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CEO

CNOOC Limited

6/20/2013, 12:35 AM ET

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Monday, June 10, 6:01 AM Iceland's energy authority hopes to decide by the fall whether to grant an exploration license to a partnership between Cnooc (CEO) and Icelandic start-up Eykon Energy. The companies hope to look for oil and gas off the northeast coast of Iceland as Cnooc becomes the first Chinese oil company to make a play for crude in the Arctic. Comment! [Energy]
Wednesday, June 5, 2:28 PM Cnooc (CEO -1.6%) is partnering with Iceland's Eykon Energy in an application for a license to explore and produce oil and gas offshore Iceland, which would mark the Chinese company's first foray into offshore Arctic oil drilling as well as the first entry of a major oil company into Iceland's oil sector. Comment! [Energy, On the Move]
Wednesday, June 5, 10:18 AM Members of an Alberta First Nation lose a lawsuit to stop the sale of oil and gas tenure in neighboring British Columbia, but they win recognition from the judge that they must be consulted. The suit against B.C., Nexen (CEO), Penn West (PWE) and Vero Energy (VREYF.PK) claimed inadequate consultation in the B.C. government’s sale of subsurface exploration rights on 21 parcels of land three years ago. 1 Comment [Energy]
Tuesday, June 4, 12:38 PM The NYT examination of how China is reaping the biggest energy benefits from post-war Iraq angers some, but China’s terms of engagement with Iraq are familiar in African countries: They gather the resources quickly, efficiently and to the benefit of themselves and the governments of the host country. Chinese companies are willing to take Iraq's terms, which are often rejected by big Western oil companies. 1 Comment [Energy, Global & FX]
Monday, May 6, 8:46 AM BG Group (BRGYY.PK) signs a binding $1.93B agreement with Cnooc (CEO) to supply liquefied natural gas and for an equity stake in BG's Queensland Curtis LNG project in Australia. BG says it has total committed volumes to China of 8.6M tons/year, which would make it the largest supplier of LNG to China. Comment! [Energy, Global & FX]
Friday, May 3, 8:51 AM Cnooc's (CEO) $4B bond offering yesterday was five times oversubscribed, thanks to robust demand from U.S. institutional funds seeking high yields and a piece of China's growth. The 10-year, $2B tranche, which was sold at 3.179% yield, drew the biggest share of orders; the yield tightened from the initial 3.49% guidance due to strong demand. Cnooc also sold three-year, five-year and 30-year bonds. Comment! [Energy, Global & FX]
Thursday, May 2, 11:42 AM Energy giant Cnooc (CEO -0.2%) is offering a $4B bond, the biggest in a decade in Asia excluding Japan, and the biggest-ever dollar bond by a Chinese company. Cnooc plans to sell the bond in four tranches, with durations ranging from three to 30 years, WSJ reports; the proceeds will be used to pay down debt piled up from its aggressive acquisitions of overseas shale assets. Comment! [Energy, Global & FX]
Tuesday, April 30, 10:57 AM Uganda's government says it may approve construction of a 120K bbl/day pipeline to export crude oil via the east African coast once drilling starts in the country's oil-rich Lake Albertine rift basin, easing concerns over oil development plans in the country among JV partners Total (TOT), Tullow Oil (TUWLF.PK) and Cnooc (CEO). Earlier this month, the government approved a 30K bbl/day refinery after a two-year deadlock. Comment! [Energy, Global & FX]
Friday, April 26, 8:25 AM Cnooc (CEO) says Q1 oil and gas revenue jumped 13% Y/Y to 55.3B yuan ($8.9B), thanks to strong overseas production after its February completion of the Nexen acquisition. Total output rose 17% Y/Y, helped by an increase in production from countries including U.S. and Iraq. Average selling price of its crude oil fell 8.7% to $110.29. Comment! [Energy]
Monday, April 15, 7:56 AM Uganda's government reaches an agreement with Cnooc (CEO), Total (TOT) and Tullow Oil over construction of a 30K bbl/day refinery, much smaller than it initially had sought. It had withheld consent for the development of the fields since last year, due to a spat with the companies over development plans, especially the size of the refinery. Comment! [Energy, Global & FX]
Tuesday, March 26, 3:38 PM China will cut domestic prices for gasoline and diesel fuel by ~$50/metric ton effective Wednesday, a move that could hurt consumers and business if prices surge but could benefit refiners. The changes are a boon for China's major oil companies such as Sinopec (SNP +1.2%), which have long complained the old system artificially depressed their earnings. Comment! [Energy, Global & FX]
Monday, March 25, 12:59 PM Cnooc (CEO +3.2%) shares rise as BAML lifts shares to Buy from Neutral, backing management's positive outlook on volume growth in 2014-15E supported by a solid reserve replacement ratio (excluding Nexen, 188% in 2012 vs. 158% in 2011), and a very strong project pipeline of 30-50 new projects in 2013-15. Jefferies also upgrades Cnooc, to Hold from Underperform. Comment! [Energy, Quick Ideas, On the Move]
Friday, March 22, 8:06 AM Cnooc (CEO) says its 2012 profit fell 9.3% due to higher costs for exploration and operating in Canada's oil sands. Revenue rose 2.8% to 247.6B yuan from 240.9B on higher oil and gas sales. Cnooc’s largest domestic offshore field, Penglai 19-3, was shut because of a spill, hindering production growth. Says it will increase expense on drilling new wells and exploring for resources by 52% Y/Y. (PR) Comment! [Energy, Earnings]
Wednesday, March 13, 9:49 AM Cnooc (CEO) says it is prioritizing a fix for Britain's accident-prone Buzzard oil field it obtained via its $15B purchase of Nexen. Buzzard is central to the price of Brent crude, and every time it shuts it can raise costs for some of China’s oil imports. Cnooc tells Reuters it fully expects to raise production at its North Sea assets, but says details have not been finalized. Comment! [Energy, Global & FX]
Monday, March 11, 6:05 PM A closer look at China’s plans to unlock what could be the world’s biggest shale gas reserves shows shows 16 firms winning exploration rights in the latest auction had never drilled a gas well before. They have little idea about the costs, but they're "getting in early into what could be a huge market." It also offers the potential for lucrative contracts for specialist foreign firms such as SLB or HAL. 2 Comments [Energy, Global & FX]
Friday, March 8, 2:47 PM Cnooc's (CEO) acquisition of Nexen (NXY) finally went through but some say the Canadian government's decision to change the investment rules may turn out to be an unwelcome surprise. China’s quest for energy security means it is investing all over the world, and it has many other options. ConocoPhillips (COP) already has suggested it is having some difficulty in deal-making under the new Canadian rules. Comment! [Energy, Global & FX]

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