A profile of CNOOC Limited
CNOOC Limited (the "Company", together with its subsidiaries, or the "Group"), is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. The Group mainly engages in exploration, development, production and sell of oil and natural gas.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. China National Offshore Oil Corporation is the Company's largest shareholder. It currently holds approximately 64.44% of the Company's shares. CNOOC limited is listed on three stock exchanges, including New York, Toronto and Hong Kong. Standard & Poor's has issued a credit rating of AA- for CNOOC limited, while Moody's has issued a credit rating of Aa3. Both ratings are consistent with the rating agencies' respective credit ratings for the People's Republic of China.
Total and CNOOC Limited partnering for oil development in Uganda
Total E&P Uganda is partnering with CNOOC Uganda Limited (an overseas branch of CNOOC Limited) in the development of Uganda’s oil resources in the Lake Albert region. In 2012, Tullow Oil farmed-down an agreement with Total E&P Uganda and CNOOC Uganda Limited in which they each acquired a 33.3% interest in the Lake Albert Exploration Areas 1, 1A-Lyec, 2 and 3-Kingfisher. Each of the 3 partners has an equal stake in the exploration area operated by its partner. CNOOC Uganda Limited and Tullow Oil therefore have an equal stake in Total E&P Uganda’s operations in the Murchison Falls National Park. CNOOC Uganda Limited received a Production License for the Kingfisher area in September 2013. Together, the partners will soon move into the Development phase of these oil resources.