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May 05, 2015 4:44 PM 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

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%.

United Envirotech Ltd. to Form Joint Venture with China National Offshore Oil Corporation

United Envirotech Ltd. has signed a framework agreement with China National Offshore Oil Corporation to set up a 49:51 joint venture (JV) company in China. The main businesses of the JV is to provide comprehensive services including investment, consultation, design, construction and operation of wastewater treatment, recycling and desalination facilities to meet the water treatment needs arising from CNOOC Group's existing and upcoming CNY 40,000 million ($6,521.8 million) new petrochemical complex at Huizhou City, China. The JV is expected to invest CNY 1,000 million ($163.04 million) to construct a new wastewater treatment facility for the new complex and to acquire and integrate some existing treatment facilities. The design and construction of the new wastewater treatment facility is expected to be completed within two years and the acquisition of the existing treatment facilities will be done in phases.

China National Offshore Oil Corp. Announces Job Cuts

China National Offshore Oil Corp. announced that it would cut its workforce of 3,200 by 360 jobs in North America and 60 positions at its British unit to cope with a more than 50% drop in crude prices from mid-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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