This paper introduces a real option approach to valuation of oil companies and uses the real option pricing model to value CNOOC Ltd. at the time of its IPO. The empirical result shows that the option pricing value of...This paper introduces a real option approach to valuation of oil companies and uses the real option pricing model to value CNOOC Ltd. at the time of its IPO. The empirical result shows that the option pricing value of CNOOC Ltd. exceeds its IPO price at about 21%.展开更多
CNOOC＇s 2005 attempt to take over Unocal was dubbed by some Chinese media as ＂Acquisition of the Century＂, as the $18.5 billion bid was the largest-ever overseas acquisition by a Chinese company. CNOOC eventually w...CNOOC＇s 2005 attempt to take over Unocal was dubbed by some Chinese media as ＂Acquisition of the Century＂, as the $18.5 billion bid was the largest-ever overseas acquisition by a Chinese company. CNOOC eventually withdrew its offer after Chevron joined the bidding war and political sentiment in the U.S. Congress became hostile. This paper analyzes the competitive bidding process and provides a strategic review. CNOOC＇s advantages in the acquisition included its international expertise, financing capability, access to the growing Chinese market, and its willingness to retain Unocal staff after the merger. The main challenges were corporate governance, especially the understanding of the role of the board and the management of political risk in the U.S. In hindsight a pledge to divest Unocal＇s U.S. assets and not to give any impression of using subsidized loans could have helped deflect some political criticisms. Eventually, the U.S. government published the required energy security study in 2006 and it provided no support to the political concerns of the Congress.展开更多
With the development of oil/gas exploration in South China Sea two industry chains （involving chemical fertilizer and methanol） will be formed in Hainan Oriental Chemical City. The largest in China urea production b...With the development of oil/gas exploration in South China Sea two industry chains （involving chemical fertilizer and methanol） will be formed in Hainan Oriental Chemical City. The largest in China urea production base constructed by CNOOC has come on stream with its production capacity totaling 1.5 MTA. The construction of 600kt/a methanol unit, jointly funded by SNOOC and Hong Kong Jiantao Chemical Group, had been commenced in September 2004. Currently CNOOC is aggressively planning the construction of another 1.2 MTA methanol unit, which is slated for startup in 2009 with its downstream units covering acetic acid and olefins production. In addition, CNOOC intends to join DSM Company of the Netherlands in construction of a 1.2 MTA melamine unit, which is scheduled for startup by the end of 2007 or in 2008.展开更多
CNOOC Research Center （Hereinafter cilled the Center for short）is a subsidiary organization under the China Offshore Oil corporation（CNOOC）and CNOOC Limited.It is responsible mainly for providing technical suppor...CNOOC Research Center （Hereinafter cilled the Center for short）is a subsidiary organization under the China Offshore Oil corporation（CNOOC）and CNOOC Limited.It is responsible mainly for providing technical support for offshore oil ＆ gas exploration and development,展开更多
China National Offshore Oil Corporation （CNOOC）, the country＇s biggest offshore oil and gas producer, reported strong revenue growth for the third quarter mainly due to rising prices for crude oil and natural gas. ...China National Offshore Oil Corporation （CNOOC）, the country＇s biggest offshore oil and gas producer, reported strong revenue growth for the third quarter mainly due to rising prices for crude oil and natural gas. The unaudited revenue from oil and gas sales in the third quarter rose 16.9 percent to about 35.94 billion yuan （$5.42 billion）, the company said in a report. Average price of crude oil sold by the company surged 20.4 percent in the third quarter to $50.87 per barrel,展开更多
China National Offshore Oil Corporation (CNOOC) Limited announced Wednesday that a wildcat drilled on Huizhou 26-3 in the Pearl River Mouth Basin of South China Sea was successful.
In the petrochemical sector, CNOOC is building a 300,000 tonsper-year bitumen plant in western China, marking its first such investment in the remote but fast developing region, the company said on December 3. CNOOC, ...In the petrochemical sector, CNOOC is building a 300,000 tonsper-year bitumen plant in western China, marking its first such investment in the remote but fast developing region, the company said on December 3. CNOOC, which produces 20 per cent of China's domestic bitumen output, will own 88 per cent of the US$36 million project in Sichuan Province and two local firms will own the remaining 12 per cent. Bitumen, or asphalt, production is scheduled to begin by the end of June 2004.展开更多
CNOOC- Shell launches preliminary distributing firm
"CNOOC-Shell" joint venture project, a giant cooperative petrochemicals complex in Huizhou,Guangdong Province, has reportedly launched a preliminary distri...CNOOC- Shell launches preliminary distributing firm
"CNOOC-Shell" joint venture project, a giant cooperative petrochemicals complex in Huizhou,Guangdong Province, has reportedly launched a preliminary distribution company in China in the recent time, which is currently preparing for the marketing network and has reached letter of intent on petrochemicals distribution with some users.展开更多
CNOOC held a grand ceremony in Dongfang Chemical Industrial City in Hainan on November 18 to celebrate commencement of operation for its three giant projects at the same time.
On August 13, CNOOC announced the company's profit in the first half of 2004 topped 10 billion yuan while the slaes income exceeded 30 billion yuan. The offshore oil giant has set an ambitious target to build itse...On August 13, CNOOC announced the company's profit in the first half of 2004 topped 10 billion yuan while the slaes income exceeded 30 billion yuan. The offshore oil giant has set an ambitious target to build itself into an integrated energy enterprise with international competitiveness by 2008.With the production and business smoothly under way, the oil and gas outputs both inside and outside China approached 18 million tons in the first half of this year, a 4 percent increase over the same period of last year.展开更多
As China's sole offshore oil and gas explorer and developer, CNOOC has become gradually mature as independent operator by constantly assimilating and accumulating the advanced offshore oil exploration and developm...As China's sole offshore oil and gas explorer and developer, CNOOC has become gradually mature as independent operator by constantly assimilating and accumulating the advanced offshore oil exploration and development technologies and managerial experiences from its foreign cooperative partners.展开更多
CNOOC Limited,of which China National Offshore Oil Corporation(CNOOC)is the parent,recently posted its first-ever half-year loss as the plunge of crude oil prices destroy the profit at China’s biggest offshore oil an...CNOOC Limited,of which China National Offshore Oil Corporation(CNOOC)is the parent,recently posted its first-ever half-year loss as the plunge of crude oil prices destroy the profit at China’s biggest offshore oil and gas producer.The company swung to a 7.74 billion yuan(USD1.16billion)loss in the January-June period,compared to a展开更多
The Nanhai Oil Refinery Project independently funded by CNOOC was approved by the related governmental departments in late July. The offshore oil giant builds the 12 million ton-per-year oil refinery in Guangdong Prov...The Nanhai Oil Refinery Project independently funded by CNOOC was approved by the related governmental departments in late July. The offshore oil giant builds the 12 million ton-per-year oil refinery in Guangdong Province in the next three years to tap the lucrative South China oil market.The investment in the project will total at least 16 billion yuan (US＄1.93 billion).展开更多
CNOOC Limited, of which China National Offshore Oil Corporation (CNOOC) isthe parent company, announced on November 15 that Huizhou 19-3/2/1 field has produced first oil fromHuizhou 19-3-1 Well at a rate of 6500 barre...CNOOC Limited, of which China National Offshore Oil Corporation (CNOOC) isthe parent company, announced on November 15 that Huizhou 19-3/2/1 field has produced first oil fromHuizhou 19-3-1 Well at a rate of 6500 barrels per day. More wells in the block will be brought onstream gradually. Huizhou 19-3/2/1 field is located in block 16/08 and 16/19 about 120 kilometerssoutheast of Hong Kong in Eastern South China Sea. Development of the field is consisted of twoplatforms, 14 wells and a subsea pipeline from platforms to the FPSO of 'Nanhai Faxian.' The peakgross production capacity of the field is designed at 45,000 barrels of oil per day. The blocks areoperated by CACT Operators Group consisting of CNOOC, ENI China BV, Chevron Texaco China EnergyCompany. CNOOC holds a 51 percent interest in the blocks.展开更多
文摘This paper introduces a real option approach to valuation of oil companies and uses the real option pricing model to value CNOOC Ltd. at the time of its IPO. The empirical result shows that the option pricing value of CNOOC Ltd. exceeds its IPO price at about 21%.
文摘CNOOC＇s 2005 attempt to take over Unocal was dubbed by some Chinese media as ＂Acquisition of the Century＂, as the $18.5 billion bid was the largest-ever overseas acquisition by a Chinese company. CNOOC eventually withdrew its offer after Chevron joined the bidding war and political sentiment in the U.S. Congress became hostile. This paper analyzes the competitive bidding process and provides a strategic review. CNOOC＇s advantages in the acquisition included its international expertise, financing capability, access to the growing Chinese market, and its willingness to retain Unocal staff after the merger. The main challenges were corporate governance, especially the understanding of the role of the board and the management of political risk in the U.S. In hindsight a pledge to divest Unocal＇s U.S. assets and not to give any impression of using subsidized loans could have helped deflect some political criticisms. Eventually, the U.S. government published the required energy security study in 2006 and it provided no support to the political concerns of the Congress.
文摘With the development of oil/gas exploration in South China Sea two industry chains （involving chemical fertilizer and methanol） will be formed in Hainan Oriental Chemical City. The largest in China urea production base constructed by CNOOC has come on stream with its production capacity totaling 1.5 MTA. The construction of 600kt/a methanol unit, jointly funded by SNOOC and Hong Kong Jiantao Chemical Group, had been commenced in September 2004. Currently CNOOC is aggressively planning the construction of another 1.2 MTA methanol unit, which is slated for startup in 2009 with its downstream units covering acetic acid and olefins production. In addition, CNOOC intends to join DSM Company of the Netherlands in construction of a 1.2 MTA melamine unit, which is scheduled for startup by the end of 2007 or in 2008.
文摘CNOOC Research Center （Hereinafter cilled the Center for short）is a subsidiary organization under the China Offshore Oil corporation（CNOOC）and CNOOC Limited.It is responsible mainly for providing technical support for offshore oil ＆ gas exploration and development,
文摘China National Offshore Oil Corporation （CNOOC）, the country＇s biggest offshore oil and gas producer, reported strong revenue growth for the third quarter mainly due to rising prices for crude oil and natural gas. The unaudited revenue from oil and gas sales in the third quarter rose 16.9 percent to about 35.94 billion yuan （$5.42 billion）, the company said in a report. Average price of crude oil sold by the company surged 20.4 percent in the third quarter to $50.87 per barrel,
文摘China National Offshore Oil Corporation (CNOOC) Limited announced Wednesday that a wildcat drilled on Huizhou 26-3 in the Pearl River Mouth Basin of South China Sea was successful.
文摘In the petrochemical sector, CNOOC is building a 300,000 tonsper-year bitumen plant in western China, marking its first such investment in the remote but fast developing region, the company said on December 3. CNOOC, which produces 20 per cent of China's domestic bitumen output, will own 88 per cent of the US$36 million project in Sichuan Province and two local firms will own the remaining 12 per cent. Bitumen, or asphalt, production is scheduled to begin by the end of June 2004.
文摘CNOOC- Shell launches preliminary distributing firm
"CNOOC-Shell" joint venture project, a giant cooperative petrochemicals complex in Huizhou,Guangdong Province, has reportedly launched a preliminary distribution company in China in the recent time, which is currently preparing for the marketing network and has reached letter of intent on petrochemicals distribution with some users.
文摘CNOOC held a grand ceremony in Dongfang Chemical Industrial City in Hainan on November 18 to celebrate commencement of operation for its three giant projects at the same time.
文摘On August 13, CNOOC announced the company's profit in the first half of 2004 topped 10 billion yuan while the slaes income exceeded 30 billion yuan. The offshore oil giant has set an ambitious target to build itself into an integrated energy enterprise with international competitiveness by 2008.With the production and business smoothly under way, the oil and gas outputs both inside and outside China approached 18 million tons in the first half of this year, a 4 percent increase over the same period of last year.
文摘As China's sole offshore oil and gas explorer and developer, CNOOC has become gradually mature as independent operator by constantly assimilating and accumulating the advanced offshore oil exploration and development technologies and managerial experiences from its foreign cooperative partners.
文摘CNOOC Limited,of which China National Offshore Oil Corporation(CNOOC)is the parent,recently posted its first-ever half-year loss as the plunge of crude oil prices destroy the profit at China’s biggest offshore oil and gas producer.The company swung to a 7.74 billion yuan(USD1.16billion)loss in the January-June period,compared to a
文摘The Nanhai Oil Refinery Project independently funded by CNOOC was approved by the related governmental departments in late July. The offshore oil giant builds the 12 million ton-per-year oil refinery in Guangdong Province in the next three years to tap the lucrative South China oil market.The investment in the project will total at least 16 billion yuan (US＄1.93 billion).
文摘CNOOC Limited, of which China National Offshore Oil Corporation (CNOOC) isthe parent company, announced on November 15 that Huizhou 19-3/2/1 field has produced first oil fromHuizhou 19-3-1 Well at a rate of 6500 barrels per day. More wells in the block will be brought onstream gradually. Huizhou 19-3/2/1 field is located in block 16/08 and 16/19 about 120 kilometerssoutheast of Hong Kong in Eastern South China Sea. Development of the field is consisted of twoplatforms, 14 wells and a subsea pipeline from platforms to the FPSO of 'Nanhai Faxian.' The peakgross production capacity of the field is designed at 45,000 barrels of oil per day. The blocks areoperated by CACT Operators Group consisting of CNOOC, ENI China BV, Chevron Texaco China EnergyCompany. CNOOC holds a 51 percent interest in the blocks.
