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.

The company sees production of 470 million boe to 480 million boe this year, a rise over earlier projections and the first increase in three years

China’s CNOOC raises oil output targets as prices recover

CNOOC, China’s dominant offshore oil and gas producer, has raised its output targets for this year and next as oil prices steadily recover, and will budget more money for exploration activities in a sign of optimism over the outlook for the commodity.