February 01, 2015 7:19 AM ET

Oil, Gas and Consumable Fuels

Company Overview of China National Offshore Oil Corporation

Company Overview

China National Offshore Oil Corporation, a state-owned company, explores for, develops, and sells oil and gas in China. The company holds interests in two shale oil and gas projects located in the Eagle Ford and Niobrara, the United States. It develops crude oil, shale and tight gas, and coal bed methane gas; and offers engineering and technical services, including oilfield, offshore oil engineering, and professional services. The company is also involved in the oil and gas refining and marketing, and power generation activities, as well as in the provision of finance, trust, insurance, and financial and strategic investment services. It owns 445 gas stations. The company was founded in 1982...

No. 25, Chaoyangmenbei Dajie

Dongcheng District

Beijing,  100010


Founded in 1982

108,646 Employees


86 10 8452 1010


86 10 6460 2600

Key Executives for China National Offshore Oil Corporation

Chief Executive Officer and Secretary of The Leading Group of The Communist Party
Age: 63
Age: 53
Chief Financial Officer
Age: 59
Vice President
Age: 51
Chief Compliance Officer
Age: 57
Compensation as of Fiscal Year 2014.

China National Offshore Oil Corporation Key Developments

China National Offshore Oil Corp Appoints Xiong Weiping as Chairman of Supervisory Committee

Former Aluminium Corporation of China chairman Xiong Weiping has been appointed the chairman of the supervisory committee of China National Offshore Oil Corp. Xiong's appointment was made only on the CNOOC website and not by the government. Former Chengdu mayor Ge Honglin had replaced Xiong as Chinalco chairman in 2014.

China National Offshore Oil Corporation Signs Production Sharing Contracts with KUFPEC

CNOOC Limited announced that its parent company, China National Offshore Oil Corporation, has signed three production sharing contracts (PSCs) with KUFPEC (China) Inc. for Blocks 52/22, 52/26 and 63/13 in the South China Sea. The three blocks mentioned above are located in the Yinggehai Basin of the South China Sea. Block 52/22 covers a total area of 1,896 square kilometers, and has a water depth of 60-300 meters; Block 52/26 covers a total area of 1,783 square kilometers, and has a water depth of 80-160 meters; Block 63/13 covers a total area of 698 square kilometers, and has a water depth of 80-140 meters. According to the terms of the PSCs, CNOOC shall act as the operator of the three blocks mentioned above. Expenditures incurred during the exploration period will be borne by CNOOC and KUFPEC in a proportion of 20% and 80% of participating interest, respectively. Both parties will conduct 3D seismic data surveys and will drill exploration wells. Once entering the development phase, CNOOC Â has the right to participate in up to 70% of the working interest in any commercial discoveries in the blocks. After signing the abovementioned PSCs, CNOOC will assign all of its rights and obligations under such contracts, except for those relating to CNOOC's administrative functions, to CNOOC China Limited, a subsidiary of CNOOC Limited.

China National Offshore Oil Corporation Announces Commencement of Production at Enping 24-2 Oilfield

China National Offshore Oil Corporation has announced the commencement of production at its Enping 24-2 oilfield. Enping 24-2 oilfield is located in the Pearl River Mouth Basin of the South China Sea with an average water depth of approximately 86~96 meters. The main production facilities include one drilling and production platform, one floating production storage and offloading unit (FPSO) and 17 producing wells. Currently there are 2 wells producing approximately 8,000 barrels of crude oil per day, and the project is expected to reach its peak production of approximately 40,000 barrels per day in 2017.

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