China Oilfield Services

Business Digest, March 7, 2013

BOCHK Asset Management launched yesterday the first high-yield yuan bond fund authorised by the Hong Kong Securities and Futures Commission. 

Thursday, 7 March, 2013, 6:12am

Briefs, October 26, 2012

Third-quarter earnings of Nexen plunged.

Shale gas auction attracts 152 bids

The mainland's second round of shale gas auctions drew 152 bids from 83 companies as non-state firms were allowed to take part for the first time. China, which has the world's biggest shale gas reserves, has yet to produce the fuel commercially. The blocks auctioned cover 20,002 square kilometres across eight provinces. Bloomberg  

26 Oct 2012 - 2:50am

The best growth yet to come, says Cosl

China Oilfield Services (Cosl), the nation's dominant drilling services provider, has rejected concerns it may have seen its profit growth peak as it faces greater rivalry and rising costs.

'I don't believe peak earnings growth is already behind Cosl. We have yet to see it,' chairman Liu Jian said.

22 Mar 2012 - 12:00am

CNOOC increases output targets

CNOOC, the mainland's largest offshore energy explorer, plans to produce up to 340 million barrels of oil equivalent (boe) and estimated that net production last year was 331 million to 332 million boe.

Capital expenditure for this year will be US$9.3 billion to US$11 billion, compared with US$8.77 billion last year, the company said yesterday.

19 Jan 2012 - 12:00am

Probe on partial sinking of COSL supply ship

An investigation is under way after a 740 million yuan (HK$911 million) offshore supply ship being built for China Oilfield Services (COSL) by Wuchang Shipbuilding Industry partially sank at the weekend during trials.

19 Jan 2012 - 12:00am

Cnooc expected to miss output target

CNOOC may miss an already-pared production target for this year because of oil spills, while growth prospects over the next few years are expected to be clouded by a politically sensitive acquisition in Argentina.

8 Oct 2011 - 12:00am

COSL to expand into onshore drilling sector

China Oilfield Services (COSL), the dominant provider of support services to oil and gas producers in offshore China, will enter the onshore drilling market for the first time this year as it puts five drilling rigs to use.

7 Apr 2008 - 12:00am

China Oilfield in deepwater push

China Oilfield Services Ltd (COSL) plans to spend 3 billion yuan (HK$3.33 billion) in the next three years to beef up its capacity to serve the nascent but high-potential deepwater drilling market.

Going deepwater is one of three business drivers of the nation's dominant offshore oil services provider this year, according to chief executive Yuan Guangyu.

1 Apr 2008 - 12:00am

Putin rejects COSL bid for oil firm

China Oilfield Services' bid to take control of a Russian oil company was rejected by President Vladimir Putin even after receiving the blessing of the energy ministry, the company's chief executive Yuan Guangyu has revealed.

4 Feb 2008 - 12:00am

Moscow blocks COSL acquisition proposal

China Oilfield Services Ltd (COSL), the nation's largest service provider for oil firms, said the Russian government blocked its planned acquisition in the country.

An investor relations manager at COSL, a unit of China National Offshore Oil Corp, said that Moscow late last year rejected its deal to buy a stake in STU, a service unit of TNK-BP, without giving a reason.

25 Jan 2008 - 12:00am

State firms on course for 80pc jump in profit to a trillion yuan

State-owned enterprises are expected to record about one trillion yuan in profit this year, almost 80 per cent higher than last year, according to the state assets regulator.

10 Dec 2007 - 12:00am

Anton Oilfield seeks big-league valuation but analysts cautious

Anton Oilfield Services Group, the new kid on the block among oil firms traded in Hong Kong, is aiming for a valuation similar to its bigger state-held brother China Oilfield Services Ltd (COSL) when it lists next month.

27 Nov 2007 - 12:00am

COSL posts 73pc increase for quarter

China Oilfield Services Ltd (COSL), the mainland's dominant provider of offshore drilling and related services, posted a 73.3 per cent year-on-year jump in third-quarter net profit to 604.12 million yuan. Turnover surged 38 per cent to 2.29 billion yuan.

30 Oct 2007 - 12:00am

China Oilfield's share price triples on debut

The A shares of China Oilfield Services, a mainland provider of oil equipment and services, tripled in value on their stock-market debut yesterday.

The shares closed at 39.90 yuan on the Shanghai Stock Exchange, a rise of 26.42 yuan or 296 per cent from the offering price and widely beating analysts' expectations of a 50 per cent gain.

29 Sep 2007 - 12:00am

China Oilfield gains A-share listing approval

China Oilfield Services, the largest provider of equipment and services to mainland oil firms, has received regulatory approval to float 820 million A shares in Shanghai in a deal that could be worth up to HK$12 billion.

The approval of the Hong Kong-listed company's listing application was stated on the China Securities Regulatory Commission's website yesterday.

11 Sep 2007 - 12:00am