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.
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.
