CNOOC Ltd. (CEO)

News and Research on CNOOC Ltd. (CEO)

Business Description

CNOOC Limited operates as an independent oil and gas exploration and production company that engages in the exploration, development, production and sales of crude oil and natural gas and other petroleum products.

The company has four major oil production areas offshore China, which are Bohai Bay, Western South China Sea, Eastern South China Sea and East China Sea. It produces oil in Indonesia. It also has upstream assets in regions such as Africa and Australia.

The company conducts its operations in China, Indonesia, Australia, Canada, Singapore, Myanmar and Nigeria.

As of December 31 2006, the company owned net proved reserves of approximately 2.53 billion barrels-of-oil equivalent and its average daily net production was 457,482 barrels-of-oil equivalent.

In 2006, the Company acquired a total of 23,061 kilometers of 2D seismic data offshore China, including 18,068 kilometers acquired independently and 4,993 kilometers acquired by PSC partners. It also acquired a total of 7,358 square kilometers of 3D seismic data, including 4,498 square kilometers acquired independently and 2,860 square kilometers acquired by PSC partners.

As for overseas operations, the company acquired 3,340 kilometers of 2D seismic data and 1,208 square kilometers of 3D seismic data, and drilled 4 exploration wells with a total footage of 9,400 meters.

The company engages in the upstream operating activities of the petroleum industry that comprise independent operations, production sharing contracts with foreign partners and trading business.

Acquisitions

In 2006, the company signed a definitive agreement with South Atlantic Petroleum Limited (SAPETRO) to acquire a 45% working interest in the offshore Oil Mining License 130 (OML130) in Nigeria.

In 2006, the company signed an agreement to acquire a 92.1% equity interest in AERD Projects Nigeria Limited, which holds a 38% working interest in the Offshore Oil Prospecting License 229 (OPL229) in Nigeria.

History

CNOOC Limited was founded in 1982.