CNOOC Limited
New York Stock ExchangeCapital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.Company Description
- CEO
- Keqiang Xu
- Full Time Employees
- 18,425
- Sector
- Energy
- Industry
- Oil & Gas Exploration & Production
- Address
- Bank of China Tower Central Hong Kong
- IPO Date
- Feb 27, 2001
- CIK
- 0001095595
- Website
- cnoocltd.com
- Similar Companies
- Business
- CNOOC Limited operates primarily in the exploration, development, production, and sale of offshore crude oil and natural gas. Founded in 1999 and headquartered in Hong Kong, the company is the largest offshore oil and gas producer in China and one of the world's leading independent oil and gas exploration and production firms. Its core business encompasses offshore oil and gas exploration and production in key Chinese offshore basins such as Bohai, the Western and Eastern South China Sea, and the East China Sea, along with international operations across Asia, Africa, North America, South America, Oceania, and Europe. The company also engages in oil sands exploration and production, onshore shale oil and gas activities, natural gas sales and trading, and offshore platform operations. CNOOC’s main products and services include crude oil and natural gas production; oil sands and shale oil and gas exploration and development; and sales and trading of petroleum and natural gas products. It operates advanced offshore oil fields such as Liwan 3-1 and Huizhou 21-1 and integrates technology-driven solutions to build intelligent oil and gas fields, with unmanned and semi-unmanned offshore platform operations. The company is significantly advancing its energy transition strategy, committing approximately USD 8 billion over five years to renewable energy initiatives including offshore wind power and carbon capture, utilization, and storage (CCUS) technology projects. In terms of recent major developments, by the end of 2024, CNOOC Limited increased its net proved reserves to 7.27 billion barrels of oil equivalent (BOE), reflecting a 7.2% year-over-year growth, and achieved a net oil and gas production of 726.8 million BOE, up 7.2% from the previous year. The company continues to emphasize technological innovation to sustain production growth and efficiency, focusing on deepwater exploration and operational digitalization. Strategic efforts include enhancing green development by expanding offshore wind power generation, advancing the industrialization of CCUS technologies with an offshore demonstration center planned in northern China, and accelerating green power consumption, targeting over 700 million kWh in 2024. CNOOC maintains an investment strategy with capital expenditures of RMB 73.5 billion in 2022 and is steering a high-quality development approach that balances production expansion, cost efficiency, and environmental goals. CNOOC Limited serves a broad customer base across multiple geographies, including domestic China and international markets, with a diversified portfolio that supports energy security and sustainability goals for both industrial and commercial sectors. It has built strategic partnerships with global oil companies such as ExxonMobil and Chevron to enhance exploration and production capabilities. The company is a subsidiary of China National Offshore Oil Corporation (CNOOC) and is listed on the Hong Kong and Shanghai stock exchanges. Its market capitalization stood at approximately USD 77 billion as of late 2023, reflecting its significant role in the global energy sector. Overall, CNOOC Limited is a vertically integrated oil and gas company specializing in offshore upstream activities, with a growing commitment to renewable energy and technological innovation aimed at sustaining long-term production and supporting clean energy development globally. It remains focused on increasing reserves, improving operational quality and efficiency, and expanding its footprint in both traditional oil and gas and emerging energy sectors.
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