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