China's national oil companies took a major rating hit in the wake of an unstable oil price.
China's Foreign Ministry has claimed a $1billion deepwater oil rig was not drilling in disputed territory in the South China Sea. It comes after a warning from Vietnam against such activity.
China's Cnooc plans to cut spending and reduce production as it grapples with the sub $30 oil environment in 2016.
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.
Shell and its joint venture, China National Offshore Oil Corporation CNOOC,have agreed to expand its petrochemical complex in China.
The China National Offshore Oil Corporation (CNOOC), has signed production sharing contract (PSC) with US explorer Husky for Block 15/33 in the South China Sea.
Primeline Energy has agreed with China National Offshore Oil Corp to extend the exploration period under the Petroleum Contract for Block 33/07 to facilitate Primeline's exploration drilling programme.
CNOOC Limited has started production from the Luda 10-1 comprehensive adjustment project in the Bohai Sea off China. A wellhead platform has also been built at the oilfield in Liadong Bay, where there are currently 13 producing wells.
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 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 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.
The Libra consortium has confirmed the presence of a hydrocarbon column approximately 200 metres deep in reservoirs 220km offshore from the city of Rio de Janeiro. Informally known as C1, the well is located in the Santos Basin.
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.
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.