The story
Founded by China National Offshore Oil Corporation on Aug 1999.1
China National Offshore Oil Corporation or CNOOC, is a state-owned enterprise based in Beijing, capital of China. In order to float most of its assets on the Hong Kong stock exchange, a special purpose vehicle was incorporated in Hong Kong as an intermediate holding company, in order to transfer the control of some subsidiaries to the company. Thus, it was considered as a red chip company of the exchange, due to its government background but incorporated outside mainland China. As of 31 March 2020, the company had a market capitalization of HK$363 billion.
In October 2024, CNOOC signed an Exploration, Development & Production Contract (EDPC) with Midland Oil Company, an Iraqi state-run oil company.
From Wikipedia’s article on CNOOC Limited, shared under CC BY-SA 4.0.6