Overview:
CNOOC Ltd. CEO is one of the three leading oil companies in China and one of the largest independent oil and gas exploration and production companies of the world. It is China's dominant producer of offshore crude oil and natural gas and engages in the exploration, development, production, and sale of crude oil, natural gas, and other petroleum products. CNOOC Ltd. is the only company permitted to conduct exploration and production activities with international oil and gas companies off the shores of China. The Chinese government owns a majority 64.41% stake in the company by virtue of its ownership of CNOOC (China National Offshore Oil Corporation).
The company's oil and gas properties are located in four major production areas in offshore China: Bohai Bay, western South China Sea, eastern South China Sea, and the East China Sea. CNOOC Ltd. is also one of the largest offshore crude oil producers in Indonesia and has upstream assets in Africa and Australia. The company has a portfolio of shared assets in Indonesia. Such interests include the South East Sumatra Production Sharing Contract, the Offshore North West Java Production Sharing Contract, the West Madura Production Sharing Contract and the BLORA Production Sharing Contract. Among these interests, South East Sumatra in which it owns 56.54% is operated by the company.
As of year-end 2012, the company had estimated net proved reserves of 3.49 billion barrels of oil equivalent, of which approximately 77% consisted of liquids. In 2012, proved reserves had a reserve replacement ratio of 188%. Last year, CNOOC achieved net daily production of 935,615 barrels of oil equivalent BOE, up 2.9% from the previous year level of 909,000 BOE. The company saw a marginal increase in production attributable to contribution from the latest projects and new development wells.
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