TOPIC

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China National Offshore Oil Corporation

The latest news, analysis and opinion on China National Offshore Oil Corporation. In-depth analysis, industry insights and expert opinion.

Chairman / President

Wang Dongjin

CEO / Managing Director

Xu Keqiang

CFO / Finance Director

Xie Weizhi

Industry

Oil / Gas / Mining

Website

cnooc.com.cn

Headquarters Address

65 Furong South Road, Tianhe District, Guangzhou, Guangdong Province, China

Stock Code

SEHK: 883

Year Founded

1982

last updated:

28 August, 2024

China’s largest self-operated offshore oilfield, Suizhong 36-1, has become its first offshore oilfield to produce over 100 million tonnes of crude oil, operator CNOOC said last month. The oilfield in Bohai Bay boasts a daily production of over 8,900 tonnes. Photo: CNOOC

China economy

Opinion | The problem with China’s oil habit is not supply but demand

Drilling for deep-sea, offshore oil entails high costs and fracking carries unique challenges. Ultimately, China must drastically cut oil use.

28 Jul 2024 - 10:47AMvideocam

Commodities

China’s oil refiners are slowing down after decades of growth

14 Jun 2024 - 11:45AM

Ukraine war

Opinion | Welcome thaw in Arctic relations but Russia’s shadow looms large

17 Mar 2024 - 10:07AM

Corruption in China

‘Voice of China’ echoes Xi’s call to double down against corruption

China Media Group chief says the state broadcaster will spread Xi’s message about the crackdown to audiences at home and abroad.

16 Mar 2024 - 8:00PMvideocam

China Media Group will spread Xi Jinping’s anti-corruption message at home and abroad, according to its chief. Photo: Reuters

Vietnam

Hanoi’s low-key approach may be central to muted confrontations with Beijing

Vietnam also has the ability to isolate maritime issues from bilateral ones, analysts say, ensuring fewer confrontations with China compared to the Philippines.

4 Feb 2024 - 9:35AMvideocam

China-Africa relations

Uganda to start building oil pipeline with pipes from China, as opposition mounts

First 100km of line pipes for the massive cross-border EACOP project have arrived in the port of Dar es Salaam in Tanzania. Environmental and rights groups say pristine ecosystems, biodiversity hotspots, water resources and community land are under threat.

31 Dec 2023 - 4:01PMvideocam

China energy security

Chinese oil giant CNOOC looks underground to store fuel reserves

Company has started building below-ground facility in Ningbo that promises to be cheaper to construct and operate.

10 Dec 2023 - 11:00PM

China starts construction of its largest commercial crude stockpiling facility in Ningbo, east China’s Zhejiang province. Photo: CNOOC

China-Africa relations

China targeted by climate activists over contentious East Africa oil pipeline

Environmentalists protest against Chinese backing of the East African Crude Oil Pipeline, which Western lenders backed out of.

22 Nov 2023 - 5:21PMvideocam

SCMP’s 120th anniversary

Hong Kong through the eyes of SCMP’s business, tech reporters

With more than a century of experience between them, the stories of the Post’s veteran journalists recount Hong Kong’s transformation in real estate, finance, ESG and technology.

8 Nov 2023 - 4:12PM

Ukraine war

Ukraine puts China’s three biggest oil producers on a ‘sponsors of war’ list

CNOOC Group, Sinopec Group and CNPC were added to the Ukrainian government’s register, which Kyiv claims is used by banks and insurance companies for risk assessments.

4 Oct 2023 - 1:52AM

Sinopec technicians check equipment at a gas gathering and transmission station in Chongqing, China. The company is one of three Chinese oil and gas firms sanctioned by the Ukraine government for dealing with Russia. Photo: Xinhua

Science

Chinese underwater explorer dives deep in hunt for oil and gas

Home-grown Haijing system seeks out offshore oil reserves and can detect ocean earthquakes, state broadcaster says.

2 Oct 2023 - 5:29PMvideocam

China’s geophysical exploration ship Haiyang Shiyou 720, or Offshore Oil 720, towed long cables to collect undersea data. Photo: Handout

China-Africa relations

Chinese lenders step in to back crude oil pipeline in Uganda

Several major Western banks have pulled out of investing in the project due to pressure from environmental groups.

23 Sep 2023 - 8:00PMvideocam

Hong Kong company reporting season

Sinopec’s interim profit falls as economic woes crimp oil demand

Domestic sales of refined oil products at Sinopec rose 18 per cent in the first six months from the previous year, when residents in megacities were completely locked down for months on end

27 Aug 2023 - 6:44PM

Africa

China-backed 900-mile oil pipeline in Africa creates climate dilemma

Debate is raging in Africa over creating jobs and boosting government revenues while destroying ecosystems and increasing emissions. The oil will be exported, often to nations limiting their own fossil fuel production.

6 Jun 2023 - 3:36AMvideocam

The East African Crude Oil Pipeline (EACOP) project. Photo: Handout

Business of climate change

CNOOC commissions China’s first offshore CCS project

China, the world’s largest greenhouse gas emitter, attaches great importance to the country’s CCS development to support its goals of peaking carbon emissions by 2030.

1 Jun 2023 - 8:00PM

CNOOC has commissioned what it calls the country’s first offshore carbon capture and storage (CCS) demonstration project. Photo: Xinhua

China-Africa relations

China digs in on divisive African pipeline as Western lenders pull out

The US$5 billion project, which is strongly opposed by environmental and human rights groups, is now highly dependent on Beijing.

21 May 2023 - 10:00PMvideocam

US-China relations

Editorial | Yuan’s rise will make only a small dent in might of US dollar

The Chinese currency will not be supplanting the greenback any time soon but given the significance of China as the major trading partner to a majority of countries around the world, the yuan, despite its many limitations, will be increasingly important in bilateral trade.

10 Apr 2023 - 5:00AM

My Take

My Take | End of dollar dominance will also spell demise of US hegemony

The financial future of the world is not that the yuan is likely to become the dominant global currency, but that the US is doing its best, or worst, to debase and dethrone the almighty dollar.

4 Apr 2023 - 9:00PM

Yuan

As ‘de-dollarisation reflects cracks’ in US dominance, yuan makes inroads

An increase in yuan settlements with the largest South American country shows how Beijing is trying to prevent China from being financially strangled amid US decoupling.

4 Apr 2023 - 11:02AMvideocam

South China Sea

South China Sea: risk of flashpoints ‘high’ as energy projects expand

Every claimant except the Philippines is moving forward with oil and gas projects in the disputed waters, according to a new US report.

9 Mar 2023 - 9:13PMvideocam

China-Africa relations

US attempts to counter rising Chinese and Russian influence in Africa

US Treasury Secretary Janet Yellen and US ambassador to the United Nations Linda Thomas-Greenfield visited Africa in quick succession last month as Washington steps up efforts to counter Chinese and Russian influence on the continent.

5 Feb 2023 - 5:00PMvideocam

US Treasury Secretary Janet Yellen stands at the ‘Door of No Return’ as she visits the House of Slaves on Goree Island off the coast of Dakar, Senegal, on January 21. Photo: Reuters

The Philippines

Asian Angle | Philippine ruling could ‘shut door’ on joint energy deals in South China Sea

Timing of the ruling is ‘too much of a coincidence’, coming soon after the Philippine president returned from a state visit to Beijing, a legal expert says.

4 Feb 2023 - 9:00AMvideocam

A Chinese deepwater drilling rig in the South China Sea. Photo: Xinhua

China-Africa relations

Drilling starts at China oil giant’s controversial Ugandan field

First rig commissioned at CNOOC Uganda’s Kingfisher oilfield as more than 70 African civic groups predict environmental peril.

25 Jan 2023 - 8:00PM

South China Sea

South China Sea ruling ‘will constrain’ Manila’s oil quests with Beijing

Fact that defunct deal has been brought up again may have negative implications for Manila’s future maritime resource ventures with China, observers note.

15 Jan 2023 - 6:00PMvideocam

Ukraine war

China’s energy security focus sharpened by Ukraine war supply pressures

Plans for increased domestic oil and gas outputs shed light on Beijing’s eagerness to reduce reliance on foreign fuels.

8 Jan 2023 - 10:00PMvideocam

China’s plan to strengthen its domestic energy supply includes an expansion in offshore oil and gas exploration. Photo: Handout

China trade

China deploys ‘durian diplomacy’ to boost trade ties with Philippines

China and the Philippines signed 14 deals in Beijing this week, spanning infrastructure investment to durian imports, as both sides eye closer economic cooperation while easing tension in the South China Sea.

3 Feb 2023 - 5:50PMvideocam

During a three-day visit to Beijing this week, Philippine president Ferdinand Marcos Jnr (left) signed 14 deals with President Xi Jinping spanning infrastructure investment to durian imports. Photo: EPA-EFE

China energy security

China expands South China Sea gas field with eye on energy transition

The second phase of China’s Shenhai-1 deep-sea gas project, located 200km off the coast of Hainan province, will boost peak annual output to 4.5 billion cubic metres, the country’s top gas producer says.

5 Jan 2023 - 8:28PMvideocam

Climate change

Opinion | How does Uganda oil project live up to China’s biodiversity pledge?

China should stop state firms from investing in projects such as the East African Crude Oil Pipeline, which threaten biodiversity and local livelihoods.

25 Dec 2022 - 5:00PM

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