China National Offshore Oil Corporation
China National Offshore Oil Corporation (Chinese中国 海洋 石油 总公司, Pinyin Zhōngguó hǎiyáng Shiyou zónggōngsī; short CNOOC ) is by CNPC and Sinopec 's third largest oil company in the People's Republic of China. He acts mainly in Africa, Iran, and more recently in Europe.
Belonging to 70 percent of the People's Republic of company is the Hong Kong Stock Exchange ( SEHK 0388 ), at the New York Stock Exchange ( NYSE CEO) and listed on the Hang Seng Index. Since it went public in 2001, it grows an average of 37 percent a year.
The registered capital amounts to 94.9 billion yuan, the equivalent of about 13.9 billion U.S. dollars.
History
Acquisition of Awilco
To satisfy the need for more effective handling technology, the end of July 2008, the China Oilfield Services ( COSL ), a subsidiary of CNOOC, the Norwegian oil and gas producer Awilco Offshore offered the equivalent of 2.4 billion euros for the acquisition. COSL was particularly interested in the Tiefseebohrtechnik the Norwegians. While CNOOC previously could only drill 500 meters deep, 760 meters Awilco reached already. Awilco has seven drilling rigs and three specialized vessels. The acquisition COSL can thus increase the number of its platforms 22 and take the world's eighth place in the industry.
Despite the financial crisis from 2007 COSL offered to the shareholders of Awilco to a nineteen percent premium to the stock price in early July. Also in August, the height of the crisis, but the offer was retained. Finally, it was accepted by the Executive Committee of Awilco and the majority of shareholders in late August 2008. The Chinese Planning and Development Commission had approved on July 28. According to the data of Zhong Hua, the Vice President of COSL, it is the aim, by 2020, a global company in the petroleum industry to become. The acquisition of Awilco should be the beginning of it.
Failed takeover of Unocal
To buy the eight largest U.S. oil company Unocal, CNOOC Fu Chengyu president had offered 18 billion U.S. dollars; were two billion more than the second highest bid by Chevron. Until then, it was the highest single bid of the People's Republic of China for a foreign company.
Since the money came from the Chinese government and thus the influence of China in the United States could be too large, the Cabinet of George W. Bush and a group of Democrats and Republicans who spoke out against the deal in the U.S. Congress. The price is not a market price, but only politically calculated. The deal could important deep sea drilling technology fall into Chinese ownership, they were afraid. Finally, the Congress announced that it would investigate the offer. The purchase would have been so delayed by years, after which the Chinese Government Fu tried to convince them to withdraw the Offer to Purchase. Unocal was finally on 4 April 2005, sold to the second bidder, Chevron. In a roundabout way to CNOOC still could buy in a U.S. company - Awilco now holds 50 percent of the Premium Drilling.
Proposed acquisition of Nexen
On July 23, 2012, CNOOC announced the proposed acquisition of the Canadian company Nexen for 15 billion U.S. dollars known, to be implemented by the end of the 4th quarter of 2012. However, the acquisition must be approved by the authorities in China, Canada and the United States. The purchase price therefore has a value premium of 61% -to-market. Total amounts of the purchase price, including the debt to 18.2 billion dollars.
Group structure
- CNOOC Ltd..
- CONNC Base Group
- CNOOC Gas & Power
- China Blue Chemical Ltd..
- CNOOC Trust & Investment
- China Oilfield Services
- CNOOC Oil & Gas
- CNOOC Engineering
- CNOOC Chemical Construction
- CNOOC Refine & Petrochemical
- CNOOC Chemical Supply & Sales