China’s biggest offshore oil driller said it more than doubled first half profits from a year ago amid a surge in oil and gas prices.
China National Offshore Oil Corporation (Cnooc)
Cnooc Ltd jumped as much as 44% in its first day of trading in Shanghai as mainland investors leaped at the chance for exposure to soaring oil and gas prices.
China's top offshore oil and gas producer, CNOOC, has launched the country's first offshore carbon capture and storage (CCS) project in South China Sea, which is expected to store more than 1.46 million tonnes of carbon dioxide, reported Reuters.
The increasing geopolitical rivalry between the U.S. and China has more than a 50% chance of spilling over into some form of military confrontation in the year ahead. This could involve threats, posturing, or the actual use of force, as well as have serious implications for energy companies and markets.
Analysis from investment house Bernstein suggests that the Chinese oil majors - CNOOC, Sinopec and PetroChina - offer a potential 30% upside as they trade at a wide discount to historic prices and global peers.
Australia’s Woodside Energy is reducing its presence in Myanmar and expects to fully demobilise its offshore exploration drilling team over the coming weeks following reports of human rights violations in the Southeast Asian nation.
China Oilfield Services Limited (COSL) is expected to have another solid year in 2021 as offshore capital spending is set to surge to record levels in China.
CNOOC, China’s third-biggest oil company, aims to raise its capital spending this year to between 90 billion and 100 billion yuan ($15 billion), the highest level since 2014, bucking the industry trend.
Chinese oil majors may be next in line for delisting in the US after the New York Stock Exchange said last week it would remove the Asian nation’s three biggest telecom companies.
CNOOC saw profits and production tumble for its North Sea business in Ray Riddoch’s final year at the helm of the operating company.
Aberdeen-based InterMoor, a member of subsea group Acteon, has announced a new deepwater deal with China Offshore Oil Engineering Company (Cooec), a subsidiary of China National Offshore Oil Corporation (Cnooc International).
Oil and gas operator Nexen has officially changed its name to Cnooc International.
Norwegian oil services firm Aker Solutions has announced a mammoth subsea deal with China National Offshore Oil Corporation (Cnooc).