China National Offshore Oil Corporation (中国海洋石油集团有限公司), commonly referred to as CNOOC or 中海油, is China's third-largest national oil company and the state-owned parent group overseeing all CNOOC-branded entities worldwide. It is a wholly state-owned enterprise (SOE), 100% owned by the Chinese central government through SASAC (国务院国有资产监督管理委员会 — State-owned Assets Supervision and Administration Commission of the State Council).
History and Founding
CNOOC was established on February 15, 1982 by approval of the State Council of China, with a mandate to take over all offshore oil and gas exploration and development activities in Chinese territorial waters, previously managed by the Ministry of Petroleum Industry. The company was created specifically to enable foreign cooperation in China's offshore oil sector, initially operating through production-sharing contracts with international oil companies. Over subsequent decades, CNOOC evolved from a domestically-focused offshore operator into a fully integrated energy group with global upstream, downstream, and service operations.
A major corporate restructuring occurred in 1999, when CNOOC reorganized its upstream assets into a new subsidiary — CNOOC Limited — which was subsequently listed on the Hong Kong Stock Exchange and NYSE in February 2001, raising approximately USD $1.5 billion in one of China's largest IPOs at the time. SASAC formally assumed shareholder rights and obligations over CNOOC on behalf of the Chinese government from March 2003, when SASAC was established as the dedicated supervisory body for all central SOEs. The current registered capital of RMB 113.8 billion reflects a capital restructuring carried out in 2017.
Shareholding History
| Period |
Shareholder |
Stake |
| February 15, 1982 – March 2003 |
Chinese State Council / Ministry of Finance |
100% |
| March 2003 – present |
SASAC (on behalf of Chinese central government) |
100% |
Ownership has been 100% state-held throughout CNOOC's entire history, with no private, foreign, or minority shareholders at the group level.
Distinction from CNOOC Limited
CNOOC (the group) and CNOOC Limited are legally separate and distinct entities. CNOOC is the ultimate parent and controlling shareholder, while CNOOC Limited is a publicly listed subsidiary focused exclusively on upstream E&P:
| |
CNOOC |
CNOOC Limited |
| Chinese name |
中国海洋石油集团有限公司 |
中国海洋石油有限公司 |
| Type |
State-owned enterprise (SOE) |
Publicly listed company |
| Listed |
No |
HKEx: 00883 / SSE: 600938 |
| Incorporated |
Beijing, China |
Hong Kong |
| Owner |
100% SASAC (Chinese govt.) |
~62.1% CNOOC; ~37.9% public |
| Scope |
Full group: E&P, refining, chemicals, LNG, services, renewables |
Upstream E&P only |
| Registered capital |
RMB 113.8 billion |
— |
| Founded |
February 15, 1982 |
August 1999 (listed Feb 2001) |
Business Scope
Unlike CNOOC Limited which focuses solely on upstream E&P, CNOOC as a group encompasses the full energy value chain through its subsidiaries:
- Upstream E&P: Offshore exploration, development, and production via CNOOC Limited
- Refining and Petrochemicals: CNOOC Petrochemicals, including refineries and chemical plants (e.g., Daxie complex, Huizhou refinery)
- LNG: Import terminals and regasification facilities
- Oilfield Services: Offshore engineering and drilling via COOEC (中海油田服务)
- Offshore Engineering: CNOOC Engineering (海洋石油工程)
- Renewables: Offshore wind power development
