China National Offshore Oil Corporation (中国海洋石油)
Fast facts
- Year Founded
- 1982
Source: CNOOC Websiteweb.archive.orgwww.cnooc.com.cn/col/col661/index.html
- HQ Location
- Beijing, China
- Publicly Traded?
- No
No for the group; Yes for its subsidiariesSource: China National Offshore Oil Websitewww.cnooc.com.cn/col/col641/index.html
- Overseas Operations
- Yes
CNOOC owns assets in over 20 countries and regions, with overseas assets at 55% of CNOOC’s total assets, while overseas reserves comprise 42.8% of the CNOOC total and overseas production 35.5% of the CNOOC total. Overseas development and exploration capital expenditures were made at approximately an 8:1 ratio. About 15% of the CNOOC workforce is located overseas, with 2856 employees outside of China at the end of 2019. Oil and gas assets are owned in Australia, Argentina, Brazil, Canada, Colombia, Gabon, Guyana, Indonesia, Iraq, Ireland, Mexico, Nigeria, Papua New Guinea, Republic of Congo, Russia, Senegal, Trinidad and Tobago, Uganda, the UK, and the US. Asia was the first overseas region CNOOC entered, North America is currently the largest (in terms of reserves and production), and South America is the most promising region of the future. CNOOC sells crude oil produced overseas in international and domestic markets mainly through China Offshore Oil (Singapore) International Pte Ltd, its wholly-owned subsidiary, and CNOOC Marketing Canada and CNOOC Marketing U.S.A. Inc under CNOOC International Limited, another wholly-owned subsidiary.Source: China National Offshore Oil Websitewww.cnooc.com.cn/col/col6141/index.html
- US Sanctions
- Yes
- Military Affiliation in China
- Yes
China National Offshore Oil was added into "Communist Chinese military Companies" list by the Department of Defense.Source: U.S. Department of Defensewww.defense.gov/Newsroom/Releases/Release/Article/2434513/dod-releases-list-of-additional-companies-in-accordance-with-section-1237-of-fy/
Revenue
Source: Fortunefortune.com/company/china-national-offshore-oil/global500/
Valuation
Valuation is reported as enterprise value in HKD. It was converted using the exchange rate from November 11, 2021.Source: Yahoo Financefinance.yahoo.com/quote/0883.HK/key-statistics
*Valuation is reported as enterprise value in HKD. It was converted using the exchange rate from November 11, 2021.
Employees
Source: Fortunewww.fortunechina.com/global500/318/2020
China National Offshore Oil Corporation (CNOOC) is China’s third-largest state-owned oil company and its largest producer of offshore oil and gas. Founded in Beijing in 1982, CNOOC works in 40 countries and regions and has five main business segments:
- oil and gas exploration and development;
- engineering and technical services;
- refining and marketing;
- natural gas and power generation;
- and financial services.
Though the company is 100% state-owned, six of its subsidiaries have gone public. CNOOC was listed as a Communist Chinese military company by the U.S. Department of Defense and is on the U.S. Department of Commerce’s Entity List.
Source: China National Offshore Oil Websitewww.cnooc.com.cn/col/col6141/index.htmlSource: U.S. Department of Defensewww.cnooc.com.cn/col/col641/index.htmlSource: U.S. Department of Commercewww.defense.gov/Newsroom/Releases/Release/Article/2472464/dod-releases-list-of-additional-companies-in-accordance-with-section-1237-of-fy/www.commerce.gov/news/press-releases/2021/01/commerce-adds-china-national-offshore-oil-corporation-entity-list-and
China National Offshore Oil is not publicly traded, but it has several publicly traded subsidiaries.
Source: China National Offshore Oil Websitewww.cnooc.com.cn/col/col641/index.html
-
- Name
- Ownership
-
- SASAC
Source: Qichachawww.qcc.com/firm/82a5715cdcac0f3ffd4e1bfc4365a501.html
- 100%
- SASAC
- Board of Directors
- Wang Dongjin (汪东进) – Chairman
- Li Yong (李勇) – Vice Chairman and Director
- Xu Keqiang (徐可强) – Executive Director
- Wen Dongfen (温冬芬) – Non-Executive Director
- Chiu Sung Hong (赵崇康) – Independent Non-Executive Director
- Lau Juen Yee (刘遵义) – Independent Non-Executive Director
- Tse Hau Yin (Aloysius) (谢孝衍) – Independent Non-Executive Director
- Qiu Zhizhong (邱致中) – Independent Non-Executive Director
- Senior Management
- Xu Keqiang (徐可强) – Chief Executive Officer
- Li Yong (李勇) – President
- Xie Weizhi (谢伟志) – Chief Financial Officer
- Wu Xiaonan (武小楠) – Joint Secretary & Compliance Officer
- Li Jiewen (李潔雯) – General Manager (Investor Relations Department)
- Tsue Sik Yu (May) 徐惜如- Joint Secretary
Source: China National Offshore Oil Websitewww.cnooc.com.cn/col/col681/index.html
CNOOC owns assets in over 20 countries and regions, with overseas assets at 55% of CNOOC’s total assets, while overseas reserves comprise 42.8% of the CNOOC total and overseas production 35.5% of the CNOOC total. Overseas development and exploration capital expenditures were made at approximately an 8:1 ratio. About 15% of the CNOOC workforce is located overseas, with 2856 employees outside of China at the end of 2019. Oil and gas assets are owned in Australia, Argentina, Brazil, Canada, Colombia, Gabon, Guyana, Indonesia, Iraq, Ireland, Mexico, Nigeria, Papua New Guinea, Republic of Congo, Russia, Senegal, Trinidad and Tobago, Uganda, the UK, and the US. Asia was the first overseas region CNOOC entered, North America is currently the largest (in terms of reserves and production), and South America is the most promising region of the future. CNOOC sells crude oil produced overseas in international and domestic markets mainly through China Offshore Oil (Singapore) International Pte Ltd, its wholly-owned subsidiary, and CNOOC Marketing Canada and CNOOC Marketing U.S.A. Inc under CNOOC International Limited, another wholly-owned subsidiary.
Source: China National Offshore Oil Websitewww.cnooc.com.cn/col/col6141/index.html
China National Offshore Oil Corporation Sanctions
While at this time it appears that this company is not the subject of any U.S. or other global sanctions, it is important to note that Chinese companies tend to have more opaque organizational structures than their Western peers. Chinese companies’ affiliated brands, operating units, and overseas subsidiaries are not always obvious or even identifiable. Given this, a Chinese company may not be the subject of sanctions, but one of its subsidiaries may be, thus making it difficult to accurately ascertain a company’s full sanctions status.
Investment by Americans in CNOOC banned per US Executive Order 13959 (November 2020), effective January 11, 2021, due to alleged links with the Chinese military, and at that point CNOOC was delisted from S&P Dow Jones. Additional sanctions levied against CNOOC for coercive activity in the South China Sea. Per the US Commerce Department: “CNOOC has repeatedly harassed and threatened offshore oil and gas exploration and extraction in the South China Sea, with the goal of driving up the political risk for interested foreign partners, including Vietnam.” CNOOC CEO Xu Keqiang attributed the sanctions to a “misunderstanding” with the US government.
China National Offshore Oil Corporation Reputational Disclosures
- China National Offshore Oil reported oil spill in Bohai Bay;
- Huizhou refinery exploded.
Source: 1. China Dailyen.people.cn/90001/90780/7433972.htmlSource: 2. South China Morning Postwww.scmp.com/article/973309/cnooc-reports-third-oil-spill-bohai-bay-less-two-months
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The latest news on China National Offshore Oil Corporation from across the web
Petrobras says CNOOC looking to buy additional interest in Buzios field | Upstream Online
Buzios is Brazil’s largest oilfield with 11.3 billion barrels of oil equivalent in recoverable reserves
Qatar Petroleum signs long-term LNG supply deal with China’s CNOOC | Upstream Online
Sale and purchase agreement is for 3.5 million tonnes per annum of LNG to the Chinese player over 15-year period
Petronas, China's CNOOC to jointly push for cleaner, secured energy
Petroliam Nasional Bhd (Petronas) and China National Offshore Oil Corporation (CNOOC) are collaborating to push ahead with their liquefied natural gas (LNG) and upstream projects towards a shared ambition in energy security and cleaner energy solutions.
China National Offshore Oil Corporation — Moody's announces completion of a periodic review of ratings of China National Offshore Oil Corporation
Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of China National Offshore Oil Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 12 January 2021 in which Moody’s reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
