PetroChina and CNOOC may write down assets


PetroChina, the country’s biggest oil and gas producer, and China’s largest offshore explorer Cnooc, may write down assets following crude’s plunge, analysts say.


CNOOC and CGN strike strategic deal


CNOOC (China National Offshore Oil Corporation) and (CGN) China General Nuclear Power Corporation have signed a strategic framework agreement on offshore oil and nuclear power.

Health & Safety

Investigation after Canada pipeline leak


An investigation is underway after Nexen Energy had to shutdown a pipeline which leaked more than 30,000 barrels of emulsion. The company, a subsidiary of CNOOC, said the incident happened at its Long Lake oil sands facility. The pipeline and connecting pad site have since been isolated in a bid to stop the leak.

Market info

Cnooc first-quarter sales drop on lower realized crude price


Cnooc Ltd., China’s biggest offshore oil and gas explorer, posted a 40 percent decline in first-quarter oil and gas sales because of lower crude prices. Oil and gas sales dropped to 35.5 billion yuan ($5.7 billion) in the three months ended March 31 from 59.1 billion yuan a year earlier, the Beijing-based company said in a statement Friday to the Hong Kong stock exchange.

Market info

Cnooc surprises with 6.6% gain in profit as peers slump


Cnooc Ltd., China’s biggest offshore explorer, reported a 6.6% increase in full-year profit, beating the plunge in crude prices that has hit explorers across the world. Net income rose to 60.2 billion yuan ($9.7 billion), or 1.35 yuan a share, from 56.5 billion yuan, or 1.26 yuan, a year earlier, according to a statement to the Hong Kong stock exchange. The mean profit of 24 analyst estimates compiled was 52.3 billion yuan. Sales dropped 4% to 275 billion yuan.

Oil & Gas

CNOOC signs contracts with SK Innovation


CNOOC has signed two production sharing contracts with SK Innovation for Blocks 04/20 and 17/03 in the South China Sea. The two blocks are located in the Pearl River Mouth Basin in water depths of between 50-100 metres.

Other News

Senior official of CNOOC under investigation after bribery claims


A senior official of the China National Offshore Company (CNOOC) is under investigation suspected of allegedly receiving bribes. Luo Weizhong, general manager of CNOOC gas and power group which is a subsidiary of the company, has also been detained. China’s top prosecutor made the announcement today in a statement on the website of the Supreme People’s Procuratorate.