CNOOC Limited () is China's largest producer of offshore crude oil and

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbon ...

, noted as such in 2010. It is a major subsidiary of

China National Offshore Oil Corporation China National Offshore Oil Corporation, or CNOOC Group ( Chinese: 中国海洋石油总公司 Pinyin: ''Zhōngguó Háiyáng Shíyóu Zǒnggōngsī''), is one of the largest national oil companies in China, and the third-largest national oi ...

(CNOOC) and has been listed in

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delta i ...

since February 2001. It was listed on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

from 2001 to 2021. It was on the

Toronto Stock Exchange The Toronto Stock Exchange (TSX; french: Bourse de Toronto) is a stock exchange located in Toronto, Ontario, Canada. It is the 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in th ...

between 2013 (following its acquisition of

Nexen CNOOC Petroleum North America ULC, formerly known as Nexen, is a Canadian oil and gas company based in Calgary, Alberta. Originally the Canadian subsidiary of US-based Occidental Petroleum (known as Canadian Occidental Petroleum or CanOxy), it ...

Inc) and 2021. It was admitted as a constituent stock of the

Hang Seng Index The Hang Seng Index (HSI) is a freefloat-adjusted market- capitalization-weighted stock-market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator ...

in July 2001.

History

or CNOOC, is a state-owned enterprise based in Beijing, capital of China. In order to float most of its assets in

Hong Kong stock exchange The Stock Exchange of Hong Kong (SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. As of the end of 2020, it has 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is rep ...

, a

special purpose vehicle A special-purpose entity (SPE; or, in Europe and India, special-purpose vehicle/SPV; or, in some cases in each EU jurisdiction, FVC, financial vehicle corporation) is a legal entity (usually a limited company of some type or, sometimes, a limited ...

was incorporated in Hong Kong as an intermediate holding company, in order to transfer the control of some subsidiaries to the company. Thus, it was considered as a

red chip Red chip stocks () are the stocks of mainland China companies incorporated outside mainland China and listed in Hong Kong. It refers to businesses based in mainland China and with (majority) shares controlled either directly or indirectly by ...

company of the exchange, due to its government background but incorporated outside mainland China. , the company had a market capitalization of .

Operations

Its core domestic operation areas are in

Bohai Bohai may refer to: * Bohai Sea, or Bo Hai, the innermost gulf of the Yellow Sea * Balhae, known as Bohai in Chinese, a former mixed Mohe-Goguryeo empire which existed from 698 to 926 in Manchuria Locations or areas in China * Bohai Bay, one of t ...

, the

South China Sea The South China Sea is a marginal sea of the Western Pacific Ocean. It is bounded in the north by the shores of South China (hence the name), in the west by the Indochinese Peninsula, in the east by the islands of Taiwan and northwestern Phil ...

, and the East China Sea. Internationally, it has oil and gas assets in Asia, Africa, North America, South America, and Oceania. As of December 31, 2011, the CNOOC Limited owned

net Net or net may refer to: Mathematics and physics * Net (mathematics), a filter-like topological generalization of a sequence * Net, a linear system of divisors of dimension 2 * Net (polyhedron), an arrangement of polygons that can be folded u ...

proven reserves Proven reserves (also called measured reserves, 1P, and reserves) is a measure of fossil fuel energy reserves, such as oil reserves, natural gas reserves, and coal reserves. It is defined as the " antity of energy sources estimated with reason ...

of approximately 3.19 billion

barrel of oil equivalent The barrel of oil equivalent (BOE) is a unit of energy based on the approximate energy released by burning one barrel (, or ) of crude oil. The BOE is used by oil and gas companies in their financial statements as a way of combining oil and n ...

(BOE), and its average daily net production was 909,000 BOE.

Competition in China

CNOOC Ltd's parent,

(CNOOC), is the third largest of the "Big Three" Chinese oil companies, and traditionally specialised in offshore

upstream Upstream may refer to: * Upstream (bioprocess) * ''Upstream'' (film), a 1927 film by John Ford * Upstream (networking) * ''Upstream'' (newspaper), a newspaper covering the oil and gas industry * Upstream (petroleum industry) * Upstream (software ...

exploration and production, whereas

CNPC The China National Petroleum Corporation (CNPC) () is a major national oil and gas corporation of China and one of the largest integrated energy groups in the world. Its headquarters are in Dongcheng District, Beijing. CNPC was ranked fourth ...

Group specialised in onshore upstream exploration and production, and

Sinopec Group China Petrochemical Corporation () or Sinopec Group is the world's largest oil refining, gas and petrochemical conglomerate, administered by SASAC for the State Council of the People's Republic of China. It is headquartered at Chaoyangmen ...

specialised in refining and marketing. These distinctions are now increasingly blurred as the three companies compete in all areas. All of the "Big Three" have vested the majority of revenue producing assets in listed Hong Kong subsidiaries. CNPC into PetroChina, Sinopec Group into

Sinopec China Petroleum & Chemical Corporation (中国石油化工股份有限公司) or Sinopec (), is a Chinese oil and Natural gas, gas enterprise based in Beijing. It is listed in Hong Kong Stock Exchange, Hong Kong and also trades in Shanghai ...

Limited, and CNOOC Group into CNOOC Limited. Through COOEC and other state owned entities, CNOOC owns and operates a number of offshore vessels, including six large

crane barge A crane vessel, crane ship or floating crane is a ship with a crane specialized in lifting heavy loads. The largest crane vessels are used for offshore construction. Conventional monohulls are used, but the largest crane vessels are often catama ...

s, namely " HYSY 202", "HYSY201", "Lanjing", "Blue Xinjiang", "Binhai 109", "HYSY286", "HYSY289" and "HYSY291".

References

External links

* *
Wikinvest CNOOC Ltd.
Companies listed on the Hong Kong Stock Exchange Companies formerly listed on the New York Stock Exchange Companies formerly listed on the Toronto Stock Exchange China National Offshore Oil Corporation {{China-company-stub

History

Operations

Competition in China

See also

References

Further reading

External links