China National Offshore Oil Corporation (CNOOC Group)
China National Offshore Oil Corporation (CNOOC Group)
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.
According 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.
The Company Statement
October 03, 2023
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.
| March 26, 2024 | Final sanctioned tanker with Russian Sokol oil to reach China port, data shows |
| January 10, 2024 | Russia left out in the cold as US sanctions torpedo LNG project |
| December 26, 2023 | The Russian Arctic LNG 2 project targeted by U.S. sanctions |
| December 25, 2023 | Companies from China, Japan and France refused to finance a large Russian LNG project due to sanctions |
| December 22, 2023 | China to Seek Exemptions to US Sanctions on Russian LNG |
| October 03, 2023 | Board of Directors |
| October 03, 2023 | Arctic LNG 2 |
| August 19, 2023 | Chinese CNOOC confirms that Arctic LNG 2 will be launched this year |
| August 18, 2023 | Russia's Arctic-2 LNG set to start production during 2023, CNOOC says |
| August 18, 2023 | Reuters: France and Japan have not stopped financing the Russian "Arctic LNG-2" |
| July 25, 2023 | The first production line of the Arctic LNG 2 plant went to Gydan |
| July 21, 2023 | The President of Russia launched a large-scale project in Yamal |
| February 10, 2023 | Global LNG market Structural features and development forecast |
| November 21, 2022 | The income tax for LNG exporters in Russia was increased from 20% to 34% for 2023-2025 |
| November 21, 2022 | The income tax for LNG exporters in Russia was increased from 20% to 34% for 2023-2025 |
| Company Overview - CNOOC LIMITED CNOOC LIMITED |
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