CNOOC Limited
CNU.TO
Toronto Stock Exchange121.00
CAD
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CNOOC Limited
CNU.TO
(Toronto Stock Exchange)
Recent
price
121.00
P/E
ratio
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div
yld
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ROIC.AI
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- Business
- CNOOC Limited is China's largest producer of offshore crude oil and natural gas and one of the world's largest independent oil and gas exploration and production companies. Founded in 1982 and headquartered in Beijing, the company engages primarily in the exploration, development, production, and sale of crude oil and natural gas. Its main products include offshore crude oil and natural gas, conventional offshore resources, unconventional resources, and oil sands, while also offering professional technical services, refining product sales and fertilizers, natural gas production and power generation, and new energy ventures such as offshore wind power. CNOOC operates in multiple geographies including China's Bohai Bay, South China Sea and East China Sea regions, and internationally across over 20 countries spanning Asia, Africa, North America, South America, and Oceania. The company also includes subsidiaries such as CNOOC International, which absorbs its Nexen Energy subsidiary to strengthen its global offshore exploration and production capabilities. In 2024, CNOOC Limited reported substantive growth with a net oil and gas production of 726.8 million barrels of oil equivalent, marking a 7.2% year-over-year increase alongside a 11.4% rise in net profit attributable to equity shareholders. Major operational advancements included the commissioning of key projects like the Payara offshore project in Guyana and deepwater platforms such as Haikui-1 and Haiji-2, enhancing the company’s deepwater oil extraction capacity. The company significantly advanced its digital and intelligent transformation by developing smart oil and gas fields, increasing unmanned offshore platform rates, and promoting standardized engineering and construction to accelerate project completion. Financially, CNOOC's 2024 capital expenditure reached RMB 132.5 billion, supporting new project development and production growth. Furthermore, CNOOC progressed in sustainable energy initiatives, operating the Bohai shore power project fully and constructing the world's first megawatt tension-leg floating wind power platform, while advancing carbon capture, utilization and storage projects. The company also undertook significant corporate governance reforms and supply chain optimizations aimed at sustainability and efficiency. Overall, CNOOC Limited maintains a comprehensive portfolio across exploration, production, refining, new energy, and related services, positioning itself as a leading upstream oil and gas entity with a growing footprint in green energy and technological innovation globally.