China National Offshore Oil Corporation Overview
Pro stress-test →CNOOC is the third-largest national oil company in China, after CNPC and China Petrochemical Corporation. The company focuses on the exploitation, exploration and development of crude oil and natural gas in offshore China. As a state-owned enterprise, CNOOC operates through its publicly listed subsidiary CNOOC Limited on the Hong Kong Stock Exchange.
Strategic Profile
Pro stress-test →In 2025, CNOOC Limited reported net production of 777.3 million barrels of oil equivalent (MMboe), a company record, increasing 7% year-on-year. For 2026, the company expects to produce 780-800 MMboe. The company is diversifying its portfolio with projects in Brazil, Guyana, Iraq, Kazakhstan, and Indonesia, while maintaining strong domestic production in the South China Sea.
Competitive Landscape
Pro stress-test →CNOOC ranks third among China's national oil companies, behind CNPC (parent of PetroChina) and China Petrochemical Corporation (parent of Sinopec). Internationally, CNOOC competes with global offshore producers including Shell, Equinor, and regional players in the North Sea, Gulf of Mexico, and Southeast Asia. The company's advantage lies in its specialist offshore expertise and access to Chinese government support.
Industry Context
China National Offshore Oil Corporation operates in Oil & Gas Exploration and Production.
Key facts
Founded: 1982 · Headquarters: Beijing, China · Employees: 21,993 (2024) · Revenue: 715.2 billion RMB (2018)