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November 30, 2015 11:12 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


Founded in 1982

115,000 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: 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

Investor Reportedly Mulls Acquisition of Stake In Santos

ENN Energy Holdings Limited (SEHK:2688) alongside China Petroleum & Chemical Corp. (SEHK:386) (Sinopec) and China National Offshore Oil Corporation have emerged as a lead contender for a 15% placement understood to be under close consideration by Santos Limited (ASX:STO. It is understood Santos, which is advised by Deutsche Bank AG (DB:DBK) and Lazard Ltd. (NYSE:LAZ), has turned its attention to Asia as it seeks a white knight cornerstone investor. Sources said China Petroleum & Chemical Corporation could fit the bill, while any strategic placement would likely be capped at 15% of the company's issued equity and its investment would be accompanied by a rights issue to existing shareholders. ENN Energy has also been named as a potential strategic investor, as has China National Offshore Oil Corp.

Primeline Obtains Contract Extension with China National Offshore Oil Corporation

Primeline Energy Holdings Inc. announced that China National Offshore Oil Corp. ("CNOOC") has agreed to extend the exploration period under the Petroleum Contract for Block 33/07 ("Petroleum Contract") to facilitate Primeline's exploration drilling programme. On October 9, 2015, CNOOC and Primeline signed an amendment agreement relating to the Petroleum Contract to extend phase one of the exploration period from three years to 3.5 years so that it now expires on April 30, 2016. The Petroleum Contract originally had a seven year exploration period split into three phases of three, two and two years. The amendment agreement extends the exploration period to 7.5 years with the first phase extended to 3.5 years, with the other phases remaining at two years each.

China National Offshore Oil Reportedly Seeks To Sell Stake In CNOOC Dongying Petrochemical

China National Offshore Oil Corporation reportedly is seeking to sell 21% stake in CNOOC Dongying Petrochemical Co.,Ltd. China National Offshore Oil Corporation (CNOOC) would reduce its holdings in CNOOC Dongying Petrochemical in a bid to shake off poor refining assts, according to media reports on September 17, 2015. CNOOC plans to trim its holdings in CNOOC Dongying Petrochemical to 30% from 51%.

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