• Tue
  • Dec 23, 2014
  • Updated: 10:00am

National Oil Corporation

Mainland oil majors to post weaker profits

CNOOC, the mainland's dominant offshore oil and gas producer, is expected to report a small decline in first-half net profit tomorrow, as a drop in output and higher production costs offset the benefits of higher prices and lower tax.

Monday, 20 August, 2012, 4:51am

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

Sinopec and parent mull assets listings

China Petroleum & Chemical (Sinopec) and its parent, China Petrochemical Corporation, are considering separate listings of their assets, a move they hope will unlock billions of US dollars in shareholder value.

5 Oct 2011 - 12:00am

Oilfield halt hits CNOOC shares; US partner to be sued for oil spill damage

The shares of offshore oil company CNOOC fell 8.9 per cent on market uncertainty yesterday after it halted production at its oilfield in Bohai Bay because of oil leaks that began in June.

CNOOC, the mainland's second-largest oil company, holds a 51 per cent interest in the Penglai 19-3 field and is a non-operating owner.

6 Sep 2011 - 12:00am

Oilfield shut down as 'punishment'

Mainland marine authorities have ordered the immediate suspension of all oil production at platforms in Penglai 19-3, China's biggest offshore oilfield.

The move is to punish its US operator, ConocoPhillips, for failing to meet an official deadline to seal leaks and clean up after a series of spills.

3 Sep 2011 - 12:00am

Bad weather delays Bohai clean-up report

Marine authorities yesterday began checking ConocoPhillips' sealing of leaks and clean-up of oil spills in the Bohai Sea, but bad weather prevented them from delivering a report yesterday as some officials had expected.

2 Sep 2011 - 12:00am

US oil firm admits spill was bigger than it said

The American operator of troubled oil platforms in Bohai Bay has admitted that the total amount of oil that leaked around its rigs was more than double its original estimates, amid mounting criticism from marine authorities that the company has yet to offer a permanent solution to the problem.

13 Aug 2011 - 12:00am

Oil company must apologise for Bohai spill

The agency in charge of maritime resources has ordered ConocoPhillips China to apologise for failing to contain an oil spill in the Bohai Sea, and accused the company of taking advantage of lenient regulations.

12 Aug 2011 - 12:00am

Petroleum giant's image tarnished over accidents

The Bohai Bay oil spills are a black eye for operator ConocoPhillips and majority project owner China National Offshore Oil Corporation.

For CNOOC investors, the worry is the impact on the field's production - and what the spills might do to the company's image of being the most transparent of the mainland's three state-controlled oil firms.

12 Jul 2011 - 12:00am

Foreign oil firms win export tax exemption

The central government has given foreign oil companies a five-year exemption from an export tax imposed on the industry last year after they complained it was at odds with a long-standing practice of allowing them to export their share of oil from offshore fields tax-free.

11 Jul 2007 - 12:00am

China firms win US$7b Algerian deal

Consortium beats international groups to secure the mainland's largest overseas construction project

A mainland consortium has defeated major international competitors to win a US$7 billion contract to build a highway in Algeria, the largest overseas construction project secured by Chinese companies.

19 May 2006 - 12:00am

China must not turn blind eye to friends' injustices

President Hu Jintao has embarked on his second African tour in three years with the clear message that China and Africa are natural partners.

25 Apr 2006 - 12:00am