China National Offshore Oil
| China National Offshore Oil Co., Ltd. 中国 海洋 石油 有限公司
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| legal form | Centrally managed company |
| ISIN | HK0883013259 |
| founding | 1982 |
| Seat |
Beijing , People's Republic of China
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| management | |
| Number of employees | 18,103 |
| sales | 227 billion CNY approx. 27.8 billion EUR |
| Branch | Mineral oil and natural gas |
| Website | www.cnooc.com.cn/en |
| As of December 31, 2018 | |
China National Offshore Oil Corporation ; short CNOOC ( Chinese 中國海洋石油總公司 / 中国海洋石油总公司 , Pinyin Zhōngguó hǎiyáng Shiyou zónggōngsī in short 中國海油 / 中国海油 , hǎiyóu Zhōngguó or 中海油 / 中海油 , Zhōnghǎiyóu ) is by CNPC and Sinopec 's third largest oil company of the People's Republic China . He mainly operates in Africa , Iran and recently also in Europe and North America .
The company, which is 70 percent owned by the People's Republic, is listed on the Hong Kong Stock Exchange (SEHK 883) and on the New York Stock Exchange (NYSE CEO).
The registered capital is 94.9 billion yuan , the equivalent of about 13.9 billion US dollars .
history
Takeover of Awilco
To meet the need for more effective conveyor technology, China Oilfield Services (COSL), a subsidiary of CNOOC, offered the Norwegian oil and gas producer Awilco Offshore the equivalent of 2.4 billion euros for the takeover at the end of July 2008 . COSL was particularly interested in the Norwegians' deep sea drilling technology. While CNOOC has only been able to drill 500 meters deep so far, Awilco has already reached 760 meters. Awilco owns seven drilling platforms and three special ships. With the takeover, COSL can increase the number of its platforms to 22 and take eighth place in the industry worldwide.
Despite the financial crisis that began in 2007 , COSL offered Awilco shareholders a nineteen percent premium on the share price from early July. The offer was retained in August, the height of the crisis. Finally, at the end of August 2008, it was accepted by the Awilco management team and the majority of shareholders. The Chinese planning and development commission had already approved on July 28th. According to Zhong Hua, the vice president of the COSL, the goal is to become a global corporation in the oil industry by 2020 . The takeover of Awilco should be the beginning.
Failed takeover of Unocal
To buy the eighth largest US oil company Unocal , the CNOOC President Fu Chengyu had offered 18 billion US dollars; that was two billion more than Chevron's second highest bid . Until then, it was the highest single offer from the People's Republic of China for a foreign company.
Since the money comes from the Chinese government and thus the influence of China in the US could become too great, the cabinet of George W. Bush and a group of Democrats and Republicans in the US Congress spoke out against the deal. The price is not a market price, but only calculated politically. They feared that the deal could bring important deep-sea drilling technology into Chinese possession. Finally, Congress announced that it would investigate the offer. The purchase would have been delayed for years, whereupon the Chinese government tried to convince Fu to withdraw the purchase offer. Unocal was finally sold to the second bidder, Chevron, on April 4, 2005. Nevertheless, CNOOC was able to buy itself into a US company via detours - Awilco today holds 50 percent of Premium Drilling .
Planned takeover of Nexen
On July 23, 2012, CNOOC announced the planned acquisition of the Canadian company Nexen for 15 billion US dollars by the end of the fourth quarter of 2012. However, the takeover must be approved by the authorities in China, Canada and the USA. The purchase price therefore has a premium of 61% over the last stock exchange price. The total takeover price, including the debt, is $ 18.2 billion.
In 2011, CNOOC had the Canadian company OPTI Canada swallowed, which together with the Nexen oil sands bitumen -Förderprojekt Long Lake in Alberta operation.
Falling oil prices in 2014–2016
As the first large oil production company, CNOOC reduced its production volume in January 2015 under the influence of the ongoing decline in oil prices.
Group structure
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Web links
- Official website (Chinese, English)
Individual evidence
- ↑ a b 2018 Annual Report , at www.cnoocltd.com , accessed August 29, 2019
- ↑ Frank Sieren: The Coup . What failed in the USA and Russia succeeds in Europe: China's oil multinational Cnooc buys a Norwegian high-tech company. In: The time . October 16, 2008 ( online [accessed July 29, 2012]).
- ↑ CNOOC LTD. (883) ( English ) Hong Kong Exchanges and Clearing Limited. Retrieved February 10, 2019.
- ↑ CNOOC Limited CEO ( English ) IntercontinentalExchange, Inc. Retrieved on February 10 of 2019.
- ↑ China is planning a huge energy deal . In: Spiegel Online . July 23, 2012 ( online [accessed July 29, 2012]).
- ^ Titus Kroder, Mattias Ruch: Exchange punishes CNOOC for takeover . Investors consider Chinese purchases to be overpriced. In: Financial Times Germany . July 25, 2012, p. 3 .
- ↑ Beijing's takeover strategists avoid past mistakes . As early as 2005, Asia's superpower made a gigantic takeover attempt in the US energy sector and failed. The experiences from that time are proving useful today. In: Financial Times Germany . July 25, 2012, p. 5 .
- ↑ China's CNOOC buying Canadian oilsands producer . In: CBC News . July 20, 2011 ( online [accessed May 31, 2015]).
- ↑ China's oil giant surrenders. Handelsblatt, January 20, 2016.