Since its foundation, CNOOC's yearly oil production has risen greatly from less than 100,000 tons to more than 40 million tons (oil equivalent) in 2006. In the 1990s, CNOOC initiated downstream petrochemical and fertilizer projects and began its overseas expansion.

Intensive pioneering efforts

The Chinese offshore oil industry started at the end of 1950s and offshore oil exploration was initiated at the South China Sea . After 1965, the exploration focus was diverted to Bohai Bay in the north. In the early period, oil and gas discovery wells were obtained in the two sea areas mentioned above by using self-made crude equipment. From 1966 to 1972, a total of 4 fixed drilling platforms were built, 14 wells were drilled and 3 oil-bearing structures were discovered in Bohai Bay , accumulating abundant experience for offshore oil exploration.

After 1973, the equipments began to be renewed, and a supply of jack-up vessels, three-purpose (towing, weighing anchor and casting anchor, supply) workboats, geophysical survey vessels were built in China and methods were introduced from abroad for conducting exploration and development tests in Bohai Bay.

From 1957 until the exploration and development of offshore oil in cooperation with overseas partners, and in over 20 years of making intensive and pioneering efforts to develop China's offshore oil, the petroleum and geology units successively conducted gravitational prospecting, magnetic prospecting and part of seismic reconnaissance in the sea areas such as South China Sea, Bohai Bay, Yellow Sea and so on. The units affiliated with the Ministry of Petroleum Industry drilled 110 wells in Bohai Bay , Beibu Gulf of the South China Sea and the sea areas near Hainan Island , and industrial hydrocarbon flows were obtained in 30 wells; 3 small oil and gas fields were developed. The intensive pioneering efforts made in the early period of the Chinese offshore oil industry have resulted in considerable and valuable wealth and a solid foundation, encouraging later generations to continuously strive for a brighter future of the business.

A story of rapid growth

The foundation of CNOOC in 1982 signified that China 's offshore oil industry had entered a new development period. In February 1982 China National Offshore Oil Industry was established, and Qin Wencai, Deputy Minister of the Ministry of Petroleum Industry, was appointed as President. In March 1982 Bohai Oil Corporation was established in Tanggu of the Tianjin-based Offshore Oil Exploration Bureau of the Ministry of Petroleum Industry. In June 1982 the Nanhai East Oil Corporation was founded in Guangzhou and the Nanhai West Oil Corporation was founded in Zhanjiang based on the Nanhai Oil Exploration Headquarters of the Ministry of Petroleum Industry. In July 1982 the Nanhuanghai Oil Corporation was established in Shanghai . After their foundation, the four local corporations under CNOOC took charge of oil and gas exploration and development in their respective sea areas.

From the foundation of CNOOC to present, it has been blessed with five leader groups; the five successive presidents have been Qin Wencai, Zhong Yiming, Wang Yan, Wei Liucheng and Fu Chengyu. The first leader group established the mode of cooperation with overseas partners, participated in the drafting of the Regulations of the People's Republic of China Concerning the Exploitation of Offshore Petroleum Resources in Cooperation with Overseas Partners, successfully initiated the international invitation for bids and opened a new era of offshore oil cooperation with overseas partners under the leadership of Vice Premier Kang Shien and the leaders of the Ministry of Petroleum Industry.

The second leader group adopted the principle of conducting cooperation with overseas partners and self-operation simultaneously, conducted research on downstream petrochemical projects, maintained the lean size of staff and reformed the structure of business units.

The third leader group established the system of Oil Corporation, initiated downstream projects, established and implemented trans-global strategic objectives and the high-speed and high-efficiency development of China offshore oil began to take shape.

In order to enhance the corporation's international competitive edge in the 21 st century, the fourth leader group based CNOOC upon long-term development, started to implement capital operation strategy from 1999, conducted a large-scale enterprise reorganization, and successfully entered the international capital market through the public listing of the oil and gas assets in the stock markets in New York and Hong Kong.

The current leader group led by Mr. Fu Chengyu has launched an ambitious expansion plan for the years until 2010 ： to supply 100 million tons of oil and gas and to double its size in the terms of gross assets and thus realize its objective of becoming one of the top energy companies in the world.