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 & Environment

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.


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.


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.