Overview

China National Offshore Oil Corporation, commonly known as CNOOC, is a state-owned enterprise under the direct supervision of the State Council of the People’s Republic of China. It was founded on February 15, 1982, to manage China’s offshore oil and gas resources. The company is headquartered in Beijing and has operations spanning six continents.

CNOOC is one of China’s largest national oil companies. Its reported revenue for 2022 was approximately 1.1 trillion yuan (US$159.5 billion), and it employed over 90,000 people worldwide. The company has expanded from a domestic oil company into an international energy company, driven by China’s energy needs and a strategy to secure energy resources worldwide.

CNOOC has invested in research and development for offshore drilling and production, particularly in deep-water operations. This has supported offshore projects that were once considered economically unfeasible.

Headquarters

CNOOC’s global headquarters is located in Beijing, the capital of China. The address is CNOOC Tower, No. 25 Chaoyangmen North Street, Dongcheng District, Beijing 100010, People’s Republic of China. The CNOOC Tower houses the company’s main administrative offices, executive suites, and strategic planning departments.

The Beijing headquarters coordinates CNOOC’s global operations. The company also maintains regional offices in key locations around the world to manage its international assets and operations.

Business Sectors

CNOOC operates across several segments of the oil and gas industry, with a primary focus on offshore exploration and production.

  • Exploration and Production (E&P): CNOOC’s core business includes offshore oil and gas exploration, development, and production. In China, operations include the Bohai Bay, the South China Sea, and the East China Sea. Internationally, CNOOC has E&P projects in Africa, North America, South America, the Middle East, and Asia-Pacific.
  • Refining and Marketing: The company refines crude oil and markets petroleum products. It operates several refineries in China and has expanded downstream capabilities.
  • Natural Gas and Power: This sector covers production, transportation, and sale of natural gas. CNOOC operates liquefied natural gas (LNG) terminals and is involved in gas-fired power generation.
  • Chemical and Fertilizer Production: CNOOC produces petrochemical products derived from oil and gas, including fertilizers for China’s agricultural sector.
  • Alternative Energy: CNOOC has expanded into renewable energy, including offshore wind power projects.
  • Oilfield Services: Through subsidiaries, CNOOC provides drilling, well services, marine support, and geophysical and geological services.

Subsidiaries and Affiliates

CNOOC has an extensive network of investments, subsidiaries, and affiliates. Key entities include:

  • CNOOC Limited: The primary listed arm, traded on the Hong Kong Stock Exchange and the New York Stock Exchange. It is responsible for most of the group’s E&P activities and serves as a vehicle for many international investments.
  • China Oilfield Services Limited (COSL): A majority-owned subsidiary providing oilfield services to the offshore oil and gas industry in China and internationally.
  • CNOOC Gas and Power Group: Focuses on natural gas and power generation, including LNG terminals and gas-fired power plants.
  • CNOOC Energy Technology & Services Limited: Provides technical services and support for upstream operations, including engineering, construction, and maintenance.
  • CNOOC Finance Corporation Limited: Provides financial services to CNOOC Group companies, including deposit-taking, lending, and financial leasing.

International investments and joint ventures include Nexen Energy in Canada, acquired in 2013, which focuses on oil sands and shale gas production in North America; CNOOC Uganda Limited, which operates oil exploration and production in Uganda; CNOOC Iraq, involved in the Missan oilfield; and CNOOC Southeast Asia, which manages assets in Indonesia, including the Tangguh LNG project.

Acquisitions

CNOOC has pursued acquisitions to expand its international presence and secure energy resources. Notable transactions include:

  • Nexen Energy (2013): CNOOC’s largest overseas acquisition to date, valued at approximately US$15.1 billion. The Canadian company provided oil sands and shale gas assets in North America, as well as operations in the North Sea and West Africa.
  • OOGC (2011): CNOOC acquired Opti Canada Inc. (OOGC) for US$2.1 billion, gaining additional oil sands assets in Alberta, Canada.
  • Awilco Offshore ASA (2008): A US$2.5 billion acquisition of a Norwegian drilling rig company that expanded CNOOC’s offshore drilling capabilities.
  • MEG Energy Corp Stake (2005): CNOOC acquired a 16.69% stake in this Canadian oil sands company for US$122 million, marking its entry into the oil sands sector.
  • Indonesia Assets (2002): CNOOC acquired Indonesian assets from Repsol-YPF for US$585 million, boosting its presence in Southeast Asia.

These acquisitions provided access to reserves, technologies, and markets, and helped diversify the company’s portfolio and reduce reliance on domestic resources.

Website and Careers

CNOOC maintains an official website at https://www.cnooc.com.cn/en. The site is available in Chinese and English and includes company overview, business sectors, investor relations, sustainability, news and media, and career opportunities.

Career opportunities at CNOOC span its business sectors and global operations. The company’s career page lists current openings. Applicants are advised to review job requirements, prepare tailored applications, submit through the online application system, and consider internships or graduate programs. Networking at industry events, preparation for interviews and technical assessments, openness to international assignments, relevant skills such as data analytics or project management, and proficiency in Mandarin Chinese are noted as useful for candidates. Staying informed about CNOOC’s projects, acquisitions, and industry trends is also recommended.