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CNOOC

CNOOC

Industry: 
Energy
Symbol: 
NYSE:CEO
Country: 
China
Sources: 

"Rahmanloo stated that one of his delegation’s goals for the trip to Shenzhen was to establish contacts at the China National Offshore Oil Corporation (CNOOC), the state-owned energy giant that has relied heavily on foreign equipment in its efforts to tap offshore oil and gas fields. Liu Taiyuan, director of the subsea division of CNOOC’s Shenzhen branch, declined to comment on whether the company would do any business with Khazar, only noting that 'we are open to international partnerships.' A senior executive at Technip, the French procurement, engineering and construction firm specialized in the energy industry, said that given its status as one of China’s most important companies, CNOOC is unlikely to do a deal as shady as re-selling Khazar equipment bought from GE or other Western technology providers restricted by sanctions." (Financial Times, "Iran seeks Chinese proxies to further offshore drilling ambitions," 5/31/2013) 

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Last year’s foreign buying spree was not the first for the likes of China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC) and China Petrochemicals Corporation (Sinopec), but previously the Chinese firms had mostly purchased assets in Africa and Central Asia, which typically produce oil similar to China’s own crude... All three of China’s biggest state-controlled oil companies have clinched deals with Tehran to develop some of Iran’s biggest oil and gasfields. Last year’s crop included agreements for CNPC to develop phase 11 of the massive South Pars gasfield to develop three oilfields. (The National, "China's global quest for oil," 1/9/10)

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"The China National Offshore Oil Corp (CNOOC) is in talks to finalize a $16 billion dealt to develop the North Pars gas field and build a liquefied natural gas (LNG) plant." (Reuters, "FACTBOX: Iran's major oil customers, energy partners," 8/19/09)

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"China's state-backed offshore oil company CNOOC is negotiating a $16 billion deal to develop a gas field and build an LNG terminal." (Reuters, "Iranians Turning To Asia For Funding, Technology," 8/21/08)

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"We cannot predict the interpretation or implementation of government policy at the U.S. federal, state or local levels with respect to any current or future activities by CNOOC or its affiliates in countries that are the subject of U.S. sanctions. It is possible that the United States could subject CNOOC to sanctions due to these activities. Certain U.S. states and colleges that have restrictions on the investment of public funds or endowment funds, respectively, in companies that are members of corporate groups with activities in certain countries that are the subject of U.S. sanctions, such as Iran or Sudan. It is also possible that the activities by CNOOC or its affiliates may affect the investment in our shares by such U.S. states and colleges." (Company Website, 2008 Annual Report On Form 20-F)

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