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china national offshore oil corporation business model
China National Offshore Oil Corporation, or CNOOC Group is a major national oil company in China. It is the third-largest national oil company in the People's Republic of China. The CNOOC Group focuses on the exploitation, exploration and development of crude oil and natural gas in offshore China. The Group’s core operation areas are Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. Overseas, the Group has oil and gas assets in Asia, Africa, North America, South America, Oceania and Europe. The company is owned by the government of the People's Republic of China, and the State-Owned Assets Supervision and Administration Commission of the State Council (SASAC) assumes shareholder rights and obligations on the government's behalf. One subsidiary, CNOOC Limited, is listed on the Hong Kong exchange; the other, China Oilfield Services, is listed on the Hong Kong and New York exchanges.