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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  CNOOC Limited    0883   HK0883013259

CNOOC LIMITED

(0883)
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China/Abu Dhabi oil firms sign exploration, refining agreement

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07/22/2019 | 08:05am EDT
Logos of China National Offshore Oil Corporation (CNOOC) are displayed at a news conference in Hong Kong

BEIJING/SINGAPORE/Dubai (Reuters) - China National Offshore Oil Co (CNOOC) has signed an agreement with Abu Dhabi National Oil Co (ADNOC) on upstream exploration and development, oil refining and liquefied natural gas trade, ADNOC said on Monday.

The agreement was signed during a three-day state visit to China by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed.

Under the agreement, the companies will share the latest know-how in developing ultra-acidic natural gas fields, according to ADNOC's statement.

They will consider using CNOOC's engineering arms, Offshore Oil Engineering Co and China Oilfield Services Ltd, as contractors for design, purchase and construction as well as oilfield service providers for ADNOC.

The two firms will also look at potential opportunities to work with both these companies on offshore oil and gas field assets in Abu Dhabi, the statement said.

They will look into working together on LNG marketing and purchasing.

In oil refining and petrochemicals, ADNOC will consider opportunities for investing in CNOOC's existing refineries, and potential collaborations in new integrated refining and petrochemical assets in China, the statement said.

(Reporting by Muyu Xu, Chen Aizhu and Dahlia Nehme in Dubai; editing by Christian Schmollinger and Jane Merriman)

Stocks mentioned in the article
ChangeLast1st jan.
CHINA OILFIELD SERVICES LIMITED -2.26% 13.38 End-of-day quote.60.30%
CNOOC LIMITED -0.50% 11.88 End-of-day quote.-2.30%
OFFSHORE OIL ENGINEERING -1.35% 5.86 End-of-day quote.21.22%
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Financials (CNY)
Sales 2019 220 B
EBIT 2019 79 414 M
Net income 2019 56 156 M
Debt 2019 114 B
Yield 2019 5,80%
P/E ratio 2019 8,48x
P/E ratio 2020 8,34x
EV / Sales2019 2,69x
EV / Sales2020 2,53x
Capitalization 479 B
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Mean consensus BUY
Number of Analysts 19
Average target price 14,12  CNY
Last Close Price 10,73  CNY
Spread / Highest target 52,2%
Spread / Average Target 31,6%
Spread / Lowest Target 6,21%
EPS Revisions
Managers
NameTitle
Ke Qiang Xu President & Executive Director
Wei Zhi Xie Chief Financial Officer
Sung Hong Chiu Independent Non-Executive Director
Juen Yee Lau Independent Non-Executive Director
Hau Yin Tse Independent Non-Executive Director
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