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cnooc ltd (NC2B) Snapshot

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09/8/14 - €1.56
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12/17/14 - €0.99
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cnooc ltd (NC2B) Details

CNOOC Limited, an investment holding company, explores for, develops, produces, and sells crude oil, natural gas, and other petroleum products. The company produces offshore crude oil and natural gas primarily in Bohai, Western South China Sea, Eastern South China Sea, and East China Sea in offshore China. It also has oil and gas assets in Asia, Africa, North America, South America, Oceania, and Europe. As of December 31, 2013, the company owned net proved reserves of approximately 4.43 billion barrels-of-oil equivalent. It also provides bond issuance services. The company is based in Hong Kong, Hong Kong. CNOOC Limited is considered a Red Chip company due to its listing on the Hong Kong Stock Exchange. CNOOC Limited is a subsidiary of China National Offshore Oil Corporation.

17,553 Employees
Last Reported Date: 04/9/14

cnooc ltd (NC2B) Top Compensated Officers

No compensation data is available at this time for the top officers at this company.

Executives, Board Directors

cnooc ltd (NC2B) Key Developments

CNOOC Limited Provides Operating and Capital Expenditure Guidance for the Year 2015

CNOOC Limited provided summary of its business strategy and development plan for the year 2015. The company's targeted net production for 2015 is 475 million to 495 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 67% and 33%, respectively. The company's net production for 2014 is expected to be approximately 432 million BOE. The company's net production for 2016 and 2017 is estimated to be approximately 509 million BOE and 513 million BOE, respectively. In 2015, 7 new projects are expected to come on stream. The Kenli 10-1 project, located in Bohai, is expected to reach a peak production of around 36,000 BOE per day and the Bozhong 28/34 comprehensive adjustment project, also located in Bohai, is expected to reach a peak production of around 30,000 barrels per day. In 2015, the company plans to drill 162 exploration wells and acquire approximately 36,000 kilometers 2-Dimensional (2D) seismic data as well as approximately 14,000 square kilometers 3-Dimensional (3D) seismic data. The company's total capital expenditure for 2015 is budgeted at RMB 70.0 billion to RMB 80.0 billion, a decrease of 26-35% over the estimated capital expenditure for 2014. The capital expenditures for exploration, development and production account for approximately 21%, 67%, and 10%, respectively. With the decrease in capital expenditures, the company expects to achieve the whole-year targets by cost control and efficiency enhancement.

CNOOC Ltd. Commences Production of Jinzhou 9-3 Comprehensive Adjustment Project

CNOOC Ltd. announced that its Jinzhou 9-3 comprehensive adjustment project has commenced production. The Jinzhou 9-3 oilfield is located in the North Liaodong Bay in Bohai with the water depth in the range of 6.5 to 10.5 meters. The main production facilities of this adjustment project include one central processing platform, one wellhead platform and 21 producing wells. There are currently 15 wells producing approximately 7,600 barrels of crude oil per day. The adjustment project is expected to reach its ODP designed peak production of approximately 12,000 barrels per day in 2015.

CNOOC Limited Announces New Mid-To-Large Sized Natural Gas Discovery Lingshui 25-1 on the Independent Deepwater Exploration

CNOOC Limited announced that the company has successfully made a new mid-to-large sized natural gas discovery Lingshui 25-1 on the independent deepwater exploration. The Lingshui 25-1 structure is located in the northeast of Ledong Sag in Qiongdongnan Basin of South China Sea, with an average water depth of about 980 meters. The discovery well Lingshui 25-1-1 was drilled and completed at a depth of about 4,000 meters and encountered the oil and gas pay zone with a total thickness of about 73 meters. The well was tested to produce about 35.6 million cubic feet of natural gas and 395 barrels of oil per day. Lingshui 25-1 is another mid-to-large sized natural gas discovery following Lingshui 17-2 that the Company made on independent deepwater exploration. The new discovery has not only opened up a new exploration chapter in deepwater area of northern South China Sea, but also further proven the good exploration prospects in deepwater area of Qiongdongnan Basin.


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