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46-755: The company is owned by the government of the People's Republic of China, and the State-Owned Assets Supervision and Administration Commission of the State Council (SASAC) assumes shareholder rights and obligations on the government's behalf. One subsidiary, CNOOC Limited , is listed on the Hong Kong Stock Exchange ; the other, China Oilfield Services , is listed on the Hong Kong and New York Stock Exchanges . In

92-535: A difficult Canadian oil and gas industry as a whole. In 2019 the company moved its headquarters within downtown Calgary from its former namesake Nexen Building to The Bow , subleasing 8 floors from Cenovus and reducing its office space from approximately 620,000 sq ft to approximately 300,000 sq ft. Nexen has interests in Canada (including the Athabasca oil sands through a 7.23% ownership of Syncrude and

138-412: A long-term BBB+ and A2, equivalent to China's government rating and the highest rating for a Chinese company. The exploration and production of oil and gas grew steadily in 2004. Output reached 36.48 million tons of oil equivalent , increasing 3.12 million tons (nine percent) over 2003. Domestic production was 24.72 million tons, an 11-percent increase from the previous year and higher than

184-459: A seafloor leak which lasted until June 7. This was followed by a second leak on June 17, which was contained within 48 hours. The leaks polluted a total of more than 840 square kilometers of clean water in Bohai Bay. Fifty-one percent of the oilfield is owned by CNOOC, and forty-nine percent owned by ConocoPhillips. The first leak was not made public until July 5, 2011. Another fire and oil spill

230-629: A strategic fit for the company. 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. On August 2 CNOOC Limited announced that it had withdrawn its bid, citing political tensions in the United States. Despite a hands-off approach from the Bush administration , a group of Democrats and Republicans in Congress organized opposition to

276-488: A trail of abuses and environmental contamination on Ramree Island that outraged locals attacked their facilities". CNOOC's actions in Burma have been compared to that of communist officials in rural China, where entrepreneurs desiring development opposed by local residents steamroll their opposition. The Shwe gas project has been linked with land confiscation and human-rights abuses. CNOOC has been accused of participating in

322-894: Is taking place since April 6, 2021, with workers missing. On July 11, 2011, an explosion occurred at the Huizhou refinery in the Daya Bay Economic and Technical Development zone in Guangdong . The refinery is 40 kilometres (25 mi) from the Daya Bay Nuclear Power Plant . 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. In response to

368-554: The 2022 Russian invasion of Ukraine the company continued doing business in Russia. For this reason Ukraine listed CNOOC as an International Sponsor of War . 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 . Unocal's oil interests in Central Asia were considered

414-485: The Chinese State Council . In August 2023, CNOOC and Petrobras agreed on strategic cooperation in the areas of oil refining and chemical engineering, engineering and oil services, green and low-carbon energy , and crude oil trading. This will be in addition to the existing Brazilian assets of CNOOC — 7.34% of the shares in an integrated development project, the deepwater Buzios field , and 9.65% of

460-634: The Gulf of Mexico , then into places like Yemen and the North Sea . Further Canadian assets were also acquired. In the 1990s, CanOxy purchased the assets of what once was the first state-owned oil and gas company in North America; Wascana Energy Inc. , formerly known as SaskOil. Founded by Saskatchewan New Democratic Party Premier Allan Blakeney in 1973, Saskoil was privatized in 1986 by Progressive Conservative Premier Grant Devine . In 2000,

506-527: The North Sea , offshore in West Africa , and deepwater exploration in the Gulf of Mexico . Nexen started in 1971 as Canadian Occidental Petroleum (CanOxy), and was 80% owned by Occidental Petroleum , an oil company based in Los Angeles . In the first decade of its existence, CanOxy was fairly Canadian-oriented. During the 1980s and 1990s they increased their international holdings, first in

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552-697: The Philippines . In September 2018, it also signed a memorandum of understanding with Nigerian National Petroleum Corporation on the production of biofuel . 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

598-753: The Wushi oil field off Zhanjiang , a region yet unprospected with rich oil reserves. 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. As of 2023, 2% of CNOOC's reserves are located in Africa and 5% of CNOOC's daily production comes from Africa. In Uganda, CNOOC has partnered with Total and Tullow Oil to develop

644-532: The persecution of Falun Gong by collaborating with the Chinese Communist Party to send Falun Gong CNOOC employees to labour camps and mind-control facilities, reducing their pay and preventing them from receiving benefits (or regular wages) unless they renounce their beliefs. On June 4, 2011, the U.S. company ConocoPhillips , operating in the Penglai 19-3 oilfield, caused an oil spill from

690-869: The 2020 Forbes Global 2000 , CNOOC was ranked as the 126th largest public company in the world. In 2023, the company's seat in Forbes Global 2000 was 85. When the State Council implemented 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. With its headquarters in Beijing, CNOOC registered with capital of RMB 94.9 billion and has more than 98,750 employees. Following

736-662: The CNOOC Limited bid. 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. American corporations were prohibited from purchasing assets in China, and it was also argued that foreign, communist ownership of oil assets might be a regional and economic-security risk; Unocal had sensitive deep-sea exploration and drilling technology. The Economist and other sources tried to discredit

782-501: The Canadian subsidiary of US-based Occidental Petroleum (known as Canadian Occidental Petroleum or CanOxy), it became an independent company, Nexen, in 2000. Nexen was acquired by Hong Kong –based CNOOC Limited in 2013, and was rebranded under the current name at the end of 2018. It had three growth strategies as of 2013 : oil sands and shale gas in western Canada as well as conventional exploration and development primarily in

828-560: The Chinese government to increase its oversight of Chinese companies, to avoid future risks to Sino-American relations. CNOOC Limited faces challenges in the domestic market. Its rivals, CNPC and Sinopec, have been permitted to conduct offshore exploration once monopolized by CNOOC Limited. In accordance with the commitment by the Chinese government to join the World Trade Organization , the oil market will be opened to non-Chinese companies (such as ExxonMobil and BP ) by

874-786: The Fujian LNG project. CNOOC tried to acquire 12.5 percent of Australia's Gorgon field to ensure supply to the Shanghai and Zhejiang LNG projects, but the parties could not agree on a price. 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 . In May 2009, the company announced plans for a $ 4.38 billion coal-based natural-gas project in Shanxi . In 2010, CNOOC began to auction oil blocks in

920-526: 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). LNG projects in Zhejiang and Shanghai began construction, and CNOOC signed HOAs for LNG cooperation with Liaoning, Tianjin, Hebei, Hainan and Jiangsu. CNOOC has completed its preliminary strategic natural-gas deployment in southern coastal areas up to

966-637: The Lake Albert basin deposit, where CNOCC is also the operator. A CNOCC subsidiary owns part of multiple enterprises in Nigeria, and stakes in enterprises in Senegal, Republic of Congo, Algeria, and Gabon. Also as of 2023, CNOCC has planned a liquified natural gas plant in Mozambique. CNOCC has a contract to buy much of the liquid natural to be produced at the plant. In October 2004, contract-sharing

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1012-784: The Long Lake project), the UK North Sea (including the Buzzard oil field ), the United States, and offshore West Africa . Beginning in February 2013, Nexen took accountability for managing approximately $ 8 billion in CNOOC Limited assets located throughout North and Central America. The Long Lake project in the Athabasca Oil Sands was initiated in 2001, as a 50/50 partnership between Nexen and OPTI Canada . It

1058-610: The Nanhai Refinery Project, a joint venture between CNOOC and Royal Dutch Shell and the largest joint venture ever in China (with an annual capacity of 12 million tons). CNOOC had an integrated industrial portfolio as it expanded into refining. Shell built a $ 4.3 billion JV ethylene plant, but announced in 2007 that it would not build a $ 2.4 billion refinery. CNOOC Limited's share price rose by 37 percent in 2004, and its market capitalization reached RMB181.68 billion. CNOOC Engineering's share price on

1104-662: The Shanghai Stock Exchange rose by 66.11 percent, and the market capitalization of China Oilfield Services reached RMB10.1 billion. At the end of 2004 market capitalization of the three subsidiaries had approached RMB200 billion, 3.3 times their net assets. 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. Under ex-CEO Wei Liucheng (who

1150-477: The State Council, including national champions in areas like energy, infrastructure, strategic minerals, and civil aviation. The state-owned investment companies of SASAC serve as a mechanism through which the Chinese government can influence the market through the use of capital rather than government directive. As of 2023 , SASAC currently oversees 97 centrally owned companies. These central SOEs ( yangqi ) are SOEs that cover industries deemed most vital to

1196-571: The Yangtze River. In these projects, CNOOC is responsible for constructing LNG receiving terminals and trunk lines for gas transmission and gas-fired power plants . 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. In July the NDRC approved

1242-588: The average national growth rate of three percent. The annual output in Bohai Bay exceeded 10 million tons of oil equivalent for the first time, making it the second offshore area producing over 10 million tons (after the Eastern South Sea) and an energy-production base in northern China. CNOOC has established CNOOC Gas and Power, which focuses on gas distribution and power generation. CNOOC has become China's dominant producer of liquefied natural gas . The company signed all mid- and downstream contracts for

1288-548: 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). By the end of 2004 total and net assets had reached RMB153.26 billion and 83.06 billion, a 28- and 21-percent increase from the beginning of the year. The company is fifth and twelfth in gross profits and total assets of state-owned enterprises in China. Standard & Poor's and Moody's Investors Service assigned CNOOC

1334-622: The company partnered with the Ontario Teachers' Pension Plan to buy back Occidental Petroleum's shares. The newly independent company changed its name to Nexen and moved into the former headquarters of NOVA Corporation , what is now known as the Nexen Building . In July 2012, CNOOC Limited , a major subsidiary of CNOOC headquartered in Beijing , announced its intention to acquire Nexen for C$ 15.1 billion. The proposal

1380-492: The consolidation of various other industry-specific ministries. SASAC is responsible for managing state-owned enterprises (SOEs), including appointing top executives and approving any mergers or sales of stock or assets, as well as drafting laws related to SOEs. As of 2021 , its companies had a combined assets of CN¥ 194 trillion ( US$ 30 trillion), revenue of more than CN¥30 trillion (US$ 4.6 trillion), and an estimated stock value of CN¥65 trillion (US$ 10.06 trillion), making it

1426-630: The end of 2006. CNOOC Limited's smaller domestic competitors have been trying to break the monopoly of the three major NOCs in the industry. In conjunction with 2009 failed deal between Aluminum Corporation of China and mining giant Rio Tinto , CNOOC's failed UNOCAL deal was perceived in China as part of a coordinated effort in the West to hinder China's economic growth. Adding 61 percent to Nexen's July 20, 2012 stock price, on July 23 CNOOC agreed to buy Nexen for $ 15.1 billion (China's largest foreign deal). The Canadian government's Investment Canada Act

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1472-514: The executive order, in February 2021, NYSE commenced the process of delisting CNOOC. State-Owned Assets Supervision and Administration Commission of the State Council The State-owned Assets Supervision and Administration Commission of the State Council ( SASAC ) is a special commission of the People's Republic of China , directly under the State Council . It was founded in 2003 through

1518-580: The firm's chief executive. Two years after the deal, in 2015, about 14% of the company's workforce (300 in Calgary and 40 in the field) was fired in a move the drew concern in relation to Chinese ownership, but which at the time was consistent with layoffs at other companies in the industry in response to global oil price depression. The Nexen name disappeared from both legal and practical perspectives on 31 December 2018, and it became known as CNOOC Petroleum North America ULC henceforth. Simultaneously and with

1564-645: The largest economic entity in the world. The total revenue hit CN¥39.8 trillion (about US$ 5.5 trillion) in 2023, with a total profit of 2.6 trillion yuan according to a report from SASAC. Vice Premier Zhang Guoqing is responsible for the supervision of the SASAC. SASAC was formed in 2003 to consolidate industry-specific bureaucracies. In 2017, the State Council approved a change of SASAC's mission from administering SOEs to channeling state capital into strategic economic sectors. SASAC oversees China's SOEs in nonfinancial industries deemed strategically important by

1610-491: The latter supplying the former with liquefied natural gas. 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

1656-488: The national economy. Companies directly supervised by SASAC are continuously reduced through mergers according to the state-owned enterprise restructuring plan with the number of SASAC companies down from over 150 in 2008. Affiliated industrial associations include: Nexen CNOOC Petroleum North America ULC , formerly known as Nexen , is a Canadian oil and gas company based in Calgary , Alberta. Originally

1702-523: The same date of effectiveness, related Nexen subsidiaries and affiliates changed both their legal and branding names. Its American depository receipts remained concurrently traded on the TSX and its ultimate parent company, CNOOC Limited , remained a foreign reporting issuer in Canada. As of 2019 the company had "shrunk considerably" since the CNOOC acquisition, having gone through multiple rounds of layoffs amid

1748-399: The security threat, and CNOOC was willing to undergo a US security review. Congressional delays and calls for inquiry deterred the CNOOC Limited bid. The company was advised by Goldman Sachs . CNOOC Limited had a reputation for acting independently of the Chinese government, and had not notified government officials before bidding for UNOCAL. The political backlash in the United States caused

1794-953: The shares in the development of the Mero oil field. In May 2023, CNOOC reported that a demonstration project of a deep-sea floating wind farm «Haiyou Guanlan», located near the Wenchang oil fields in the west of the South China Sea , 136 kilometers from the shore and 120 meters deep, fed electricity into the grid. With an installed capacity of 7.25 MW, the platform can produce up to 22 million kWh of electricity. This could save almost 10 million cubic metres of natural gas and reduce carbon dioxide emissions by 22,000 tons per year. CNOOC operates in six business sectors: exploration and development of oil and gas; technical services; logistic; chemical and fertilizer production; natural gas and power generation, and financial services and insurance. In 2004,

1840-411: The site produced approximately 41,000 barrels per day (6,500 m /d) of bitumen . The Long Lake site has had a troubled history, including OPTI's near-bankruptcy in 2011 (with Nexen growing its ownership stake to 65% and eventually 100%), a significant oil spill in 2015, and an explosion in 2016 that resulted in two deaths and the permanent shutdown of the upgrader . In 2018, Nexen announced

1886-834: Was accepted by shareholders in September under interim chief executive Kevin Reinhart, but was a matter of significant public and political debate in Canada. Prime Minister Stephen Harper approved the deal in December 2012 but simultaneously announced more stringent guidelines for foreign acquisitions of Canadian oil sands companies. The acquisition closed in February 2013, representing China's largest-ever foreign acquisition. Nexen's common stock shareholders received cash proceeds of US$ 27.50, without interest, whereas preferred stock shareholders of Nexen received cash proceeds of CAD $ 26, plus accrued and unpaid dividends without interest. In April 2014, Fang Zhi replaced Kevin Reinhart as

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1932-412: Was involved in a clash with Burmese workers who threw stones at the company offices. Ten workers from Kyaukphyu were detained and questioned by authorities after a dispute with CNOOC over low wages, long hours, reported underpayment and the mistreatment of inhabitants. In 2008, CNOOC was accused of abuses of human rights in Burma . Arakan Oil Watch stated in a report that the company "left behind such

1978-503: 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 . 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 ". In 2008, the US Treasury intimated that CNOOC cooperates with a company run by a family known for heroin trafficking. In 2007, CNOOC

2024-689: 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. It acquired five blocks in Indonesia from Spanish oil company Repsol in 2002, becoming its largest offshore operator. 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

2070-416: Was started in order to develop the Long Lake site using steam-assisted gravity drainage and OPTI's OrCrude process for on-site upgrading . Production capacity at Long Lake was estimated 72,000 barrels per day (11,400 m /d) of bitumen per day which could be upgraded to 58,500 barrels per day (9,300 m /d) of synthetic crude . The proved reserves at the Long Lake site are 310,000,000 bbls. In 2017,

2116-467: Was used to determine if the sale was a "net benefit" to Canada. In addition to Canadian authorities, the acquisition had to be approved by the Committee on Foreign Investment in the United States . On 7 December the sale was approved by the Canadian government, and on February 12, 2013, it was approved by U.S. regulators. In June 2014, CNOOC agreed a deal with BP worth around $ 20 billion that would see

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