China National Offshore Oil Corporation (CNOOC), the largest offshore oil and gas producer in China, recently paid a courtesy call on Guyana's Minister of Natural Resources and Environment, Robert Persaud to discuss bilateral cooperation amongst petroleum and other related areas of investment in Guyana.
The Ministry in a press release this evening said, "The team included Mr. CUI Hanyun, Overseas Exploration Inspector of China National Offshore Oil Corporation and Mr. HU Gencheng, South America Exploration Project Manager of China National Offshore Oil Corporation, while Commissioner of the Guyana Geology and Mines Commission, Ms. Karen Livan and other technical officers were also present. The meeting centered on the enhancement of mutual understanding; status of oil exploration in Guyana; the requirements (such as laws and regulations) for foreign investment in oil in Guyana, as well as the investment environment, infrastructure, port, etc. and general cooperation with the Ministry of Natural Resources and the Environment in the area of training and to obtain data about oil exploration in Guyana. CNOOC has been engaging the Government of Guyana since early 2010."
CNOOC, the ministry said, is a mega government owned company operating directly under the State-owned Assets Supervision and Administration Commission of the State Council of the People's Republic of China. In 2011, the Company's rankings in the Top 50 Global Oil Companies and Fortune Global 500 rose to 34th and 162nd, respectively.
Headquartered in Beijing, CNOOC employed approximately 98,750 people for all business. It has, since its incorporation in 1982, maintained strong growth momentum, evolving from a purely upstream oil and gas exploration outfit to an integrated group of energy-related companies with promising primary businesses and a complete industrial chain. The six main business segments of the Company are oil & gas exploration and development; professional technical services; refining, sales and fertilizers; natural gas and power generation; financial services and alternative energy resources.