The CNOOC Group or China National Offshore Oil Corporation is a state-owned oil and gas concern located in the People’s Republic of China. As the third largest oil and gas company in the region, behind PetroChina and China Petrochemical Corporation, CNOOC is responsible for a majority of the oil and gas exploitation and exploration in the region. Specifically, the company is charged with focusing on the development of future oil and natural gas resources.
CNOOC was founded in 1982, and it operates under the direction of the State-Owned Assets Supervision and Administration Commission of the State Council (SASAC). It’s worth noting that CNOOC does have two publicly traded subsidiaries, CNOOC Limited and China Oilfield Services, which are traded on the Hong Kong and New York Stock Exchanges, respectively.
While a large majority of the company’s operations are focused on oil and natural gas exploration within the country’s borders, CNOOC did earn international scrutiny when it made a bid to acquire U.S. based Unocal back in June of 2005. After making a bid to purchase all of Unocal’s shares for $18.5 billion in cash, CNOOC’s bid was rejected in favor of a $17.1 billion cash offer from U.S. based Chevron-Texaco. A big reason for Unocal’s decision to accept a significantly lower number was presumed to have been related to the U.S. Congress’ opposition to the transaction, labeling it as a non free market endeavor. It was later discovered that CNOOC Limited had made the bid independent of its parent company, which caused the Government to establish new rules and reel in how its government owned companies were operating.
CNOOC headquarters is located in the capitol of Beijing. Wang Yilin (Chairman)
Li Fanrong (CEO) head a staff of almost 100,000 employees, mostly located in China. For the fiscal year ended in 2014, the company reported net income of CN¥52,943 billion.