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July 04, 2015 1:21 AM ET

Oil, Gas and Consumable Fuels

Company Overview of China National Offshore Oil Corporation

Company Overview

China National Offshore Oil Corporation explores for, develops, produces, and sells oil and gas in the People’s Republic of China and internationally. As of December 31, 2014, the company had net proved reserves of 4.48 billion BOE. The company also offers engineering and technical services, including oilfield, offshore oil engineering, and professional services. The company is also involved in the production and sale of petrochemical products and fertilizers; and power generation activities through natural gas, as well as in the provision of finance, trust, insurance, and financial and strategic investment services, as well as finance leasing services. It had 570 service stations and 44 oil...

No. 25, Chaoyangmenbei Dajie

Dongcheng District

Beijing,  100010

China

Founded in 1982

115,000 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: 64
President, Party Leadership Group Member, Director, Member of Strategic Development Committee, Chief Executive Officer of Cnooc Limited and Vice Chairman of Cnooc Limited
Age: 54
Chief Financial Officer and Party Leadership Group Member
Age: 60
Vice President, Party Leadership Group Member and President of CNOOC Limited
Age: 52
Chief Compliance Officer and Party Leadership Group Member
Age: 58
Compensation as of Fiscal Year 2015.

China National Offshore Oil Corporation Key Developments

China National Offshore Oil Corporation Commences Dongfang1-1 Gas Field Phase I Adjustment Project

China National Offshore Oil Corporation has announced that the Dongfang1-1 gas field Phase I adjustment project has commenced its production. The Dongfang1-1 gas field is located in Yinggehai Basin of Beibu Gulf in the South China Sea with an average water depth of approximately 70 meters. In addition to fully utilize the existing facilities of Dongfang1-1, this adjustment project has also built one wellhead platform. There are 7 producing wells in total with 5 wells currently producing approximately 53 million cubic feet of natural gas per day. The adjustment project is expected to reach its ODP designed peak production of approximately 54 million cubic feet per day in this year. The Dongfang1-1 is an independent gas field in which the Company holds 100% interest and acts as the operator.

China National Offshore Oil Corporation Announces Executive Changes

China National Offshore Oil Company announced that its executive Wang Yilin has been appointed chairman of China National Petroleum Corp. (CNPC). The opening left by Wang at CNOOC will be filled by Vice Chairman Yang Hua.

China National Offshore Oil Corp Reports Operating and Earnings Results for the Year 2014; Provides Production Guidance for 2015, 2016 and 2017

China National Offshore Oil Corp. reported operating and earnings results for the year 2014. For the period, the company reported net profit rose by 6.6% year on year to CNY 60.2 billion in 2014, buoyed by cost reduction efforts as well as lower operating expenses and taxes. Oil and gas sales fell by 3.6% year on year to CNY 218.2 billion. The company announced that it expects its overall oil and gas production to grow to 475 million - 495 million BOE in 2015. The company expects to register stable growth in production levels in 2016 and 2017 to around 509 million BOE and 513 million BOE, respectively. In 2014, CNOOC's net oil and gas production rose by 5.1% year on year to 432.5 million BOE (barrels of oil equivalent), while its average realized oil price stood at $96.04 per bbl, a decrease of 8.2%.

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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