CNOOC Limited
CNOOC Limited is CNOOC's vehicle engaged in the exploration, development, production and marketing of oil and gas. CNOOC Limited was listed on both the Hong Kong and New York Stock Exchanges in February2001 (Stock Code in New York: CEO; Stock Code in Hong Kong: 0883). By the end of 2008, CNOOC held 64.41% of its shares.
As one of the world's largest independent oil companies, CNOOC Limited's exploration and development activities are mainly concentrated in offshore China, including Bohai Bay, Western South China Sea, Eastern South China Sea and East China Sea. In addition, the company holds interests in oil and gas blocks overseas, including Indonesia, Australia and Nigeria. As of December 31, 2008, the company's net proved reserves and net production in offshore China accounted for approximately 83.6% and approximately 87.9%of the total levels respectively.
Although CNOOC Limited faced mounting challenges from the financial crisis in 2008, all staff members were able to tackle these challenges in a calm and effective way, enabling the company to continue to achieve solid growth.
The company's net production reached 194.2 million BOE, representing an increase of 14.3% year over year.
The company's net profit amounted to RMB 44.38 billion, representing an increase of 42.0% year over year and a record high for the company.
In 2008, the company continued to achieve positive results in independent exploration, with 13 new discoveries and 11 successful appraisals. For PSC exploration, 2 discoveries and 1 successful appraisal were made. In 2008, the company continued to strengthen its exploration activities and achieved certain breakthroughs, the main ones being: the successful appraisal of the largest light crude oilfield in offshore China – Jinzhou 25-1; the progress in the exploration of Yellow River Mouth trough, where Bozhong 29-5, Bozhong 35-2 and Kenli 3-2 were discovered; the enhanced explorations in both the shallow and the deep strata in Laizhou Bay frontier area, where two discoveries, Kenli 10-1 and Kenli 12-2, were made. In addition, breakthroughs in frontier areas in Bozhong,Weixi'nan and Zhusan troughs were also achieved.
The company's achievements in development and production in 2008 primarily include: maintaining a high production time efficiency exceeding 95% in producing fields; achieving a production increase in certain producing fields by adopting new oil production techniques and measures; bringing Penglai 19-3 phase II platform B, Xijiang23-1 and Wenchang oilfields on stream; and maintaining production capacity of mature fields at high level through infill wells and enhancing water injection efficiency.
In 2008, CNOOC Limited was ranked 101 on the "FT Global 500 2008" list released by the Financial Times. It was named the "Best Chinese Company" in the "Corporate Governance Awards 2008" by the Asset, the "2008 Best Oil & Gas Company in Asia" by the Euromoney and "Best Natural Gas Energy Enterprise of China" in the "China's Best Banks and Companies 2008" selection campaign conducted by the Global Finance.
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