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February 11, 2016 4:58 AM ET

Oil, Gas and Consumable Fuels

Company Overview of China National Offshore Oil Corporation

Company Overview

China National Offshore Oil Corporation explores, develops, produces, and sells oil and gas in China and internationally. 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, and in the provision of finance, trust, insurance, and financial and strategic investment services, and finance leasing services. The company was founded in 1982 and is headquartered in Beijing, China.

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, Vice Party Leadership Group Secretary and Director
Age: 57
Party Leadership Group Member, Director, Chief Executive Officer of Cnooc Limited, Vice Chairman of Cnooc Limited and Member of Strategic Development Committee
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
Compensation as of Fiscal Year 2015.

China National Offshore Oil Corporation Key Developments

China National Offshore Oil Corp. Provides Production Guidance for 2016, 2017 and 2016

China National Offshore Oil Corp. provided production guidance for 2016, 2017 and 2016. The company announced its 2016 production forecast is lower than last year by about 3.5%. The company set a production target for the year in the range of 470 million to 485 million barrels of oil equivalent. The net production targets set for 2017 and 2018 are around 484 and 502 million boe respectively. The decline comes as the slowing in the Chinese economy is putting downward pressure on crude oil prices.

China National Offshore Oil Corporation to Complete Huizhou Refinery Expansion in Late 2016

China National Offshore Oil Corp. is expected to complete expansion of its Huizhou refinery in Guangdong province in late 2016 and start up the expanded refinery with capacity rising to 440,000 bbl/day in early 2017. The project mainly includes a construction of a new 200,000 bbl/day crude distillation unit (CDU), a 4.8m tonne/year fluid catalytic cracker, a 3.7m tonne/year residue hydrogenation unit, a 3m tonne/year vacuum gasoil (VGO) hydrogenation unit and an 1.8m tonne/year reformer.

China's CNOOC Does Not Plan To Sell Shares In Listed Subsidiaries

China National Offshore Oil Corporation (CNOOC) has no plans to sell shares in listed subsidiaries in the near term following domestic stock market fluctuations, CNOOC said in a statement.

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