[citation needed] The company continued its operations in oil and gas exploration and development, exploitation of overseas resources, development of midstream and downstream business and modernization in 2005 with its goal an integrated, modern, competitive and profitable energy company by 2008. CNOOC Limited's smaller domestic competitors have been trying to break the monopoly of the three major NOCs in the industry. China National Offshore Oil Corporation, or CNOOC Group (Chinese: 中国海洋石油总公司 Pinyin: Zhōngguó Háiyáng Shíyóu Zǒnggōngsī), is a major national oil company in China. It is a major subsidiary of China National Offshore Oil Corporation (CNOOC) and has been listed in Hong Kong SEHK: 883 and in New York NYSE: CEO since February 2001. CNOOC had an integrated industrial portfolio as it expanded into refining. Its headquarters are … It is the corporate headquarters for the China National Offshore Oil Corporation, one of the country's two state-owned oil companies. [11] On 7 December the sale was approved by the Canadian government,[12] and on February 12, 2013 it was approved by U.S. [2], The building is meant to be a counterpart to the large Ministry of Foreign Affairs building on the opposite corner of the intersection of the Second Ring Road and Chaoyangmen Street. CNOOC has become China's dominant producer of liquefied natural gas. At the end of 2004 market capitalization of the three subsidiaries had approached RMB200 billion, 3.3 times their net assets. On July 20, 2005, Unocal announced that it had accepted an buyout offer from ChevronTexaco for $17.1 billion, which was submitted to Unocal stockholders on August 10. With its headquarters in Beijing, CNOOC registered with capital of RMB 94.9 billion and has more than 98,750 employees. Exterior: The red glaze of the plinth refers to the terracotta palaces of the Forbidden City nearby. It is the corporate headquarters for the China National Offshore Oil Corporation, one of the country's two state-owned oil companies. [31] The first leak was not made public until July 5, 2011. [23], In 2007, CNOOC was involved in a clash with Burmese workers who threw stones at the company offices. China National Offshore Oil Corporation CNOOC Limited (the ?Company?, together with its subsidiaries, the ?Group? A man stands outside the CNOOC headquarters building in Beijing, China, on July 29, 2016. [citation needed] The CNOOC Group focuses on the exploitation, exploration and development of crude oil and natural gas in offshore China, along with its subsidiary COOEC. It was designed by the New York architectural firm of Kohn Pedersen Fox (KPF) and opened in 2006. [citation needed], In April 2004, the Ministry of Commerce authorized CNOOC-SINOPEC United International Trading to import crude oil; CNPC, Sinopec, Sinochem and Zhuhai Zhenrong had been the only companies importing crude. The company is engaged in the oil and gas exploration and development, engineering and technical services, refining and marketing, natural gas and power generation. It is the third-largest national oil company in the People's Republic of China , after CNPC (parent of PetroChina ) and China Petrochemical Corporation (parent of Sinopec ). In 2003, it bought 5.3 percent of the NWS, ensuring supplies for the Guangdong LNG project; that year, it also acquired 12.5 percent of Tangguh to ensure supply to the Fujian LNG project. It has … The CNOOC Headquarters Building (simplified Chinese: 中海油总部大楼; traditional Chinese: 中海油總部大樓; pinyin: Zhōnghǎiyóu zǒngbù dàlóu) is located on the Second Ring Road in the Chaoyangmen neighborhood of Beijing's Dongcheng District. [32], On July 11, 2011, an explosion occurred at the Huizhou refinery in the Daya Bay Economic and Technical Development zone in Guangdong. The Group has oil and gas assets in Asia, Africa, North America, South America, Oceania and Europe. [32] Fifty-one percent of the oilfield is owned by CNOOC, and forty-nine percent owned by ConocoPhillips. [6] The Economist and other sources tried to discredit the security threat, and CNOOC was willing to undergo a US security review. Download this stock image: --FILE--View of the headquarters of China National Offshore Oil Corporation (CNOOC) in Beijing, China, 11 October 2017. [23] In 2008, the US Treasury intimated that CNOOC cooperates with a company run by a family known for heroin trafficking. According to KPF, aspects of the building's design are meant to evoke the petroleum industry. Domestic production was 24.72 million tons, an 11-percent increase from the previous year and higher than the average national growth rate of three percent. Wu Zhenfang, a former general manager at the state-owned oil giant, is under investigation by the... Get premium, high resolution news photos at Getty Images Please update this article to reflect recent events or newly available information. CNOOC brought LNG to China with its Dapeng LNG Terminal in Guangdong, which received its first shipment (from the NWS LNG project in Australia) in July 2006. [33], In December 2020, the United States Department of Defense named CNOOC as a company "owned or controlled" by the People's Liberation Army and thereby prohibited from receiving any American investment. CNOOC reports third oil spill into Bohai Bay in less than two months, State-Owned Assets Supervision and Administration Commission of the State Council, Committee on Foreign Investment in the United States, "Why China's Unocal Bid Ran out of Gas - Businessweek", "Congress Cites Security Concerns over Chinese Bid for Unocal", "CNOOC Limited to buy Nexen for $15.1 billion in China's largest foreign deal", "Nexen takeover: National security a priority in foreign acquisitions, government says", "Oil tie-up is test for US deal-watchers - FT.com", "Nexen Secures U.S. Approval of Its Sale to Cnooc of China", "Philippine fuel retailer Phoenix Petroleum, CNOOC Gas and Power Group sign MOU for LNG project", "Biofuel production pacts signed by NNPC, Chinese consort", http://english.www.gov.cn/policies/latestreleases/202001/10/content_WS5e184d58c6d0891feec02072.html, "Notification of First Batch of Blocks in Offshore China Available for Foreign Cooperation in Year 2010", "Treasury Sanctions On Myanmar Traffickers Implicate CNOOC", "CHINA-MYANMAR-INDIA Gas and oil from Africa and the Middle East will pass through Myanmar - Asia News", "Chinese Oil Giant Accused of Human Rights Abuses in Burma", "Asia Times Online :: Southeast Asia news and business from Indonesia, Philippines, Thailand, Malaysia and Vietnam", Canadian Falun Gong association claims Chinese company bidding for Nexen linked to human rights abuses, "Falun Gong persecution a CNOOC deal-breaker, say protestors", "Nexen bidder CNOOC has a troubling record", "China needs zero tolerance for concealing major accidents", "Trump administration adds China's SMIC and CNOOC to Defense blacklist", "NYSE starts move to delist Chinese state oil producer CNOOC", chinadialogue article on CNOOC and oil in Nigeria, Doing Business with CNOOC and its Predecessors: An Account from the early 1980s, News articles on CNOOC (via China Digital Times), China Huanqiu Contracting & Engineering Corporation, China Petroleum Engineering and Construction Corporation, International Association of Oil & Gas Producers, https://en.wikipedia.org/w/index.php?title=China_National_Offshore_Oil_Corporation&oldid=1010540215, Companies in the Hang Seng China Enterprises Index, Non-renewable resource companies established in 1982, Pages with non-numeric formatnum arguments, Articles with dead external links from July 2011, Wikipedia articles in need of updating from July 2012, All Wikipedia articles in need of updating, Articles containing Chinese-language text, Articles with unsourced statements from July 2012, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 6 March 2021, at 00:37. The company signed all mid- and downstream contracts for the Guangdong and Fujian LNG projects and imported 3.5 million tons per annum (MPTA) and 2.6 MPTA of LNG, respectively, from Australia's North Western Shelf (NWS) and Indonesia's Tangguh fields (operated by BP). Important Information. Major national oil and gas corporation of China PR and one of the largest integrated energy groups in the world. [8] CNOOC Limited had a reputation for acting independently of the Chinese government, and had not notified government officials before bidding for UNOCAL. EGM Proxy Materials for ADR Holders: AGM Proxy Materials for ADR Holders: AGM Supplemental Materials for ADR Holders: In the 2020 Forbes Global 2000, CNOOC was ranked as the 126th -largest public company in the world. [citation needed] In 2004, the company generated revenue of RMB70.92 billion, a net profit of RMB 24.22 billion and RMB 12.09 billion in taxes (up 32 percent, 62 percent and 80 percent, respectively, from the previous year). China National Offshore Oil Corporation operates as a offshore oil and gas production company. Today, the Bureau of Industry & Security (BIS) added China National Offshore Oil Corporation Ltd. (CNOOC) to the U.S. [3], Local reaction to the building has seen it differently. BP and China National Offshore Oil Corporation Agreement (5343643630).jpg 2,136 × 1,424; 663 KB. It was designed by the New York architectural firm of Kohn Pedersen Fox (KPF) and opened in 2006. One subsidiary, CNOOC Limited, is listed on the Hong Kong exchange; the other, China Oilfield Services, is listed on the Hong Kong and New York exchanges. The company that I represent here is CNOOC, which stands for China National Offshore Oil Corporation. Arakan Oil Watch stated in a report that the company "left behind such a trail of abuses and environmental contamination on Ramree Island that outraged locals attacked their facilities". Beijing , Beijing , China 10001+ [27][28][29], On June 4, 2011 the U.S. company ConocoPhillips, operating in the Penglai 19-3 oilfield, caused an oil spill from a seafloor leak which lasted until June 7. When the State Councilimplemented the regulation of the people's petroleum resources in cooperation with foreign enterprises on January 30, 1982, CNOOC was incorporated and authorized to assume overall responsibility for the exploitation of oil and gas resources of offshore China in cooperation with foreign partners, which ensured monopoly status for CNOOC in offshore oil and natural gas. [4][5], The company was advised by Goldman Sachs. On August 2 CNOOC Limited announced that it had withdrawn its bid, citing political tensions in the United States. Results 2020 Third Quarter Review: 2020 Mid-Year Review: 2020 First Quarter Review: more. Unocal's oil interests in Central Asia were considered a strategic fit for the company. China National Offshore Oil Corporation, or CNOOC Group, is a major national oil company in China. [citation needed], According to SASAC, in December 2008 CNOOC made a light oil and gas discovery in the 100-million-ton class at its Jinzhou 25-1 field in Bohai Bay. [citation needed], CNOOC has established CNOOC Gas and Power, which focuses on gas distribution and power generation. The glazes, in a red and yellow color shade, symbolizing the traditional colors of the old imperial city of Beijing. [14], On June 5, 2018, CNOOC Gas and Power Group Co. Ltd., a subsidiary of China National Offshore Oil Corporation (CNOOC), China's largest LNG importer and terminal operator, has recently signed a memorandum of understanding (MOU) with the Philippine fuel retailer Phoenix Petroleum to study, plan, and develop a liquefied natural gas (LNG) receiving terminal project in the Philippines. At its base level, the building is supported by piloti, suggesting the offshore oil derricks that are the company's primary source of product. [10] In addition to Canadian authorities, the acquisition had to be approved by the Committee on Foreign Investment in the United States. [4][5], Despite a hands-off approach from the Bush administration, a group of Democrats and Republicans in Congress organized opposition to the CNOOC Limited bid. [9] The Canadian government's Investment Canada Act was used to determine if the sale was a "net benefit" to Canada. CNOOC (China National Offshore Oil Corporation), Beijing. The Group mainly engages in exploration, development, production and sale of crude oil and natural gas. China National Offshore Oil Corporation. [8], CNOOC Limited faces challenges in the domestic market. In October 2004, contract-sharing was negotiated in Burma by Myanmar Oil and Gas Enterprise, China Huanqiu Contracting and Engineering Corporation and CNOOC's Singaporean joint-venture partner, Golden Aaron. Standard & Poor's and Moody's Investors Service assigned CNOOC a long-term BBB+ and A2, equivalent to China's government rating and the highest rating for a Chinese company. Output reached 36.48 million tons of oil equivalent, increasing 3.12 million tons (nine percent) over 2003. Outside, a western courtyard, buffered from the busy street by a three-story L-shaped podium and entered through an oversize gateway, is meant to invite visitors to explore the building. Download View of the headquarters of China National Offshore Oil Corporation (CNOOC) in Beijing, China, 4 April 2018 – stock editorial photography #234328824 from Depositphotos' collection of millions of premium high-resolution stock photos, vector images and illustrations. [1], In June 2005, a CNOOC Group company (NYSE and Hong Kong-listed public company CNOOC limited) made an $18.5 billion cash offer for American oil company Unocal Corporation, topping an earlier bid by ChevronTexaco. [19], CNOOC Limited's share price rose by 37 percent in 2004, and its market capitalization reached RMB181.68 billion. LNG projects in Zhejiang and Shanghai began construction, and CNOOC signed HOAs for LNG cooperation with Liaoning, Tianjin, Hebei, Hainan and Jiangsu. The headquarters building of China National Offshore Oil Corporation (CNOOC) in Beijing on July 29, 2016. The building’s form visually references offshore oil production sites. or ?we? China National Offshore Oil Cor - W66A48 from Alamy's library of millions of high resolution stock photos, illustrations and vectors. They argued that with $13 billion of CNOOC Limited's bid for Unocal coming from the Chinese government, the offer was not a free market transaction. A local advertiser later erected a billboard promoting that toilet atop a building across the Ring Road. (STR/AFP via Getty Images) The Group’s core operation areas are Bohai, the Western South China Sea, the Eastern South China Sea and the East China Sea in offshore China. in August 1999, was listed on the New York Stock Exchange (code: CEO) and The Stock Exchange of Hong Kong Limited (code: 00883) on 27 and 28 February 2001, respectively. Located at a major crossroads along the Second Ring Road in Beijing’s eastern Dongcheng district, the CNOOC Headquarters building acts as an urban counterpoint to the massive Ministry of Foreign Affairs Building situated on the opposing corner. We are one of the three largest oil companies in China. China National Offshore Oil Corporation engages in the exploration, development, and production of oil and gas in China and internationally. ), incorporated in Hong Kong Special Administration Region (?Hong Kong?) CNOOC Engineering's share price on the Shanghai Stock Exchange rose by 66.11 percent, and the market capitalization of China Oilfield Services reached RMB10.1 billion. [8] The political backlash in the United States caused the Chinese government to increase its oversight of Chinese companies, to avoid future risks to Sino-American relations. Shell built a $4.3 billion JV ethylene plant, but announced in 2007 that it would not build a $2.4 billion refinery. [citation needed], Under ex-CEO Wei Liucheng (who was promoted to the governor of Hainan province in October 2003) and chairman and chief executive Fu Chengyu (傅成玉), CNOOC undertook a number of mergers and acquisitions. China National Offshore Oil Corporation, or CNOOC Group (Chinese: 中国海洋石油总公司 Pinyin: Zhōngguó Háiyáng Shíyóu Zǒnggōngsī), is a major national oil company in China. Offshore Oil Engineering Co., Ltd is a listed company controlled by China National Offshore Oil Corporation, China’s only large project general contracting company integrating the qualifications for engineering design of offshore oil and natural gas development projects, onshore manufacturing and offshore installation, commissioning and repair projects, and liquefied natural gas and refining … [16], In 2019, CNOOC was awarded the Theoretical Technology and Major Discoveries of Deep Large-scale Condensate Gas Field Exploration in the Bohai Bay Basin by the National Award for Science and Technology Progress, a state-level science and technology award established by the Chinese State Council. Golden Aaron is run by Cecilia Ng, wife of Steven Law; Law is the son of Lo Hsing Han, known as the "godfather of heroin". [13], In June 2014, CNOOC agreed a deal with BP worth around $20 billion that would see the latter supplying the former with liquefied natural gas.
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