Profile: CNOOC Ltd (CEO)
26 May 2017
CNOOC Limited, incorporated on August 20, 1999, is a holding company. The Company is an upstream company engaged in the exploration, development and production of oil and natural gas. The Company operates through three segments: exploration and production, trading business and corporate. The Company is engaged in the upstream operating activities of the conventional oil and gas, shale oil and gas, oil sands and other unconventional oil and gas business. In offshore China, the Company engages in oil and natural gas exploration, development and production in Bohai, Western South China Sea, Eastern South China Sea and East China Sea, either independently or in cooperation with foreign partners through production sharing contracts (PSCs). The Company also holds interests in oil and natural gas blocks in Indonesia, Australia, Nigeria, Uganda, Argentina, the United States, Canada, the United Kingdom, Brazil and various other countries.
The Company has a net oil and gas production of approximately 1,358,022 barrels-of-oil equivalent (BOE) per day, including net oil and gas production of over 50,357 BOE per day in its equity method investees. The Company has proved reserves of approximately 4,315.5 million BOE, including over 2,215.0 million barrels of crude oil, approximately 815.3 million barrels of synthetic oil and over 7,569.8 billion cubic feet (bcf) of natural gas. It has proved undeveloped reserves of approximately 2,374.3 million BOE, including over 1,017.7 million barrels of crude oil, approximately 618.6 million barrels of synthetic oil and over 4,389.0 bcf of natural gas.
The Company's asset portfolio in Indonesia consists of approximately three development and production blocks and a block under construction, among which, the Company acts as the operator for the Southeast Sumatra block. In addition, the Company, as a non-operator, also holds working interests in the production sharing contracts in Malacca PSC. The Company holds an interest in the Tangguh LNG Project in Indonesia. The Company also holds participating interest in the technical service contract of Missan oilfields in Iraq and acts as the contractor of these oilfields. The Company's oil and gas assets in Oceania are mainly located in Australia and Papua New Guinea. The Company holds interest in the Australian North West Shelf LNG Project. The Company also owns an exploration block in Australia.
The Company owns interests in approximately four blocks, which are under exploration in Papua New Guinea and a joint research block in New Zealand. The Company's assets in Africa are primarily located in Nigeria and Uganda. It holds interest in the OML130 block in Nigeria. OML130 is a deep-water project consisting of four oilfields: Akpo, Egina, Egina South and Preowei. The Company holds interest in each of EA 1, EA 2 and EA 3A in Uganda. EA 1, EA 2 and EA 3A are located at Lake Albert Basin in Uganda. Apart from Nigeria and Uganda, the Company also owns interests in approximately several blocks in Equatorial Guinea, the Republic of the Congo, Algeria and the Gabonese Republic.
The Company holds interests in oil and gas assets in the United States, Canada, and Trinidad and Tobago. It holds interest in approximately two shale oil and gas projects in the United States, namely the Eagle Ford and Niobrara shale oil and gas projects. In addition, the Company owns interest in two deep-water developments, Stampede and Appomattox. The Company also owns interests in several exploration blocks in offshore Alaska. In Canada, the Company owns interest in the oil sands project located at the Long Lake, as well as approximately three other oil sands leases in the Athabasca region in northeastern Alberta.
In South America, the Company holds interest in Bridas Corporation (Bridas) and an interest in the PSC of the Libra oilfield in Brazil. Bridas is engaged in upstream oil and gas exploration and production activities, as well as downstream refining activities in Argentina and other countries. The Company holds an interest in the Libra PSC, a deep-water pre-salt project in Brazil. The Company also holds interests in several exploration and production blocks in Colombia.
The Company holds interests in several oil and gas fields, such as Buzzard and Golden Eagle in the North Sea. The Company's asset portfolio in the North Sea consists of projects under production, development and exploration, including an interest in the Buzzard oilfield and the Golden Eagle oilfield. The Company holds a license issued by the government of Iceland for carrying out oil exploration operations in the Norwegian Sea, Northeast Iceland.
The Company competes with PetroChina and Sinopec.
No. 25, Chaoyangmen North Street
BEIJING BEJ 100010
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