International Oil Companies: China National Offshore Oil Corporation (CNOOC)

CNOOC logoName: China National Offshore Oil Corporation (CNOOC)

Based in: China

China National Offshore Oil Corporation (CNOOC) is the third-largest national oil company in the People’s Republic of China, after CNPC (parent of PetroChina) and China Petrochemical Corporation (parent of Sinopec).

The CNOOC Group focuses on the exploitation, exploration and development of crude oil and natural gas in offshore China.

The company is owned by the government of the People’s Republic of China, and the State-Owned Assets Supervision and Administration Commission of the State Council (SASAC) assumes shareholder rights and obligations on the government’s behalf.

One subsidiary, CNOOC Limited, is listed on the Hong Kong exchange; the other, China Oilfield Services, is listed on the Hong Kong and New York exchanges.

Fields in Iraq: Maysan Oil Fields

From the company’s website:

In 2010, the Company entered into a technical service contract in relation to the development and production of the Missan oilfields in Iraq. Under the contract, CNOOC Limited acts as the lead contractor of these oilfields and owns a 63.75% participating interest. The project entered the cost recovery period in 2012 and began to contribute to the Company’s production growth.

In 2014, faced with the grim security condition in Iraq, declining production of mature oilfields and other difficulties, the Company coordinated the development and production operations, strengthened technical support, optimized the operating mechanism and operation of oil wells, and strove to increase the production of mature wells.

The newly drilled horizontal wells in Missan oilfields achieved the expected production level. In 2014, the production of Missan oilfields increased steadily and reached approximately 22,000 barrels per day.

For latest news on this company’s activities in Iraq please click here.

A full list of International Oil Companies (IOCs) operating in Iraq under licences granted by the Ministry of Oil in Baghdad can be found here.