CNOOC LIMITED

Description

CNOOC Limited is an upstreaming oil and natural gas company focusing on production and exploration of petroleum resources, including natural gas and crude oil.

The company's core operations areas are the South China Sea, Bohai, and the East China Sea.

The exploration company is a subsidiary of CNOOC (China National Offshore Oil Corporation.

Apart from oil and gas assets, CNOOC Limited also focuses on the development of reserves and resources.

The exploration company holds interests in oil and gas assets in Australia, Indonesia, Iraq, Nigeria, Uganda, the United States, Argentina, the United Kingdom, Canada, Guyana, Brazil, Russia and several other countries.

The company operates through different segments, including Exploration and Production, Trading and Business, and Corporates.

Exploration and Production

This unit comprises operations related to the exploration and production of crude oils, natural gases, and other petroleum products.

Trading and Business

The company manages marketing, trading and distribution of the products through this segment.

Corporates

The third segment primarily deals with the company's internal matters that are not directly connected to its business.

CNOOC Limited was incorporated in August 1999 with headquarters in Hong Kong.

In 2019, the exploration company claimed to have made 23 commercial discoveries and appraised nearly 30 oil and gas-bearing structures.

CNOOC Limited acquired Nexen Inc, a Canadian oil and gas company, in September 2013, following which it got listed on the Toronto Stock Exchange (TSX).

The company's American Depositary Receipts trade under the ticker 'CNU' on TSX.

It is also listed on the Hong Kong Stock Exchange and New York Stock Exchange.

In 2021, the company reportedly ranked in the top ten in Forbes Global 2000 list.

In addition, the group has operations in Oceania, Africa, South America, Europe, Asia, Canada and the United States.

CNOOC Limited claims to promote a safe work environment and focus on the staff's well-being and safety.