CNOOC's Yang Hua Assumes Twin Roles Of Chairman & CEO
Zacks Investment Research | Jun 15, 2016 09:44PM ET
China's primary offshore oil company China National Offshore Oil Corp. (NYSE:CEO) , or CNOOC, recently announced that its Chairman Yang Hua has assumed the role of CEO also. Yang Hua as CEO replaced Li Fanrong who has resigned from his position as CEO, President and Executive Director. Yuan Guangyu has been appointed as the new President and Executive Director. The aforementioned changes took effect from Jun 15, 2016.
The changes came at an opportune time because the oil space is currently at the crossroads with opinion divided between oil stability and slide. However, instead of resting upon its past laurels, CNOOC is focused on growth through significant capital injection for upstream activities.
The company believes that it will be able to maintain a 6–10% compound annual production growth rate over the next five years backed by various organic and inorganic measures. During the first quarter of 2016, CNOOC’s capital expenditure totaled 9.69 billion yuan, down 39.2% from the year-earlier period. This was primarily due to a cut in capital budget by the company to combat low oil prices.
However during the first quarter, CNOOC made three new discoveries. It also successfully drilled four appraisal wells, including Caofeidian 12-6 oil and gas structure, in offshore China. Internationally, the company drilled three appraisal wells.
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