Shares of CNOOC Limited (NYSE: CEO [FREE Stock Trend Analysis]) are lower on the session by 2.20%, currently trading at $209.21. The stock has been moving largely lower over the past three weeks and is currently trading below the 50-day moving average.

Options traders are focusing on puts today. The strike seeing the heaviest action is the May 2012 $300.00 put, which has traded 948 times on open interest of 54 contracts. The Apr2012 $300.00 put also traded 900 times on 0 contracts.

Put volume is outpacing call volume by 41 to 1.

CNOOC Limited, along with its subsidiaries, is a producer of offshore crude oil and natural gas and an independent oil and gas exploration and production company.