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CNOOC Limited
CNOOC Limited () is China's largest producer of Offshore (hydrocarbons), offshore crude oil and natural gas, noted as such in 2010. It is a major subsidiary of China National Offshore Oil Corporation (CNOOC) and has been listed on the Hong Kong since February 2001. It was listed on the New York Stock Exchange from 2001 to 2021. It was on the Toronto Stock Exchange between 2013 (following its acquisition of Nexen Energy, Nexen Inc) and 2021. It was admitted as a constituent stock of the Hang Seng Index in July 2001. 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 on the 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, due to its government background but incorporated ou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Public Company
A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (listing (finance), listed company), which facilitates the trade of shares, or not (unlisted public company). In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are ''private'' enterprises in the ''private'' sector, and "public" emphasizes their reporting and trading on the public markets. Public companies are formed within the legal systems of particular states and so have associations and formal designations, which are distinct and separate in the polity in which they reside. In the United States, for example, a public company is usually a type of corporation, though a corporation need not be a public company. In the United Kin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Special Purpose Vehicle
A special-purpose entity (SPE), also called a special-purpose vehicle (SPV) or a financial vehicle corporation (FVC), is a legal entity (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives. SPEs are typically used by companies to isolate the firm from financial risk. A formal definition is "The Special Purpose Entity is a fenced organization having limited predefined purposes and a legal personality". Normally a company will transfer assets to the SPE for management or use the SPE to finance a large project thereby achieving a narrow set of goals without putting the entire firm at risk. SPEs are also commonly used in complex financings to separate different layers of equity infusion. Commonly created and registered in tax havens, SPEs allow tax avoidance strategies unavailable in the home district. Round-tripping is one such strategy. In addition, they are commonly used to own a single asset and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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 in 2022 Fortune Global 500, a global ranking of the largest corporations by revenue. Corporate structure CNPC is the government-owned parent company of publicly listed PetroChina, which was created on November 5, 1999, as part of the restructuring of CNPC. In the restructuring, CNPC injected into PetroChina most of the assets and liabilities of CNPC relating to its hydrocarbon exploration and production, refining and marketing, chemicals and natural gas businesses. CNPC and PetroChina develop overseas assets through a joint venture, the CNPC Exploration & Development Company (CNODC), which is 50% owned by PetroChina. In March 2014, CNPC Chairman Zhou Jiping announced that CNPC would be opening six business units to private investors. CNP ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Upstream (petroleum Industry)
The oil and gas industry is usually divided into three major sectors: upstream (also called exploration and production or E&P), '' midstream'' and '' downstream''. The upstream sector includes searching for potential underground or underwater crude oil and natural gas fields, drilling exploratory wells, and subsequently operating the wells that recover and bring the crude oil or raw natural gas to the surface. The upstream industry has traditionally experienced the highest number of Mergers, Acquisitions (M&A) and Divestitures. M&A activity for upstream oil and gas deals in 2012 totaled $254 billion in 679 deals. A large chunk of this M&A, 33% in 2012, was driven by the unconventional/shale boom especially in the US followed by Russia and then Canada. The aggregate value of Upstream E&P assets available for sale (Deals in Play) reached a record-high of $135 billion in Q3 2013. The value of Deals in Play doubled from $46 billion in 2009 to $90 billion in 2010. With ongoing M&A a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Petroleum Industry In China
The impact of the petroleum industry has been increasing globally as the People's Republic of China ranks seventh for oil production and second in crude oil consumption in the world. China became the world's largest oil importer in 2013. History Early history The late Qing dynasty banned mining because of the traditional cosmological beliefs which regarded the land as a sacred legacy. This ban was lifted during the modernization effort of the Self-Strengthening Movement as the Qing dynasty sought to develop a modern navy and modern industry. In 1875, the court designated Cizhou (in what is now Hebei province) and Taiwan as testing grounds for oil extraction. Qing attempts at oil exploration were hampered by corruption, low efficiency, and lack of sufficient domestic investment capacity for oil extraction and transportation. The Qing court was also concerned about foreign investment and the perceived risk of selling the country to foreigners. Nationalist Era In the 1930s, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Extraction Of Petroleum
Petroleum is a fossil fuel that can be drawn from beneath the Earth's surface. Reservoirs of petroleum are formed through the mixture of plants, algae, and sediments in shallow seas under high pressure. Petroleum is mostly recovered from oil drilling. Seismic surveys and other methods are used to locate oil reservoirs. Oil rigs and oil platforms are used to drill long holes into the earth to create an oil well and extract petroleum. After extraction, oil is refined to make gasoline and other products such as tires and refrigerators. Extraction of petroleum can be dangerous and has led to oil spills. Locating the oil field Geologists and geophysicists use seismic surveys to search for geological structures that may form oil reservoirs. The "classic" method includes making an underground explosion nearby and observing the seismic response, which provides information about the geological structures underground. However, "passive" methods that extract information from naturall ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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 about ) of crude oil. The BOE is used by oil and gas companies in their financial statements as a way of combining oil and natural gas reserves and production into a single measure, although this energy equivalence does not take into account the lower financial value of energy in the form of gas. The U.S. Energy Information Administration defines the barrel of oil equivalent as about . The value is necessarily approximate as various grades of oil and gas have slightly different heating values. If one considers the lower heating value instead of the higher heating value, the value for one BOE would be approximately 5.4 GJ (see tonne of oil equivalent). Typically is equivalent to one BOE. The United States Geological Survey The United States Geological Survey (USGS), founded as the Geological Survey, is an agency of the U.S. Department of the Inte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Proven Reserves
Proven reserves (also called measured reserves, 1P, and reserves) is a measure of fossil fuel energy reserves, such as oil and gas reserves and coal reserves. It is defined as the "quantity of energy sources estimated with reasonable certainty, from the analysis of geologic and engineering data, to be recoverable from well established or known reservoirs with the existing equipment and under the existing operating conditions." A reserve is considered proven if it is probable that at least 90% of the resource is recoverable by economically profitable means. Operating conditions are taken into account when determining if a reserve is classified as proven. Operating conditions include operational break-even price, regulatory and contractual approvals, without which the reserve cannot be classified as proven. Price changes therefore can have a large impact on the classification of proven reserves. Regulatory and contractual conditions may change, and also affect the amount of prov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Net (economics)
A net (sometimes written nett) value is the resultant amount after accounting for the sum or difference of two or more variables. In economics, it is frequently used to imply the remaining value after accounting for a specific, commonly understood deduction. In these cases it is contrasted with the term gross, which refers to the pre-deduction value. For example, net income is the total income of a company after deducting its expenses—commonly known as profit—or the total income of an individual after deducting their income tax. Profit may be broken down further into pre-taxed or gross profit and profit after taxes or net profit. Similarly, an individual's net worth is the difference between their assets (what they own) and their liabilities (what they owe to others). Similarly, net investment in physical capital such as machinery equals gross (total) investment minus the dollar amount of replacement investment that offsets depreciation of pre-existing machiner ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
East China Sea
The East China Sea is a marginal sea of the Western Pacific Ocean, located directly offshore from East China. China names the body of water along its eastern coast as "East Sea" (, ) due to direction, the name of "East China Sea" is otherwise designated as a formal name by International Hydrographic Organization (IHO) and used internationally. It covers an area of roughly . The sea's northern extension between Korean Peninsula and mainland China is the Yellow Sea, separated by an imaginary line between the southwestern tip of South Korea's Jeju Island and the eastern tip of Qidong, Jiangsu, Qidong at the Yangtze River estuary. The East China Sea is bounded in the east and southeast by the middle portion of the first island chain off the eastern Eurasian continental mainland, including the Japanese island of Kyushu and the Ryukyu Islands, and in the south by the island of Taiwan. It connects with the Sea of Japan in the northeast through the Korea Strait, the South China Sea i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
South China Sea
The South China Sea is a marginal sea of the Western Pacific Ocean. It is bounded in the north by South China, in the west by the Indochinese Peninsula, in the east by the islands of Taiwan island, Taiwan and northwestern Philippines (mainly Luzon, Mindoro and Palawan Island, Palawan), and in the south by Borneo, eastern Sumatra and the Bangka Belitung Islands, encompassing an area of around . It communicates with the East China Sea via the Taiwan Strait, the Philippine Sea via the Luzon Strait, the Sulu Sea via the straits around Palawan, the Java Sea via the Karimata Strait, Karimata and Bangka Straits and directly with Gulf of Thailand. The Gulf of Tonkin is part of the South China Sea. $3.4 trillion of the world's $16 trillion Maritime transport, maritime shipping passed through South China Sea in 2016. Oil and natural gas reserves have been found in the area. The Western Central Pacific accounted for 14% of world's commercial fishing in 2010. The South China Sea Islands, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Bohai Bay
Bohai Bay () is one of the three major bays of the Bohai Sea, the northwestern and innermost gulf of the Yellow Sea. It is bounded by the coastlines of eastern Hebei province ( Tangshan and Cangzhou), Tianjin municipality and northern Shandong province ( Binzhou and Dongying) south of the Daqing River estuary (which is an old mouth of Luan River in Laoting County) and north of the Yellow River estuary. It is the most southerly water in the northern hemisphere where sea ice can form. The Bohai Bay is the drainage destination of the Hai River and 15 other rivers. Due to these rivers' muddy runoff, the bay used to be a highly silty water body, but extensive damming of the various river systems has greatly diminished siltage. Nevertheless, the Bohai Bay in effect concentrates the runoff of the whole eastern North China Plain, and the Bay is an intensely polluted body of water. Reduced silt deposition and sea level rise are causing problems with sea encroachment in some c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
