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The practice in Base Group told us that we can convert underperforming asset into quality assets with correct mindset and strategy, and we can turn a weak logistic company into a competitive company with excellent management. We completed restructuring of the five subsidiaries with over 20,000 employees and formed 10 specialized companies in 2005. The ten companies have all been operating well. In 2006, Base Group continued its reform and had a good kick-off for the Eleventh Five-year Plan period.
Logistic Services
Base Group is the platform for CNOOC to provide logistic services and explore alternative energies. It was incorporated after the consolidation of CNOOC Bohai Corporation, CNOOC Nanhai West Corporation, CNOOC Nanhai East Corporation, CNOOC Donghai Corporation and CNOOC Enterprises Corporation. It currently has 25,000 employees and aggregate assets of RMB 15.8 billion.
It provides diversified services including technical support, equipment, human resources, logistics and telecommunications, etc. for businesses including offshore exploration, development and production, marketing of petroleum products, petrochemicals and LNG of the Group. In 2006, Base Group realized sales of RMB 12.3 billion and an operating income of RMB 1.06 billion, both significant increases over the previous year.
Since 1985, CNOOC has established its leading position in FPSO business. Leasing and management of FPSO has become a strong growing business for Base Group. In early 2006, it kicked off construction of two FPSOs, Hai Yang Shi You 115 and Hai Yang Shi You 116, which will provide services for Xijiang oilfield and New Wenchang oilfield when delivered.
CNOOC Environmental Services Company Limited (COES) is a specialized company established by CNOOC to deal with offshore oil spills and leakage. Its main task is to protect marine environment during the development of offshore hydrocarbon resources. On April 28, 2006, COES signed the Agreement on Resources Sharing for Emergency Response with the Salvage Bureau of Ministry of Communications. It is the first agreement signed between government and company in marine environment protection in China. The company set up the Offshore Oil Safety and Environment Protection Technology Research Center with the State Oceanic Administration on November 28, 2006. Such cooperation between government agencies and company helped lift emergence response capability offshore China.
The Monitoring and Supervising Technology Company provides a variety of technical services for offshore oil and gas exploration, development and production, including geophysical survey, geological investigation, well testing, oil testing, well completion, well repair and work-over drilling equipment maintenance. In 2006, the company received six patents for its technologies including Intelligent Y Connector and Multifunctional Connector, etc. It also introduced environment friendly equipment from overseas to deal with the wastes of well completion.
Renewable & Alternative Energy
CNOOC regards wind farm as its first footstep to explore alternative and renewable energies. The company has been making preliminary preparation to construct several offshore windmills. It also conducted research on biomass, coal to liquids and solar power technologies. The Company will adopt a strategy to quickly enter into the business by participating in ongoing projects and insist in developing the resources and market simultaneously.
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