The China National Offshore Oil Corporation (CNOOC) has consistently aligned its work with the goals of the Belt and Road Initiative (BRI), driving its international business growth across countries involved in the BRI.
In Nigeria, CNOOC has participated in the development of multiple oilfields, becoming the largest Chinese investor. In Uganda, the company has undertaken significant infrastructure projects, including the construction of cliff-side roads, water supply systems and public health initiatives, directly benefiting local communities. In Gabon, CNOOC has upheld its responsibility for marine biodiversity conservation.
Over the past decade, CNOOC’s actions have significantly advanced energy cooperation globally, reflecting the company’s dedication to China’s new energy security strategy and the BRI’s objectives.
In April 2014, the Liwan 3-1 gas field, China’s first deepwater gas field, officially began production in the South China Sea. This project, co-developed by CNOOC and international energy companies, marked a significant milestone in the corporation’s journey into deepwater exploration and cooperation.
In March 2024, the Offshore Oil 720, CNOOC’s domestically designed and built deepwater seismic survey vessel, successfully completed data collection operations in Indonesia, showcasing the strength of China’s self-developed ocean exploration technologies.
Strengthening core capabilities
In 2012, CNOOC established a subsidiary, CNOOC International, to accelerate its development efforts. The company has since made substantial strides in Iraq, where its Maysan oilfield has surpassed 15 million tons in reserves. In North America, CNOOC doubled production at the Long Lake oil sands project within the space of two years. In Uganda, it became one of the largest Chinese investors, while in Brazil, it tackled challenging deepwater salt-layer operations. CNOOC’s footprint now spans over 20 countries, with local employees making up over 70 percent of its workforce.
The construction of vessels and overseas operations has become a defining feature of CNOOC’s recent international business operations. CNOOC’s oilfield services and equipment manufacturing projects are gaining increasing visibility on the global stage. For example, the 350,000-ton super floating production storage and offloading (FPSO) units, P67 and P70, used in Brazil’s deepwater salt-layer projects, were developed by CNOOC’s engineering teams. Additionally, vessels such as Offshore Oil 719, Offshore Oil 718, and Offshore Oil 720 have helped secure contracts for projects in Thailand, Myanmar and Pakistan.
Building world-class partnerships
A customs declaration form from CNOOC is now on permanent exhibition at the China Customs Museum, symbolizing the country’s rise from a major trading nation to a global powerhouse. The form declares CNOOC Huizhou Petrochemical’s export of aviation kerosene to Bangladesh, valued at over $16 million (113.64 million yuan).
Huizhou Petrochemical’s first export in 2014 marked the company’s successful entry into the international market, starting with the export of 33,000 tons of aviation kerosene. By 2023, its cumulative export volume reached 29.6 million tons.
In 2020, CNOOC consolidated its sales and trading divisions, and in 2021, it established CNOOC International Trading. This new entity handles not only crude oil imports but also engages in sales, trading, storage, transportation and financial services, accelerating international trade.
By 2023, CNOOC International Trading had achieved an annual global oil trade volume of 120 million tons, supporting upstream oil and gas production and boosting downstream refining and private enterprises.
CNOOC’s efforts to expand global markets have fostered a broad international network of partnerships. In 2022, CNOOC established a 24-hour global trading network, further enhancing its reputation and promoting its commitment to integrity, professionalism and win-win cooperation.
In November 2023, at the China International Import Expo, CNOOC signed deals with 22 global suppliers, with a total contract value exceeding $60 billion (426 billion yuan). These agreements cover oilfield exploration, technical services and mid-to-lower stream industry chain development, as well as new energy and low-carbon solutions.
Powering a shared future
In March 2022, Uganda’s National Investment Authority presented CNOOC Uganda with a special contribution award for its investment in the Albert Lake oilfield, a project which is vital to the country’s economic development.
Albert Lake represented Uganda’s first commercial oil discovery, and CNOOC has trained over 150 local oil and gas contractors to support its operations there.
CNOOC’s social impact extends beyond its core energy projects. In the rainforests of Guyana, CNOOC installed 130 solar-powered streetlights, addressing the challenge of night-time travel for 1,200 local villagers. In Uganda’s Buhuka community, CNOOC built a water supply project, ending villagers’ need to fetch water from the mountains, benefiting 13,000 people.
These initiatives have become important symbols of China’s positive role on the global stage.
(Executive editor: Zhu Zeya)
