National Chinese offshore oil rig oil company

CNOOC ( national Chinese offshore oil rig oil company ) is a oil company Chinese created in 1982 and whose capital is controlled entirely by the Chinese State. Its principal subsidiary company, CNOOC Ltd, which has the statute of a business firm dimensioned with the purse of Hong-Kong, is held to 70% by CNOOC.

Its president, since October 2003, are Fu Chengyu.

It is the third Chinese oil company behind Sinopec and PétroChina, its role is more directed towards the exploitation of oil resources and gas external to China, in co-operation with foreign entrepises. For a few years, this company has launched out in a series of acquisitions, the last operation, in progress, being a tender offer hostile impetus against the American company Unocal. Obviously, the Chinese government seeks to quickly constitute a company able to compete with the “majors” of the sector.

The tender offer launched by CNOOC Ltd on Unocal on June 23rd, 2005 increases on a friendly tender offer launched by Chevron of more than 1,5 billion dollars and proposes a payment, in liquidities and not in actions, with height of 37 dollars per Unocal action, that is to say an global amount of 18,5 billion dollars. To finance this acquisition, CNOOC Ltd profits in particular, in addition to the support of its head office, of a loan of 6 billion dollars of the Industrial Commercial Bank off Clouded. To the United States, this operation, coming from abroad and concerning a strategic sector, is subjected to the agreement of the Comité for the overseas investment in the United States ( Committee one foreign investments in the United States - CFIUS).

External bond

Official site

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