China National Offshore Oil Corp — the country’s largest offshore oil producer — said on Thursday it has completed construction of Asia’s biggest deepwater platform in the South China Sea, marking a breakthrough for the company. The project, known as the Liwan 3-1 natural gas central offshore platform, will have an annual processing capacity of 12 billion cubic meters after completion and will be put into operation by the end [...]

CHINA’S largest offshore oil producer said yesterday it has inked an agreement to buy liquefied natural gas from BG Group and increased its stakes in a LNG project in Australia. Under the contract, the China National Offshore Oil Corp will buy 5 million tons per annum (mtpa) of LNG, starting in 2015, from BG Group’s global LNG portfolio for 20 years. By then, the CNOOC’s mid-and-long-term LNG contracted volumes will [...]

Australian Minister for Resources and Energy Gary Gray Monday welcomed the signing of a binding liquefied natural gas (LNG) agreement that secures 1.93 billion US dollars of investment in Australian resources. BG Group, one of the world’s largest LNG companies, and the China National Offshore Oil Corporation (CNOOC), Monday signed binding agreements in which CNOOC will acquire a greater interest in the first of two production trains of the Queensland [...]

China’s largest offshore oil producer announced on Monday that it has inked an agreement to buy liquefied natural gas (LNG) from BG Group and increased its stakes in an LNG project in Australia. Under the contract, the China National Offshore Oil Corporation (CNOOC) will purchase five million tonnes per annum (mtpa) of LNG, starting in 2015, from BG Group’s global LNG portfolio for 20 years. By then, the CNOOC’s mid-and-long-term [...]

CNOOC Ltd., the country’s largest offshore oil producer, said Friday its revenues from oil and gas sales rose 13.3 percent year on year due to increased output in the first quarter of 2013. The revenues, which have yet to be audited, reached 55.31 billion yuan (8.89 billion US dollars) in the first quarter, the company said in a statement. The growth was much faster than the annual rise of 2.9 [...]

CNOOC Ltd, China’s biggest offshore oil producer, revealed first quarter results on Friday, that showed strong growth in output and sales, triggered partly by its acquisition of Nexen Inc, the Canadian oil and gas company. Output jumped 17.3 percent year-on-year to 93.6 million barrels of oil equivalent, which helped deliver a 13.3 percent rise in oil and gas sales. The company did not break down its profits, but analysts believe [...]

The acquisition of Canada-based Nexen is a big step to diversify geographically while boosting oil and gas reserves, reports Zhang Yuwei from New York. In an auditorium in late February at the headquarters of oil and gas company Nexen Inc in Calgary, Alberta, two Chinese oil company executives sat on the stage. In front of them, more than 1,000 people, who the day before were employed by Nexen. Now they [...]

China National Offshore Oil Corp, the country’s third-largest oil and gas producer, has been making progress in expanding the supply network which services its growing retail operations across the country. By the end of last year, CNOOC had established 36 oil depots with a total storage capacity of 1.03 million cubic meters, according to a sustainable development report released by the company on Wednesday. The report said CNOOC had 356 [...]

The China National Offshore Oil Corporation Limited (CNOOC), the country’s largest offshore oil producer, said Friday that its net profits fell 9.3 percent to 63.69 billion yuan (10.24 billion U.S. dollars) last year. Increased taxes and surging costs for oil and gas exploration reduced the company’s profitability, CNOOC said in its 2012 report filed with the Hong Kong Stock Exchange. Despite the fall, the oil giant remains one of the [...]

Chinese oil giant CNOOC has agreed to changes to its oil-drilling leases in the Gulf of Mexico to quell US national security concerns as a condition for US approval of its $15 billion buyout of Canada’s Nexen Inc. The “most significant” term of the agreement involves removing CNOOC as site operator, Bloomberg reported, citing an email to employees from Peter Addy, the president of Nexen’s US unit. The Wall Street [...]