|Apr 24, 2017|
|Apr 24, 2017|
Currency in HKD
Oil & Gas Production
|Full time employees:||--|
CNOOC Ltd. operates as an investment holding company that engages in the upstream operating activities of the conventional oil and gas, shale oil and gas, oil sands and other unconventional oil & gas business. It operates through the following business segments: Exploration and Production; Trading Business; and Corporate. Its subsidiaries operations involves the exploration, development, production and sales of crude oil and natural gas and other petroleum products. The company was founded on August 20, 1999 and is headquartered in Hong Kong.
CNOOC Ltd. is a core subsidiary of China National Offshore Oil Corp., or CNOOC, a major Chinese state-owned oil company under the direct control of the State Council of the People's Republic of China.
CNOOC Ltd.'s main business is exploring and developing offshore crude oil and natural gas fields. In line with government policy, the company has been engaged in offshore development in such areas as the East China Sea and the South China Sea. In recent years, CNOOC Ltd. has expanded through buyouts of foreign companies. The company's activities are closely watched at home and abroad.
The parent company was founded in 1982 to co-develop offshore oil fields with major players abroad, due to a lack of the necessary technology in China at the time. Since then, CNOOC has accumulated significant technical know-how through such partnerships. CNOOC is China's third-largest oil company after state-run players China Petrochemical Corp., or Sinopec Group, and China National Petroleum Corporation, or CNPC.
In 2005, CNOOC Ltd. made a move to acquire U.S. oil major Unocal, but the Chinese company withdrew its bid due to a backlash in the U.S. Congress. But the CNOOC group did not lose its appetite for overseas acquisitions. China Oilfield Services, a unit under CNOOC, bought Norwegian rival Awilco Offshore for $2.5 billion in 2008. CNOOC Ltd. acquired Canadian energy giant Nexen for $15.1 billion in 2013, putting the group among the ranks of the global oil industry heavyweights.
In line with Beijing's reform drive targeting state-owned enterprises, the CNOOC group is stepping up efforts to improve profitability by, for example, diversifying. In 2009, CNOOC launched retail gasoline sales. Also, the company has begun a project to construct charging stations for electric vehicles, aiming to strengthen its presence in the business-to-consumer market to improve profitability.
In the news
April 21, 2017 8:09 pm JST
April 21, 2017 7:22 pm JST
April 20, 2017 7:40 pm JST
April 20, 2017 2:50 pm JST
April 19, 2017 2:21 pm JST
April 19, 2017 2:16 pm JST
- Local currency
- US Dollar
|Income before tax||-6,074.60M|
|Dividends per share||0.35|
|Operating cash flow||85,134.47M|
Currency in HKD
|Income before tax||-782.56M|
|Dividends per share||0.04|
|Operating cash flow||10,967.46M|
Currency in USD
- Chief Executive Officer & Director: Guang Yu Yuan
- President & Executive Director: Keqiang Xu
- Chief Financial Officer: Hua Zhong
- General Counsel & Compliance Officer: Wei Chen
- Executive VP & GM-Exploration Department: Yuhong Xie
- China State-Owned Assets Supervision & Admn Commission(64.4%)
- The Vanguard Group, Inc.(1.1%)
- BlackRock Fund Advisors(0.8%)
- Norges Bank Investment Management(0.4%)
- Hang Seng Investment Management Ltd.(0.4%)
- State Street Global Advisors Asia Ltd.(0.4%)
- FIL Investment Management (Hong Kong) Ltd.(0.4%)
- JF Asset Management Ltd.(0.4%)
- Dimensional Fund Advisors LP(0.3%)
- APG Asset Management NV(0.3%)
- Website: http://www.cnoocltd.com
- Address: 65th Floor, Bank of China Tower, 1 Garden Road, Hong Kong, Hong Kong
- Phone: +852.2213.2500
Copyright © 2017 FactSet Research Systems Inc. All rights reserved.