China National Offshore Oil Corporation
Corporate brand
UnclaimedChina's state-owned national oil company responsible for offshore oil and gas exploration, development, production, and related energy businesses.
Last updated October 9, 2026
Overview
China National Offshore Oil Corporation, commonly known as CNOOC Group, is a Chinese state-owned energy enterprise established to manage the country's offshore petroleum resources and to develop them in cooperation with foreign oil companies. It is one of China's three major national oil companies, alongside China National Petroleum Corporation and Sinopec, and remains the country's principal specialist in offshore oil and gas. The group is owned by the government of the People's Republic of China, with shareholder responsibilities exercised on the state's behalf by the State-owned Assets Supervision and Administration Commission of the State Council. CNOOC's core activities cover the exploration, appraisal, development, production, and sale of crude oil and natural gas. Its domestic portfolio is concentrated in China's offshore basins, including Bohai Bay, the Pearl River Mouth Basin, the South China Sea, and the waters around Hainan. The group also operates through subsidiaries and affiliated companies in engineering, offshore services, logistics, LNG importation, gas distribution, power generation, refining, petrochemicals, fertilizer, finance, and insurance. China Oilfield Services and China Offshore Oil Engineering are among the important businesses associated with the wider CNOOC group, while CNOOC Limited is the principal publicly traded upstream subsidiary. The company expanded internationally from the early 2000s through production-sharing agreements, equity interests, acquisitions, and LNG supply arrangements. Its overseas activities have included assets and projects in Canada, Brazil, Australia, Indonesia, Africa, the Middle East, and other regions. The proposed purchase of Unocal in 2005 was withdrawn after intense political opposition in the United States, but CNOOC later completed the acquisition of Canadian producer Nexen in 2013 after Canadian and U.S. regulatory review. These transactions illustrated both the group's international ambitions and the geopolitical scrutiny applied to Chinese state-owned energy companies. CNOOC has also built a substantial position in the natural-gas and LNG value chain. Its Dapeng LNG terminal in Guangdong received China's first LNG cargo in 2006, and the group subsequently developed or participated in additional receiving terminals, pipeline systems, gas-sales businesses, and gas-fired power projects. LNG procurement agreements with Australia, Indonesia, and other suppliers have supported energy consumption in China's coastal provinces. In recent years, CNOOC has continued to increase domestic offshore production while pursuing deepwater exploration, overseas upstream projects, and lower-carbon technologies. Its activities have included deepwater gas development, offshore wind experimentation, and cooperation with international energy companies in Brazil and other markets. At the same time, the company has faced scrutiny over its operations in politically sensitive jurisdictions, alleged labor and human-rights issues connected with overseas projects, and its continued business relationships in Russia after the invasion of Ukraine. CNOOC therefore combines the characteristics of a commercial international energy company with those of a strategic Chinese state-owned enterprise.
History
CNOOC was created in 1982 after China's State Council introduced rules governing cooperation between Chinese entities and foreign companies in the development of offshore petroleum resources. The new corporation received overall responsibility for offshore oil and gas exploration and production in Chinese waters and initially held a privileged position in arranging production-sharing and other partnerships with international oil companies. This structure enabled China to bring foreign capital, technology, management expertise, and offshore operating experience into a sector that was technically demanding and still developing domestically. During the 1990s and early 2000s, CNOOC expanded its domestic offshore portfolio and began developing a more diversified corporate group. The company invested in exploration, drilling, engineering, logistics, oilfield services, gas infrastructure, refining, petrochemicals, and related financial activities. Its publicly traded subsidiary CNOOC Limited became the principal vehicle for many upstream investments, while other subsidiaries developed offshore engineering and field-service capabilities. The group also began acquiring overseas interests, including Indonesian assets and stakes in Australian LNG projects, to supplement domestic production and secure long-term gas supplies for China's coastal markets. The group became increasingly active in LNG. It participated in the development of receiving terminals and signed supply arrangements linked to Australia's North West Shelf and Indonesia's Tangguh project. The Dapeng LNG terminal in Guangdong received its first cargo in 2006, marking an important step in the development of China's imported LNG industry. Later projects extended CNOOC's role into terminal operation, pipeline transmission, gas distribution, and gas-fired power generation. The company also pursued refining and chemical projects, including cooperation with Shell in southern China. CNOOC's international profile rose sharply with its 2005 attempt to acquire Unocal. The proposed bid was larger than Chevron's competing offer, but attracted congressional and public opposition in the United States because of CNOOC's state ownership, the strategic importance of energy assets, and concerns about technology transfer and national security. CNOOC withdrew the offer in August 2005. The failed transaction influenced how Chinese companies and government agencies approached later overseas acquisitions. The group subsequently pursued other international opportunities. In 2013, CNOOC completed the acquisition of Nexen after Canadian approval and U.S. regulatory clearance. Nexen provided producing assets and exploration interests in Canada and other regions, strengthening CNOOC's international upstream position. The company continued to develop assets and partnerships in Africa, Latin America, Australia, and the Middle East while maintaining its central role in China's offshore basins. CNOOC's domestic operations expanded into deeper and more technically difficult waters. Discoveries and developments in Bohai Bay, the South China Sea, the Gulf of Tonkin, and other offshore areas supported the company's production growth. The group also developed deepwater gas fields and increasingly emphasized indigenous offshore engineering and exploration technology. In parallel, it explored lower-carbon activities, including a floating offshore wind demonstration project near the Wenchang oil fields that began supplying power to the grid in 2023. The company has faced recurring controversy. A vessel under construction for an offshore project capsized at a Chinese dock in 2012, although the vessel was salvaged and the reported incident did not result in pollution. CNOOC has also been criticized over alleged labor and human-rights problems connected with operations in Myanmar and over business links involving individuals and companies accused by U.S. authorities of connections to drug trafficking. After Russia's 2022 invasion of Ukraine, the group's continued Russian business led Ukraine to designate CNOOC an international sponsor of war. These controversies reflect the political and human-rights risks associated with operating across frontier energy markets. CNOOC remains an active state-owned energy group with a core identity in offshore oil and gas. Its current strategic profile combines domestic production growth, international upstream participation, LNG and gas infrastructure, offshore engineering, and selective investment in lower-carbon technologies. Major subsidiaries are publicly listed in Hong Kong and, in the case of China Oilfield Services, also in New York, but the parent group itself remains under Chinese state ownership.
- 2024
U.S. subsidiary is sold to INEOS
[1]CNOOC Energy Holdings USA is sold to INEOS.
- 2023
Floating offshore wind demonstration enters operation
[1]The Haiyou Guanlan floating wind demonstration project near the Wenchang fields feeds electricity into the grid.
- 2021
New offshore developments begin production
[1]Production begins at the second phase of the Weizhou 11-2 oilfield and at the Lingshui 17-2 deepwater gas field.
- 2019
National science and technology recognition
[1]CNOOC receives a National Award for Science and Technology Progress for work related to exploration of a deep, large condensate-gas field in the Bohai Bay Basin.
- 2013
Nexen acquisition is completed
[1]CNOOC completes its acquisition of Canadian producer Nexen after regulatory approval in Canada and the United States.
- 2006
Dapeng LNG receives first cargo
[1]The Dapeng LNG terminal in Guangdong receives its first shipment, helping establish China's imported LNG industry.
- 2005
Unocal bid is withdrawn
[1]CNOOC Limited withdraws its proposed acquisition of Unocal after political opposition in the United States.
- 2002
Expansion into Indonesian offshore assets
[1]CNOOC acquires offshore interests in Indonesia, strengthening its position as an international operator.
- 1982
CNOOC is established
[1]The State Council establishes CNOOC and assigns it overall responsibility for offshore petroleum development in cooperation with foreign enterprises.
Products and positioning
China's leading offshore oil and gas specialist and an internationally active, vertically expanding state-owned energy group.
Upstream oil · 1982
Offshore crude oil
CNOOC's traditional core product is crude oil produced from offshore Chinese fields and international upstream assets. The group undertakes geological exploration, appraisal drilling, field development, production operations, and commercialization through its upstream subsidiaries and partners.
Upstream gas · 1982
Natural gas
CNOOC explores for and produces natural gas from offshore fields, including deepwater developments. Gas output supports domestic industrial, residential, and power-sector demand and is marketed alongside imported LNG and pipeline-gas activities.
Gas and LNG · 2006
Liquefied natural gas
Through CNOOC Gas and Power and related businesses, the group imports LNG, operates or participates in receiving terminals, and supplies gas to coastal Chinese markets. The Dapeng terminal was an early landmark in China's LNG infrastructure.
Energy services
Offshore engineering services
The wider group provides offshore engineering, construction, installation, logistics, drilling support, and oilfield technical services. These capabilities support CNOOC's own projects and can also be delivered to external energy companies.
Controversies
2022
Continued Russia business after invasion of Ukraine
CNOOC continued business in Russia following the invasion of Ukraine, prompting Ukraine to classify the company as an international sponsor of war.
2007
Labor dispute in Myanmar
CNOOC faced a dispute with Burmese workers involving allegations concerning low wages. A confrontation at company offices led local authorities to detain and question workers.
2004
Myanmar business links and alleged drug-trafficking connections
CNOOC was criticized over a Myanmar contracting relationship involving a joint-venture partner connected to the family of a person associated with heroin trafficking. U.S. authorities later indicated concerns about cooperation with companies linked to that family.
Brand decisions
2023
Demonstrate floating offshore windStrategyBackground
CNOOC sought to test lower-carbon energy technologies that could use its offshore engineering and oilfield infrastructure capabilities.
Action taken
The Haiyou Guanlan floating wind demonstration platform near the Wenchang oil fields was connected to the grid.
Aftermath
The project provided an example of CNOOC's diversification beyond conventional hydrocarbons while remaining integrated with offshore energy operations.
2013
Complete the Nexen acquisitionM&ABackground
Following the failed Unocal attempt, CNOOC pursued an international acquisition that would broaden its producing assets and global operating base.
Action taken
CNOOC completed the purchase of Canadian producer Nexen after approval under Canada's Investment Canada Act and clearance by U.S. regulators.
Aftermath
Nexen became an important part of CNOOC's international upstream portfolio and increased the group's exposure to North American and other overseas operations.
2005
Withdraw the Unocal acquisition bidM&ABackground
CNOOC Limited proposed a cash acquisition of Unocal, but the offer generated strong opposition in the United States because of CNOOC's state ownership and the perceived strategic significance of Unocal's assets and technology.
Action taken
CNOOC Limited withdrew the proposal rather than continue amid congressional scrutiny and political resistance.
Aftermath
Unocal accepted Chevron's competing offer. The episode increased scrutiny of Chinese overseas acquisitions and encouraged greater government oversight of future transactions.
Recent events
- 2026
CNOOC announces Huang Yongzhang as chief executive of CNOOC Limited[2]
Leadership change
CNOOC Limited announced Huang Yongzhang's appointment as chief executive officer, reflecting a leadership transition within the group's principal listed subsidiary.
- 2026
CNOOC Limited reports record reserves and production for 2025[2]
Other
The listed subsidiary reported that its reserves and production reached new highs in 2025, according to its company news and annual-results materials.
- 2026
CNOOC Limited starts production at Brazil's Buzios 6 project[2]
Product launch
The company announced production commencement at the Buzios 6 project in Brazil, adding to its international upstream portfolio.
- 2025
CNOOC announces a major discovery in the Qinhuangdao 29-6 area[2]
Other
CNOOC reported a significant petroleum discovery in the Qinhuangdao 29-6 area of the Bohai region.
- 2024
CNOOC subsidiary sold to INEOS[1]
M&A
CNOOC Energy Holdings USA was sold to INEOS, reducing the group's direct U.S. operating presence.
- 2023
CNOOC demonstrates deep-sea floating wind platform[1]
Product launch · Other
A CNOOC floating offshore wind demonstration platform near the Wenchang oil fields supplied electricity to the grid, linking renewable generation with offshore energy infrastructure.
- 2021
CNOOC continues methane-emissions cooperation[3]
Other
The group helped establish a Chinese oil and gas methane-emissions-control alliance with other industry participants.
- 2013
CNOOC completes Nexen acquisition[1]
M&A
CNOOC completed its acquisition of Canadian producer Nexen following review by Canadian authorities and the U.S. Committee on Foreign Investment.
- 2005
CNOOC withdraws Unocal acquisition proposal[1]
M&A · Regulation
CNOOC Limited abandoned its proposed cash acquisition of Unocal after political resistance in the United States made the transaction increasingly difficult to complete.
Sources3 sources
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