Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling Back
China National Offshore Oil Corporation, or CNOOC Group, is one of the largest national oil companies in China, and the third-largest national oil company in China, after CNPC and China Petrochemical Corporation.
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackAccording to the official website of a subsidiary of CNOOC Limited, the latter, as well as another Chinese company CNPC, each have a 10% stake in the Arctic LNG-2 project located on the Gidan Peninsula in the Arctic region of Russia. The project is being implemented with the participation of the Russian company Novatek (which owns a 60% stake in the project) and other foreign companies. In August 2023, CNOOC Group executives announced that the Russian Arctic LNG 2 project was proceeding as planned. "So far, all partners... are financing the project as usual. No one is delaying its financing. Thus, the project is going according to plan," said CNOOC Group Chief Financial Officer Xie Weizhi at a briefing in Hong Kong. Capital investments to launch the Arctic LNG-2 project at full capacity are estimated at the equivalent of $21.3 billion.
NACP adds the three largest Chinese oil and gas companies to the list of international sponsors of war. Companies from China, Japan and France refused to finance Russia's large LNG project due to sanctions. We are talking about the Chinese CNPC and CNOOC, the Japanese Mitsui and JOGMEC consortium, as well as the French TotalEnergies. Each of them owns 10% of Arctic LNG-2, and 60% belongs to NOVATEK. China's state-owned oil companies are cutting back on Russian oil in March 2025 due to new US sanctions, with some cutting back on supplies altogether. PetroChina and CNOOC continued purchases with shipments in March but reduced volumes.