China National Offshore Oil
Corporation
CNOOC
Type
State-owned enterprise (Red
chip)
Founded
1982
Headquarters Beijing, China
Key people
Fu Chengyu Chairman and
CEO
Industry
Oil and Gas
Employees
51,000
Website
http://www.cnooc.com.cn
China National Offshore Oil Corporation
(CNOOC, SEHK: 0883, NYSE: CEO, Chinese:
????????? Pinyin: Zhōngguó Háiyáng Shíyóu
Zǒnggōngsī) is the third-largest National Oil
Company (NOC) in the People’s Republic of
China next to CNPC, Sinopec. It focus on the
exploitation, exploration and development of
crude oil and natural gas offshore of China.
Its listed arm CNOOC Ltd shares are traded
in Hong Kong and New York. China Oilfield
Services (COSL) is a fellow subsidiary of
CNOOC Limited listed in Hong Kong.
CNOOC is a state-owned oil company,
70% of whose shares are owned by the
Government of the People’s Republic of Ch-
ina, and the State-Owned Assets Supervision
and Administration Commission of the State
Council performs the rights and obligations
of shareholder on behalf of the government.
History
When the State Council promulgated the
Regulation of the People’s Republic of China
on the Exploitation of Offshore Petroleum Re-
sources
in
Cooperation with
Foreign
Enterprises on January 30th 1982, CNOOC
was incorporated and authorized to assume
the overall responsibilities for the exploita-
tion of oil and gas resources offshore China
in cooperation with foreign partners, which
in effect ensured the monopoly status of
CNOOC in offshore oil and natural gas in-
dustry. Headquartered in Beijing, CNOOC re-
gistered with a capital of RMB 50 billion and
now has more than 51,000 employees.
(http://www.cnooc.com.cn/yyww/gsjj/de-
fault.shtml)
Operations
CNOOC keeps on optimizing its industrial
chain by taking upstream business as its core
business and developing from an independ-
ent company into an integrated energy com-
pany. CNOOC has established six business
sectors ranging from oil and gas exploration
and development, technical services, logistic
services, chemicals and fertilizer production,