China National Offshore Oil Corporation 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, a special purpose vehicle 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 company of the exchange,[1] due to its government background but incorporated outside mainland China. As of 31 March 2020[update], the company had a market capitalization of HK$363 billion.[1]
In October 2024, CNOOC signed an Exploration, Development & Production Contract (EDPC) with Midland Oil Company, an Iraqi state-run oil company.[4]
Operations
Its core domestic operation areas are in Bohai, the South China Sea, and the East China Sea. Internationally, it has oil and gas assets in Asia, Africa, North America, South America, and Oceania.[5]
CNOOC Ltd's parent, China National Offshore Oil Corporation (CNOOC), is the third largest of the "Big Three" Chinese oil companies, and traditionally specialised in offshore upstream exploration and production, whereas CNPC Group specialised in onshore upstream exploration and production, and Sinopec Group 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 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 barges, namely "HYSY 202", "HYSY201", "Lanjing", "Blue Xinjiang", "Binhai 109", "HYSY286", "HYSY289" and "HYSY291".[6][7]
^Marks, Jay F. (11 October 2010). "Chesapeake reaches deal with Chinese company". The Oklahoman. Vol. 119, no. 279. Oklahoma City, Oklahoma: The Oklahoma Publishing Company. p. 4A – via Newspapers.com.
