China National Offshore Oil Corporation (CNOOC) is the third-largest national oil company in China, after CNPC (parent of PetroChina), and China Petrochemical Corporation (parent of Sinopec). It focuses on exploration and development of crude oil and natural gas offshore of China. CNOOC Group is owned by the government, and its subsidiary, CNOOC Ltd is listed in Hong Kong. Another subsidiary, China Oilfield Services, is listed in Hong Kong and New York. In July 2012, CNOOC announced an agreement to acquire Nexen, a Canadian oil and gas company, for approximately US$15.1 billion.

A boy looks at a promotional video about Chinese oil rig Haiyang Shi You 981 at a booth of China's state-run oil company CNOOC during China Beijing International High-Tech Expo in Beijing, May 16, 2014. REUTERS/Kim Kyung-Hoon/File Photo GLOBAL BUSINESS WEEK AHEAD - SEARCH "GLOBAL BUSINESS AUG 22" FOR ALL IMAGES

CNOOC reports worst result since at least 2011

China’s offshore oil and gas producer CNOOC reported its worst annual result since at least 2011, with revenue from its core oil and gas business falling 17 per cent last year, but it expects to raise output this year as oil prices rebound.