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Company – On record

This profile is no longer actively maintained, with the information now possibly out of date

Last update: 2022-11-25 00:00:00

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date

Last update: 2022-11-25 00:00:00

Why this profile?

CNOOC is a large oil and gas company. Responsible for high amounts of carbon emissions, CNOOC is actively contributing to climate breakdown.

What must happen

Banks and other financial institutions must demand that their fossil fuel major clients immediately halt all activities that expand fossil fuel infrastructure, and develop and implement credible phase-out plans for their existing fossil-fuel-based activities, on a timescale aligned with Paris Agreement goals. In the absence of such commitments, banks must stop financing CNOOC.

About

Sectors	Oil and Gas Extraction
Headquarters
Ownership	CNOOC is fully owned by the Chinese State via its Assets Supervision and Administration Commission of the State Council (SASAC).
Subsidiaries	CNOOC International – China CNOOC Limited – China
Website	https://www.cnooc.com.cn/col/col6141/index.html

The China National Offshore Oil Corporation (CNOOC), established in 1982, is one of the largest oil companies in China. Via its major subsidiary CNOOC Ltd. the company's activities consist of the exploitation, exploration and development of crude oil and natural gas in offshore China. CNOOC is state-owned by the government of China. In 2021 CNOOC produced 453.7 million barrels of oil and 700.6 billions cubic feet of gas. The company has resources under development amounting to 4225 million barrels of oil equivalent per day (gogel.org).

Impacts

Impact on human rights and communities

In 2016 Shandong fishermen filed a lawsuit against US oil and gas company ConocoPhillips and CNOOC over impacts on their livelihoods related to the 2011 Bohai Bay oil spill. The oil spill took place in June 2011 at the Penglai 19-3 oil field, which was being jointly developed by ConocoPhillips and CNOOC. Eventually a USD 160 million settlement was reached (Business & Human Rights Resource Centre).

In 2012 CNOOC was accused of participating in the persecution of Falun Gong by collaborating with the Chinese Communist Party to send Falun Gong CNOOC employees to labour camps and mind-control facilities, reducing their pay and preventing them from receiving benefits (or regular wages) unless they renounce their beliefs.

In 2008, CNOOC was accused of human rights abuses in Burma. According to Arakan Oil Watch the company confiscated land and farms, damaged crops and destroyed livelihoods by polluting soil and waterways. Arakan Oil Watch stated in a report that the company "left behind such a trail of abuses and environmental contamination on Ramree Island that outraged locals attacked their facilities".

Impact on climate

CNOOC Ltd. (the flagship subsidiary of CNOOC) plans to reduce its GHG emissions by 16 percent between 2020 and 2025 and aims to peak its carbon emissions before 2030 and achieve carbon neutrality before 2060.

Impact on nature and environment

Bohai Bay oil spill On June 4, 2011 U.S. company ConocoPhillips, operating in the Penglai 19-3 oilfield, caused an oil spill from a seafloor leak which lasted until June 7. This was followed by a second leak on June 17. The leaks polluted a total of more than 840 square kilometers of clean water in Bohai Bay. The Penglai 19-3 oil field is majority-owned by CNOOC (51%), ConocoPhillips owns 49%.

Financiers

Between 2016 and 2021, 17 commercial banks financed CNOOC via lending and underwriting totalling USD 4.12 billion. See below for more details on banks involved.

In 2022 CNOOC received financing from Bank of China and China CITIC Bank totalling USD 3.378 billion. See below for more details.

Institution type

Finance type

Year

Projects

East African Crude Oil Pipeline (EACOP)

Uganda

Project

Target

Pipeline Transportation of Crude Oil

East African Crude Oil Pipeline (EACOP)

Uganda

There are no active project profiles for China National Offshore Oil Corporation (CNOOC) now.

Governance

Norms & standards

Applicable norms and standards

UN Guiding Principles on Business and Human Rights

News

BankTrack

Partners

Blog

External

Company – On record

Company – On record

Why this profile?

What must happen

Impact on human rights and communities

Impact on climate

Impact on nature and environment

East African Crude Oil Pipeline (EACOP)

East African Crude Oil Pipeline (EACOP)

Applicable norms and standards

New carbon bombs data shows fossil fuel industry’s plans to overshoot the world’s carbon budget

TotalEnergies financiers beware: EACOP is eating up money, nature and livelihoods

New study: The money trail behind fossil fuel expansion in Latin America & the Caribbean

Tanzanian Activists Clash with KCB Over EACOP Support and Arrest of 11 Ugandan Activists

Ugandan ​​activist​ asks HSBC to put ‘lives before profit’ as campaigners target bank’s AGM

Students arrested on their way to Stanbic Bank's HQ to condemn EACOP's partial funding

The StopEACOP Coalition condemns the partial financing of the East African Crude Oil Pipeline

Communities and activists in Uganda and Tanzania take to the streets in response to reports indicating that Chinese financing for EACOP may be imminent

Mass arrests in Uganda, as hundreds gather worldwide urging China to halt EACOP

StopEACOP Campaign condemns Standard Bank's decision to fund EACOP

The 2023 Global Oil & Gas Exit List: Building a Bridge to Climate Chaos

China steps in to save Uganda oil pipeline as Western lenders back out over environmental concerns

Who is left to fund East Africa’s controversial oil pipeline?

Mitsubishi UFJ Financial Group distances itself from the East African Crude Oil Pipeline

EACOP Financial Advisor SMBC is no longer involved with the project

New report: Canadian bank RBC the #1 financier of fossil fuels, world’s biggest banks continued to pour billions into fossil fuel expansion

Financial and reputational risks of EACOP pile up amidst growing opposition to project

Throwing fuel on the fire: GFANZ members provide billions in finance for fossil fuel expansion

China’s CNOOC produced 620 mboe in 2022 and plans an 8% increase for 2023

Uganda in 2023: Oil sector to open doors

How does drilling for oil in Uganda’s national park live up to China’s COP15 biodiversity pledge?

There is still a long way to go before EACOP reaches Financial Close, activists opposed to pipeline say

The disproportionate gendered impacts of EACOP across project affected communities in Uganda

EACOP Finance Risk Update #6

Extortion, Coercion, and Impoverishment

Oil in Uganda: Serious human rights abuses and escalating threats as project development enters new phase

Banking on Climate Chaos 2023

The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 4

CSR report 2021

Annual report 2021

Ugandan activist asks HSBC to put ‘lives before profit’ as campaigners target bank’s AGM