CNOOC Group

In January 2021, the State of New Jersey Department of the Treasury listed CNOOC as a company engaged in prohibited activities in Iran pursuant to P.L. 2012, c. 25 ("Chapter 25"). 

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On October 14, 2020, CNOOC remained on the Tennesse Department of General Services list of persons it determines engage in investment activities in Iran, as described in 12-12-105.

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"In 2009, CalSTRS designated CNOOC as “Under Review.” CNOOC was being considered for divestment because of the lack of clarity between it and its parent when it was announced CNOOC was buying 33% of Chesapeake Energy’s stake in the Eagle Ford Shale project in south Texas. CalSTRS viewed this purchase as significant because it gives CNOOC U.S.-based assets that could be subject to sanctions. In 2011, CalSTRS designated the company as “Being Monitored.” While CNOOC does not appear to have direct ties to Iran, CalSTRS is uncomfortable with its parent company’s relations to the country. In 2012, CalSTRS divested holdings of CNOOC and maintained the “Divested and Restricted” status in 2020."

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In June 2020, CNOOC was listed by the Connecticut Office of the Treasurer as a restricted company and therefore prohibits direct investment in the company due to its involvement in Iran. 

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As of October 2019, CNOOC remains on the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because of oil-related investment of US $20 million since 1996. 

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China National Offshore Oil and Gas Company (CNOOC), the biggest Chinese offshore producer with operations both in China and abroad, will see an impact on its oil and gas shipping business, due to the U.S. sanctions on several Chinese tanker owning firms, a senior CNOOC executive said on Thursday." (Oil Price, 10/24/2019).

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As of August 27, 2019, CNOOC is listed on the Illinois Investment Policy Board list of Iran restricted companies.

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As of August 15, 2019, the state of Iowa listed CNOOC on its Iran scrutinized companies list.

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CNOOC is listed on the June 4, 2019 and July 12, 2019 Florida State Board of Administration list of prohibited investments (Scrutinized companies) for Iran related business.

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CNOOC is listed on the June 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

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On June 30, 2019, New Jersey listed CNOOC on its state list of entities determined, based on credible information, to be engaged in prohibited activities in Iran.

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As of June 1, 2019, the State of Ohio removed China National Offshore Oil company from its Scrutinized companies Iran list.

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CNOOC was added to the the May 15, 2019 Iowa Public Employees' Retirement System Iran Prohibited Companies List.

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CNOOC is listed on the March 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

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In 2017, the U.S. states of Alaska, California, Connecticut, Florida, Georgia, Illinois, Mississippi, New Jersey, New York, Ohio, Pennsylvania, South Carolina , Tennessee and     South Dakota listed CNOOC on its Iran scrutinized companies list rendering CNOOC ineligible for investment and/or state contracting.

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Several media outlets have recently reported that CNOOC is seeking to significantly expand its operations in the Iranian market.  On January 3, 2017, the National Iranian Oil Company (“NIOC”) listed CNOOC as one of the “designated 29 non-Iranian companies [] qualified to participate in its pending tender round for upstream projects.”  (Oil & Gas Journal Website, “NIOC qualifies 29 firms for tender round,” 1/3/2017).  

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In 2015 CNOOC was removed from the Texas Pension Review Board List of Scrutinized Companies doing business in Iran pursuant to Chapter 807.054, Government Code because the "company responded to their placement on the Scrutinized Companies List by stating that 'CNOOC Limited nor any of its subsidiaries has invested in any Iranian entity, nor had any business operations in Iran.'" 

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According to its Annual Report filed with the SEC for fiscal year 2014: "To our knowledge, in 2014, China Oilfield Services Limited (COSL), one of our non-controlled affiliates, continued to provide certain drilling and other related services in Iran in relation to renewed subcontracting agreements entered into in 2009, as it did in 2013. We cannot predict at this time whether U.S. sanctions will be imposed on any of our affiliates."

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In 2014, CNOOC was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because of oil-related investment of US $20 million since 1996 and for violating U.S. export controls.

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In 2013 and 2014 CNOOC was listed on the Texas Pension Review Board List of Scrutinized Companies doing business in Iran pursuant to Chapter 807.054, Government Code. 

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"Rahmanloo stated that one of his delegation’s goals for the trip to Shenzhen was to establish contacts at the China National Offshore Oil Corporation (CNOOC), the state-owned energy giant that has relied heavily on foreign equipment in its efforts to tap offshore oil and gas fields. Liu Taiyuan, director of the subsea division of CNOOC’s Shenzhen branch, declined to comment on whether the company would do any business with Khazar, only noting that 'we are open to international partnerships.' A senior executive at Technip, the French procurement, engineering and construction firm specialized in the energy industry, said that given its status as one of China’s most important companies, CNOOC is unlikely to do a deal as shady as re-selling Khazar equipment bought from GE or other Western technology providers restricted by sanctions." (Financial Times, "Iran seeks Chinese proxies to further offshore drilling ambitions," 5/31/2013) 

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According to its Annual Report filed with the SEC for fiscal year 2012: "In 2012, to our knowledge, one of our non-controlled affiliates, COSL, was engaged in certain drilling and other related services in Iran in relation to subcontracting agreements entered into in 2009 and another non-controlled affiliate of ours was engaged in installation services in Iran. We cannot predict at this time whether  U.S. sanctions will be imposed on any of our affiliates."

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In 2011 CNOOC was removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran after clarifying its involvement in Iran.

Last year’s foreign buying spree was not the first for the likes of China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC) and China Petrochemicals Corporation (Sinopec), but previously the Chinese firms had mostly purchased assets in Africa and Central Asia, which typically produce oil similar to China’s own crude... All three of China’s biggest state-controlled oil companies have clinched deals with Tehran to develop some of Iran’s biggest oil and gasfields. Last year’s crop included agreements for CNPC to develop phase 11 of the massive South Pars gasfield to develop three oilfields. (The National, "China's global quest for oil," 1/9/10)

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"The China National Offshore Oil Corp (CNOOC) is in talks to finalize a $16 billion dealt to develop the North Pars gas field and build a liquefied natural gas (LNG) plant." (Reuters, "FACTBOX: Iran's major oil customers, energy partners," 8/19/09)

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"China's state-backed offshore oil company CNOOC is negotiating a $16 billion deal to develop a gas field and build an LNG terminal." (Reuters, "Iranians Turning To Asia For Funding, Technology," 8/21/08)

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"We cannot predict the interpretation or implementation of government policy at the U.S. federal, state or local levels with respect to any current or future activities by CNOOC or its affiliates in countries that are the subject of U.S. sanctions. It is possible that the United States could subject CNOOC to sanctions due to these activities. Certain U.S. states and colleges that have restrictions on the investment of public funds or endowment funds, respectively, in companies that are members of corporate groups with activities in certain countries that are the subject of U.S. sanctions, such as Iran or Sudan. It is also possible that the activities by CNOOC or its affiliates may affect the investment in our shares by such U.S. states and colleges." (Company Website, 2008 Annual Report On Form 20-F)