Profile: CNOOC Ltd (CEO)

CEO on New York Consolidated

135.94USD
19 Dec 2014
Price Change (% chg)

$4.86 (+3.71%)
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$131.08
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Volume
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$202.33
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CNOOC Limited, incorporated on August 20, 1999, along with its subsidiaries, is a producer of offshore crude oil and natural gas and an independent oil and gas exploration and production company. The Company is engaged in exploration, development, production and sales of oil and natural gas. It operates in three segments: independent operations, production sharing contracts or other joint arrangements and trading business. The Company has four producing areas in offshore China, which include the Bohai Bay, Western South China Sea, Eastern South China Sea and East China Sea. In overseas, it has oil and gas assets in Indonesia, Australia, Nigeria, Argentina, the United States and other countries. As of December 31, 2010, the Company owned net proved reserves of approximately 2.99 billion barrels-of-oil-equivalent, and its average daily net production was 900,702 barrels-of-oil-equivalent. In November 2011, Opti Canada, Inc. announced the closing of its acquisition by CNOOC Luxembourg S.a r.l, an indirect wholly owned subsidiary of CNOOC Limited. In December 2011, the Company announced that its subsidiary, CNOOC Southeast Asia Limited, sold CNOOC ONWJ Ltd. to EMP International (BVI) Limited. In February 2013, CNOOC Limited acquired Nexen Inc.

On March 13, 2010, CNOOC International Limited (CNOOC International), a wholly owned subsidiary of the Company, entered into agreements with Bridas Energy Holdings Ltd. (BEH) to form a 50:50 joint venture in Bridas Corporation, formerly a wholly owned subsidiary of BEH. On May 4, 2010, the Company completed its acquisition. On April 30, 2010, the Company acquired 24.5% interest in block 15/34 of the Pearl River Mouth Basin in Eastern South China Sea from Devon Energy Corporation. Following the completion of the transaction, the Company’s interest in block 15/34 increased to 75.5%. On October 11, 2010, it acquired a 33.3% undivided interest in Eagle Ford Shale project from Chesapeake. In 2011, the Company completed another acquisition of 33.3% undivided interest in Chesapeake’s Niobrara oil and gas project. On May 17, 2010, the Company got the bid for Technical Service Contract for the Missan oilfields in Iraq.

In offshore China, the Company is engaged in oil and natural gas exploration, development and production activities in Bohai Bay, Western South China Sea, Eastern South China Sea and East China Sea either independently or through cooperation with foreign partners by production sharing contracts (PSCs). As of December 31, 2010, approximately 74.6% of the Company’s net proved reserves and approximately 79.9% of its production were from offshore China, approximately 77.1% of its net proved reserves and approximately 68.6% of its production offshore China came from the independent projects. The controlling shareholder of the Company, CNOOC, has rights to explore and develop oil and natural gas in offshore China with foreign partners through production sharing contracts (PSCs). As of December 31, 2010, 30 PSCs with 22 partners were in force.

In overseas, the Company holds interests in oil and natural gas blocks in Indonesia, Australia, Nigeria, Argentina, the United States and various other countries. As of December 31, 2010, the Company’s overseas net proved reserves and net production accounted for approximately 25.4% and 20.1% of its total net proved reserves and total net production, respectively. During 2010, a total of nine projects came on stream one after another including Bozhong 3-2, Bozhong 29-4, Bozhong 19-4, Caofeidian 18-1, Bozhong 26-3 and Luda 32-2 in Bohai Bay, Weizhou 11-1 East and Weizhou 6-8 in Western South China Sea as well as Huizhou 25-3 in Eastern South China Sea. During 2010, the Company’s net oil and gas production amounted to 328.8 million barrels-of-oil-equivalent.

Bohai Bay

Bohai Bay is the primary crude oil producing area for the Company. The crude oil produced in this region includes heavy oil, but a few light oil discoveries have been made in the recent years, such as Jinzhou 25-1. As of December 31, 2010, the reserve and production volume in Bohai Bay include 1,119.1 million barrels-of-oil-equivalent and 429,008 barrels-of-oil-equivalent per day, respectively, representing approximately 37.4% and 47.6% of the Company’s total reserves and production. The operation area in Bohai Bay is mainly shallow waters with a depth of 10 to 30 meters. During 2010, the Company made seven discoveries in Bohai Bay, which include Qinhuangdao 29-2 East, Qinhuangdao 33-1 South, Jinzhou 20-5, Penglai 9-1, Kenli 6-4, Kenli 6-5 and Bozhong 34-1 West. In addition, four oil and gas structures were appraised, including Kenli 10-1, Qikou 18-1, Bozhong 34-1 West and Qinhuangdao 33-1 South. The projects in Bohai Bay, including Bozhong 3-2, Bozhong 29-4, Bozhong 19-4, Caofeidian 18-1, Bozhong 26-3 and Luda 32-2, commenced production.

Western South China Sea

Western South China Sea is a primary natural gas producing areas for the Company. As of December 31, 2010, the water depth of the operation area in this region ranged from 40 to 120 meters. As of December 31, 2010, the reserve and production volume in Western South China Sea reached 599 million barrels-of-oil-equivalent and 145,274 barrels-of-oil-equivalent per day, respectively, representing approximately 20% and 16.1% of the Company’s total reserves and production. During 2010, the Company made a discovery of Dongfang 13-1 in Yinggehai basin in Western South China Sea. In addition, the Company also appraised the structures of Weizhou 11-1, Weizhou 11-2, Weizhou 10-3 West and Weizhou 12-2 in Western South China Sea. From the deepwater perspective, the Company’s partner, BG, drilled an exploratory well Lingshui 22-1-1 on Block 64/11 in Qiongdongnan basin. Weizhou 11-1 East and Weizhou 6-8 commenced production.

Eastern South China Sea

Eastern South China Sea is the Company’s crude oil producing areas. As of December 31, 2010, the water depth of the Company’s operation area in this region ranged from 100 to 300 meters. As of December 31, 2010, the reserve and production volume in Eastern South China Sea reached 434.1 million barrels-of-oil-equivalent and 144,712 barrels-of-oil-equivalent per day, respectively, representing approximately 14.5% and 16.1% of the Company’s total reserves and production. During 2010, Liuhua 29-1 discovery in deepwater exploration was made, and a commercial discovery was made in Enping sag. The Liuhua 29-1 structure is located in the deepwater area of Baiyun sag. During 2010, the Company carried out the preparation work regarding the development of deepwater natural gas project Liwan 3-1. In addition, it commenced production of Huizhou 25-3 oilfield in Eastern South China Sea. The Company has appraised the oil and gas structures of Huizhou 25-8 and Enping 24-2.

East China Sea

East China Sea is the Company’s producing regions in offshore China. The water depth of the Company’s operation area in this region is approximately 90 meters. As of December 31, 2010, approximately 2.7% of the reserves and 0.1% of the production of the Company were from East China.

Asia

As of December 31, 2010, the Company held oil and gas assets mainly in Indonesia and

Iraq. As of December 31, 2010, the reserves and production volume from the Asia region, excluding China, reached 219.4 million barrels-of-oil-equivalent and 58,421 barrels-of-oil-equivalent per day respectively, representing approximately 7.3% and 6.5% of the Company’s total reserves and production. In Indonesia, the Company mainly owns interests in the PSCs: the Malacca Strait, the SES, the ONWJ, the West Madura and Poleng Technical Assistance Contract, among which, the Company is the operator of the SES block and owns approximately 65.54% of its interests. In addition, the Company owns partial interests in South East Palung Aru, Batanghari and HOML PSCs. The Company also owns approximately 13.90% of the interests in the Tangguh LNG Project in Indonesia. It is located in West Papua and consisting three blocks of Berau, Muturi and Wiriagar. During 2010, the Company entered into a Technical Service Contract for the development and production of Missan oilfields in Iraq. It owns interests in several blocks in Myanmar, Cambodia and Qatar.

Oceania

As of December 31, 2010, the Company’s oil and gas resources in Oceania are all located in Australia. As of December 31, 2010, the reserves and production volume from Oceania reached 103.7 million barrels-of-oil-equivalent and 27,217 barrels-of-oil-equivalent per day, respectively, representing approximately 3.5% and 3% of the Company’s total reserves and production. It owns 5.3% of the interests in Australia’s North West Shelf Project. The project has commenced production and is supplying gas to customers, such as the Dapeng LNG Terminal in Guangdong, China. In addition, the Company owns interests in one exploration block in Australia.

Africa

The Company’s assets in Africa are primarily located in Nigeria. As of December 31, 2010, the reserves and production volume from Africa reached 145.7 million barrels-of-oil-equivalent and 62,609 barrels-of-oil-equivalent per day, respectively, representing approximately 4.9% and 7% of the Company’s total reserves and production. The Company owns 45% interest in the OML 130 block in Nigeria. The OML 130 Project is a deepwater project and made up of four oilfields, which include Akpo, Egina, South Egina and Preowei. The Company also owns interests in several blocks in Kenya, Equatorial Guinea, the Republic of Congo and Algeria.

North America

The Company holds interests in oil and gas blocks in the United States, and Trinidad and Tobago in North America. In addition, the Company holds interests in MEG Energy Corporation (MEG) in Canada. The Eagle Ford Shale project is located in South Texas with 600,000 net leasehold acres. The Niobrara oil and gas project is located in northeast Colorado and southeast Wyoming with 800,000 net leasehold acres. In addition, the Company also holds interests in several oil and gas blocks at Gulf of Mexico. It holds interests in the 2C block and the 3A block in Trinidad and Tobago.

South America

The Company mainly holds 50% interest in Bridas in Argentina. As of December 31, 2010, the reserves and production volume from South America reached 284.5 million barrels-of-oil-equivalent and 31,780 barrels-of-oil-equivalent per day, respectively, representing approximately 9.5% of the reserves and 3.5% of the production of the Company. In March 2010, the Company announced to reorganize Bridas to a 50%/50% joint venture with BEH. The transaction has been completed. The Company and BEH each hold a 50% interest in Bridas. Bridas engages in oil and gas exploration and production activities in Argentina and other countries through its affiliates (including its interest in PAE).

Company Address

CNOOC Ltd

No. 25, Chaoyangmen North Street
BEIJING   BEJ   100010
P: +8610.84521604
F: +8610.64602503

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