China National Offshore Oil Corporation (CNOOC) HKEx: 0883 (中国海洋石油总公司) 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. Another subsidiary China Oilfield Services(COSL) is listed in Hong Kong too. The Hong Kong Stock Exchange (Chinese: 香港交易所, also 港交所; abbreviated as SEHK and HKSE; HKEx: 0388) is the stock exchange of Hong Kong. ... China_National_Petroleum_Corporation Categories: Lists of companies by country | Companies of the Peoples Republic of China ... Sinopec, the China Petroleum and Chemical Corporation (Chinese: 中国石化, HKEX: 386; NYSE: SNP; LSE: SNP), is one of the major petroleum companies in China. ... Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ), crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish liquid. ... Official language(s) None, English de facto Capital Albany Largest city New York City Area  - Total  - Width  - Length  - % water  - Latitude  - Longitude Ranked 27th 141,205 km² 455 km 530 km 13. ... On Tuesday September 16, 2005, China Oilfield eyes Asian acquisitions to boost scale But high oil prices, buyout frenzy are obstacles, CNOOCs sister firm says China Oilfield Services (COSL) is seeking acquisition targets in South-east Asia, the Middle East and Central Asia, to bolster its operating scale and... China_Oilfield_Services has a sister company in China known as CNOOC Categories: Companies of the Peoples Republic of China | Oil companies ...

CNOOC is a state-owned oil company ,70% of whose shares are owned by the Government of the People's Republic of China, 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 Resources in Cooperation with Foreign Enterprises on Jan 30th 1982, CNOOC was incorporated and authorized to assume the overall responsibilities for the exploitation 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 industry. Headquartered in Beijing, CNOOC registered with a capital of RMB 50 billion and now has employees more than 24,000. State Council or National Council is the name of a major governmental body in some countries. ...

Operations

CNOOC keeps on optimizing its industrial chain by taking upstream business as its core business and developing from an independent company into an integrated energy company. CNOOC has established six business sectors ranging from oil and gas exploration and development, technical services, logistic services, chemicals and fertilizer production, natural gas and power generation to financial services ,insurance in more than two decades, all undergoing smooth and synergetic growth.

In 2004, CNOOC realized a sustained growth in oil and gas output. It generated sales revenue of RMB 70.92 billion and net profit of RMB 24.22 billion, and paid taxes of RMB 12.09 billion in 2004, increasing by 32%, 62% and 80% respectively as compared with the previous year. As the end of 2004, its total assets and nets assets had reached RMB 153.26 billion and 83.06 billion, a 28% and 21% increase as compared with the beginning of the year. Its gross profit and total assets rank 5 th and 12 th among state-owned enterprises in China. Outstanding performances of the company has been fully recognized in the capital market with Standard & Poor's and Moody's Investors Service assigning CNOOC a long term BBB+ and A2, equivalent to China' sovereign rating and the highest ratings for Chinese companies.

Oil and gas exploration and production saw a steady growth in 2004. The oil and gas output reached 36.48 million tons of oil equivalent, increasing by 3.12 million ton or 9% as compared with 2003. Its domestic production reached 24.72 million ton, increasing by 11% as compared with the previous year, higher than the average national growth rate of 3%. Annual output in Bohai Bay exceeded 10 million ton of oil equivalent for the first time, making it the second major offshore producing area with an output of over 10 million ton in China after Eastern South Sea and also making it an important energy production base in northern China.

In addition to the steady growth in upstream business, CNOOC made great achievements in mid- and downstream business. It set up CNOOC Gas& Power focusing on the downstream development of gas distribution and gas power generation. CNOOC has accumulated vast experiences in the field of Liquefied Natural Gas in the past few years.Though in an increasingly competitive domestic LNG market, CNOOC concluded all mid and downstream commercial contracts of Guangdong and Fujian LNG projects, which imported 3.5 million ton per annum(mpta) and 2.6 million mpta LNG respectively from North Western Shelf Australia(NWs) and Tangguh Indonesia, and laid a sound foundation for smooth operation. LNG projects in Zhejiang and Shanghai started execution and CNOOC also signed head of agreements (HOAs) on LNG cooperation with Liaoning, Tianjin, Hebei, Hainan and Jiangsu. So far CNOOC has completed its preliminary strategic deployment in natural gas industry in the costal areas south to the Yangtze River. In these projects, CNOOC not only is responsible for the construction of LNG receiving terminals and trunklines for gas transmission, but also for the construction of gas-fired power plants too. LNG receiving terminal Liquefied natural gas or LNG is natural gas that has been processed to remove impurities and heavy hydrocarbons and then condensed into a liquid at atmospheric pressure by cooling it to approximately -160 degrees Celsius. ...

In April 2004, CNOOC-SINOPEC United International Trading Co., Ltd. was granted the license to import crude oil by the Ministry of Commerce, which field used to be monopolized by CNPC, Sinopec , Sinochem and Zhuhai Zhenrong. In July, Nanhai Refinery Project with an annual capacity of 12 million ton , a joint-venture between CNOOC and Royal Dutch Shell and the largest joint venture China ever had, was approved by NDRC, indicating that CNOOC has established its integrated industrial portfolio by marching into refining business, paving the way for CNOOC’ next step into the retail and wholesale of refined oil used to monopolized by CNPC and Sinopec. Royal Dutch Shell plc is a major energy company, one of the top four vertically integrated private sector oil, natural gas, and gasoline companies in the world (along with BP, ExxonMobil, and Total). ...

The three listed companies under CNOOC had remarkable performances in 2004.The share price of CNOOC Limited rose by 37% and its market capitalization reached RMB 181.68 billion. The share price of CNOOC Engineering Ltd. listed in Shanghai Stock Exchange rose by 66.11%. The market capitalization of China Oilfield Services Ltd. reached RMB 10.1 billion. At the end of 2004, market capitalization of the three listed companies had approached RMB 200 billion, 3.3 times as much as their net assets. The value of state-owned assets was effectively increased.

CNOOC makes continued efforts in oil and gas exploration and development, exploitation of overseas resources, development of midstream and downstream business and establishment of modern business system in 2005, to achieve the strategic objective of building an integrated energy company with international competitiveness and modern management system by 2008 with fast and quality growth and strong profitability. It aims to develop into a world-class integrated international energy company.

Under the direction of ex-CEO Wei Liucheng, who was promoted to the governor of Hainan province in Oct 2003 as a reward for his outstanding work, and the incumbent chairman and chief executive Fu Chengyu (傅成玉), CNOOC took aggressive measures in M&A relevant to core business in recent years, among which it acquired five blocks in Indonesia from Spanish oil company Repsol in 2002 and became the largest offshore operator; in 2003 it bought 5.3% of interests in NWS ensuring the supply of Guangdong LNG project, in the same year it exercised the preemption right to acquire 12.5% of interests in Tangguh to ensure the supply of Fujian LNG project; in Oct 2003 it bought 12.5% interests in Gorgon Australia which is planned to ensure the supply of Shanghai and Zhejiang LNG projects. The most important one was in June 2005, CNOOC made an all-cash $18.5 billion offer to buy American oil company Unocal Corporation, topping an earlier bid by ChevronTexaco. Unocal's extensive oil interests in Central Asia are considered to be an excellent strategic fit for CNOOC. On July 20, 2005 Unocal announced that it has accepted an increased buyout offer from ChevronTexaco for $17.1 billion. This decision will be submitted to a vote by Unocal stockholders on August 10, 2005. On August 2, however, CNOOC announced that it had withdrawn its bid for Unocal, citing political tension inside the United States. Hainan (Chinese: 海南; pinyin: ) is a province of the Peoples Republic of China, located at the southern end of the country. ... 2005 : January - February - March - April - May - June - July - August - September - October - November - December- → Deaths in June June 27: Shelby Foote June 27: John T. Walton June 26: Richard Whiteley June 25: John Fiedler June 25: Chet Helms June 24: Paul Winchell June 21: Jaime Cardinal Sin June 20: Jack Kilby... Unocal Corporation, a wholly-owned subsidiary of Chevron Corporation, based in El Segundo, California, was founded in 1890 as the Union Oil Company of California. ... ChevronTexaco Corporation ( NYSE: CVX) is one of the worlds largest global energy companies. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... August 10 is the 222nd day of the year (223rd in leap years) in the Gregorian Calendar. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... August 2 is the 214th day of the year in the Gregorian Calendar (215th in leap years), with 151 days remaining. ...

Despite a hands-off approach from the Bush Administration, a broad group of Democrats and Republicans in Congress used a variety of arguments to help ensure that the CNOOC bid failed. They argued that with $13 billion of CNOOC's bid for Unocal coming from the Chinese government, the offer did not represent a free market transaction. Further, they argued that American corporations were prohibited from purchasing analogous assets in Communist China. It was also argued (despite being largely debunked by The Economist and other sources, that the foreign (and particularly communist) ownership of oil assets could represent a national security risk. While there was no direct legal route to block the purchase, Congressional delays and calls for extensive research into the matter created significant additional risk around the CNOOC bid. The Bush administration is a group of people that includes President George W. Bush, Vice President Richard Cheney, Bushs Cabinet, and other select officials and advisors. ... It has been suggested that Democratic presidents be merged into this article or section. ... The Republican Party is one of the two major political parties in the United States, the other being the Democratic Party. ... A congress is a gathering of people, especially a gathering for a political purpose. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... The Economist is a weekly news and international affairs publication of The Economist Newspaper Limited in London. ... Communism - Wikipedia /**/ @import /w/skins-1. ...

Besides this failed bid, CNOOC also faces tough new challenges in the domestic Chinese market. Its rivals CNPC and Sinopec were recently granted approval to carry out offshore explorations once monopolized by CNOOC. Furthermore, in accordance with the commitment Chinese Government made in entering the WTO, the oil retail and wholesale market will be further opened to international oil companies in the end of 2006, meaning large foreign energy firms, such as Exxon Mobil and BP, will be freer to make inroads into the domestic Chinese market. At the same time, CNOOC's smaller domestic counterparts have been pushing to end the current monopoly of three major NOCs in the oil & gas industry, thereby introducing even greater competition. With this introduction of new foreign and domestic competition, CNOOC (as will the rest of the Chinese energy sector) is certain to face new challenges - and opportunities - in the years ahead. For other uses of the initials WTO, see WTO (disambiguation). ... Exxon Mobil Corporation or ExxonMobil (NYSE: XOM), headquartered in Irving, Texas, is an oil producer and distributor formed on November 30, 1999, by the merger of Exxon and Mobil. ... BP plc, LSE: BP, NYSE: BP, TYO: 5051 , originally British Petroleum, is a British energy company with headquarters in London, one of the top four vertically integrated private sector oil, natural gas, and gasoline companies in the world (along with Royal Dutch Shell, ExxonMobil, and Total). ...

the logo of CNOOC

Image File history File links CNOOC2. ...

External links

• Official Website
• Official Website