March 03, 2015 6:12 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

China

Founded in 1982

108,646 Employees

Phone:

86 10 8452 1010

Fax:

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
President, Party Leadership Group Member, Vice Chairman of Cnooc Limited, Chief Executive Officer of Cnooc Limited and Director
Age: 53
Chief Financial Officer
Age: 59
Vice President, Party Leadership Group Member and President of CNOOC Limited
Age: 51
Chief Compliance Officer, Party Leadership Group Member and Director
Age: 57
Compensation as of Fiscal Year 2014.

China National Offshore Oil Corporation Key Developments

Chinese Government Reportedly Mulls Merger Of State Owned Companies

Chinese Government is considering merging of state owned companies. Companies being considered for mergers include China National Petroleum Corporation or CNPC and China Petrochemical Corporation or Sinopec, the Journal said, citing officials with knowledge of a government study. Other options include merging China National Offshore Oil Corporation, or CNOOC, and Sinochem Group, the report said.

China National Offshore Oil Corporation Signs Two Production Sharing Contracts with SK Innovation Co., Ltd

CNOOC Limited announced that its parent company, China National Offshore Oil Corporation signed two production sharing contracts (PSCs) with SK Innovation Co., Ltd. (SK) for Blocks 04/20 and 17/03 in the South China Sea. The two blocks mentioned above are located in the Pearl River Mouth Basin. Block 04/20 covers a total area of 5,138 square kilometers and has a water depth of 50-100 meters. Block 17/03 covers a total area of 7,686 square kilometers and has a water depth of 50-100 meters. Both blocks are included in CNOOC's Open Blocks in Offshore China for the year 2012. According to the terms of the PSCs, SK shall act as the operator of the two blocks mentioned above. The exploration costs required for the exploration operations will be borne by CNOOC and SK in a proportion of 20% and 80% of participating interest, respectively. Both parties will conduct 2D seismic data surveys and will drill exploration wells. Once entering the development phase, CNOOC has the right to participate in up to 60% of the working interest in any commercial discoveries in the blocks. After signing the above-mentioned 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 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.

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
September 10, 2014
ATP 795, ATP 767 And ATP 889 Permits In Western Surat Basin
 

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