Entity

China National Offshore Oil Corporation (CNOOC) is the largest producer of offshore crude oil and natural gas in China and is recognized as one of the world’s largest independent oil and gas exploration and production companies. Established in 1982 and headquartered in Beijing, CNOOC is the third-largest national oil company in China, following CNPC and Sinopec. The company is wholly owned by the Chinese government, with the State-Owned Assets Supervision and Administration Commission (SASAC) acting as the shareholder on behalf of the government.

Since its foundation, CNOOC has evolved from a specialized offshore operator to a fully integrated energy group. Major milestones include the launch of China's first offshore oilfield in 1975, various overseas acquisitions (e.g., Nexen in Canada), and the establishment of China’s first LNG import terminal in Guangdong. The company is also active in technological innovation and the energy transition, investing in liquefied natural gas (LNG), offshore engineering, and renewable energy operations.

CNOOC has consistently ranked among the world's top energy companies. In 2019, Fortune Global 500 ranked it 63rd, and Petroleum Intelligence Weekly placed it 32nd globally among oil companies. The company employs over 80,000 people and reported substantial physical and financial assets, with net proved reserves at the end of 2023 reaching approximately 6.78 billion barrels of oil equivalent. In recent years, its annual net production has been in the range of 1.85 million barrels of oil equivalent per day.

CNOOC’s business focuses on the exploration, development, production, and sale of crude oil and natural gas, particularly in offshore China. Its main operational areas include the Bohai Bay, Western South China Sea, Eastern South China Sea, and East China Sea. Over the past decades, the company has expanded and currently holds assets and operational interests across Asia, Africa, North America, South America, Oceania, and Europe.

CNOOC is structured as a parent group (CNOOC Group), with several core subsidiaries, including:

• CNOOC Limited: The company's main listed arm, trading on both the Hong Kong and Shanghai Stock Exchanges. CNOOC Limited handles a majority of the group’s upstream (exploration and production) activities.

• China Oilfield Services Limited (COSL): Engaged in oilfield services, also listed in Hong Kong and New York.

Beyond upstream activities, CNOOC covers the entire oil and gas industrial chain, with interests in engineering and technical services, refining and marketing, natural gas and power generation, and financial services.