CNOOC Ltd - Company Profile
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Business Description
CNOOC Ltd (CNOOC), a subsidiary of China National Offshore Oil Corp, is an upstream oil and gas company that carries out the exploration and production of conventional oil and gas, shale oil and gas, oil sands and other unconventional oil and gas business. It focuses mainly on offshore China with operations in Bohai, Eastern South China Sea, Western South China Sea, and the East China Sea. It also has assets in Asia, Africa, North America, South America, Oceania, and Europe. In FY2022, the company reported a net oil and gas production of 624 million barrels of oil equivalent (MMboe).
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R&D Overview
The company's research and development (R&D) intends to increase the reserve and production by focusing on major scientific and technology projects. The company focuses on building scientific research platforms, and made new progress in core technological research projects. As a part of its R&D activities, the company carried out research on natural gas hydrate, ocean energy technologies and geothermal energy to make progress in its sustainable development. It also focused on core business needs and continued research on critical core technologies such as the development of offshore heavy oil, fields with low porosity and permeability, oil and gas fields with high temperature and high pressure, and deepwater oil and gas fields. In FY2022, CNOOC spent CNY3,472 million on R&D, which stood at 0.8% of the total revenue and grew 18.7% YoY.
Business Segments
Overview
Upstream assets include conventional and unconventional sources such as shale and oil sands in offshore China and globally. Core operation areas are Western South China Sea, Bohai, Eastern South China Sea and the East China Sea in offshore China. Assets in Indonesia, Australia, Nigeria, Uganda, Argentina, the US, Canada, the UK, Iraq, Russia, Brazil, Guyana, and other countries. In FY2022, the segment’s capital expenditure stood at CNY102,753 million, which grew 13.6% YoY. Focuses on commencing production from its new projects, including Bozhong 34-9 oilfield, Caofeidian 11-1/11-6 oilfield, and Huizhou 32-5 oilfield joint development project in offshore China; Egina oilfield in Nigeria; and Appomattox project in the U.S. Gulf of Mexico.
Performance
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Overview
Markets crude oil and natural gas to the domestic and international markets. Major clients for natural gas sales are in Guangdong, Hainan, Zhejiang and Hong Kong. Major customers for natural gas include CNOOC Gas and Power Group, Hong Kong Castle Peak Power Co Ltd and China BlueChemical Ltd. In FY2022, the segment’s capital expenditure stood at CNY6 million, which grew 100% YoY.
Performance
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Performance
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