• Mon
  • Dec 22, 2014
  • Updated: 9:34am

CNOOC

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.

China oil giants' overseas buying spree loses steam

Major mainland firms are cautious on overseas deals. Photo: Reuters

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.

Monday, 13 October, 2014, 4:13am

CNOOC boosts oil output off southern coast to reach target

Chief executive Li Fanrong said the company could still achieve the 2011-15 average growth targets.

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

13 Jun 2014 - 5:57am

China oil giants change focus after spending spree

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

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.

12 May 2014 - 2:58am

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

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

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.

23 Apr 2014 - 12:50am

Gain from Bridas exit proves tough task for CNOOC

The proceeds from the Bridas sale are not expected to make much difference for CNOOC as its debt-equity ratio is not high. Photo: Bloomberg

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.

8 Apr 2014 - 1:54am

Brightoil to buy oilfield stakes for HK$8.35 billion

Many oilfields in Bohai Bay are experiencing output declines of 5-10 per cent a year. Photo: Xinhua

Shares of Brightoil Petroleum, a mainland company that supplies fuel to ships, trades in oil and is engaged in the logistics business, surged yesterday after it agreed to pay HK$8.35 billion for stakes in two mature oilfields off northern China from US oil firm Anadarko Petroleum.

19 Feb 2014 - 12:47am

CNOOC shares hit by sober outlook

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

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.

22 Jan 2014 - 1:31pm

Chinese state firms to slow investment in Canada

Canada's Prime Minister Stephen Harper

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.

16 Dec 2013 - 3:08pm

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

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.

28 Nov 2013 - 4:04am

Gas deal 'could cut cost of power'

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.

25 Nov 2013 - 5:34pm

CNOOC weighs up LNG expansion in Canada

It has been estimated that demand for LNG in Asia will surge from 140 million tonnes this year to 500 million tonnes in 2030. Photo: AP

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.

14 Nov 2013 - 1:24am

CNOOC backs planned trial of LNG vehicles in Hong Kong

A bus is filled with LNG in Shenzhen. Mainland energy giant CNOOC is backing plans for the fuel's use in Hong Kong. Photo: Cheung Chi-fai

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.

11 Nov 2013 - 6:21am 3 comments

China scrambles to boost oil output

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

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.

31 Oct 2013 - 2:41pm

CNOOC output rises 17.8 per cent after acquisition of Nexen

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

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.

25 Oct 2013 - 12:43pm

CNOOC outperforms with 7.9pc gain

CNOOC's first independent deep-water oil drilling rig. The company recorded higher-than-anticipated output from offshore fields. Photo: AFP

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.

21 Aug 2013 - 3:43am

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