Net or net may refer to: Mathematics and physics * Net (mathematics), a filter-like topological generalization of a sequence * Net, a linear system of divisors of dimension 2 * Net (polyhedron), an arrangement of polygons that can be folded up ...

proven reserves Proven reserves (also called measured reserves, 1P, and reserves) is a measure of fossil fuel energy reserves, such as oil reserves, natural gas reserves, and coal reserves. It is defined as the " antity of energy sources estimated with reasona ...

of approximately 3.19 billion

barrel of oil equivalent The barrel of oil equivalent (BOE) is a unit of energy based on the approximate energy released by burning one barrel (, or ) of crude oil. The BOE is used by oil and gas companies in their financial statements as a way of combining oil and nat ...

(BOE), and its average daily net

production Production may refer to: Economics and business * Production (economics) * Production, the act of manufacturing goods * Production, in the outline of industrial organization, the act of making products (goods and services) * Production as a stati ...

was 909,000 BOE.

Competition in China

CNOOC Ltd's parent,

(CNOOC), is the third largest of the "Big Three" Chinese oil companies, and traditionally specialised in offshore

upstream Upstream may refer to: * Upstream (bioprocess) * ''Upstream'' (film), a 1927 film by John Ford * Upstream (networking) * ''Upstream'' (newspaper), a newspaper covering the oil and gas industry * Upstream (petroleum industry) * Upstream (software ...

exploration and production, whereas

CNPC The China National Petroleum Corporation (CNPC) () is a major national oil and gas corporation of China and one of the largest integrated energy groups in the world. Its headquarters are in Dongcheng District, Beijing. CNPC was ranked fourth ...

Group specialised in onshore upstream exploration and production, and

Sinopec Group China Petrochemical Corporation () or Sinopec Group is the world's largest oil refining, gas and petrochemical conglomerate, administered by SASAC for the State Council of the People's Republic of China. It is headquartered at Chaoyangmenwa ...

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 China Petroleum & Chemical Corporation (中国石油化工股份有限公司) or Sinopec (), is a Chinese oil and gas enterprise based in Beijing. It is listed in Hong Kong and also trades in Shanghai. Sinopec Limited's parent, 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 barge A crane vessel, crane ship or floating crane is a ship with a crane specialized in lifting heavy loads. The largest crane vessels are used for offshore construction. Conventional monohulls are used, but the largest crane vessels are often catam ...

s, namely "

HYSY 202 HYSY 202 (Hai Yang Shi You 202) is a non self propelled, shallow water pipe laying barge, owned by CNOOC, the national oil exploration company of China. Built in 2012, it is one of the six large crane barges owned by COOEC and CNOOC, namely "HY ...

", "HYSY201", "Lanjing", "Blue Xinjiang", "Binhai 109", "HYSY286", "HYSY289" and "HYSY291".

References

External links

* *
Wikinvest CNOOC Ltd.
Companies listed on the Hong Kong Stock Exchange Companies formerly listed on the New York Stock Exchange Companies formerly listed on the Toronto Stock Exchange China National Offshore Oil Corporation {{China-company-stub

History

Operations

Competition in China

See also

References

Further reading

External links