China Oilfield Services
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| State-owned enterprise | |
| Traded as | (: 2883,: ) |
| Industry | Oil exploration and Oil drilling |
| Founded | 2001 |
| Headquarters | Beijing, China |
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Area served
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China |
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Key people
|
Fu Chengyu (Chairman) |
| Parent | CNOOC |
| Website | China Oilfield Services Limited |
China Oilfield Services (COSL) is an oilfield service. It is a majority owned subsidiary of Chinese state owned company CNOOC Group. It also has a listed sister company in Hong Kong, CNOOC Limited.
China Oilfield Services is seeking acquisition targets in Southeast Asia, the Middle East and Central Asia, to bolster its operating scale and technical competencies. But high oil prices and a speculative investment environment have made agreements difficult to come by, company secretary Chen Weidong told the South China Morning Post.
The parent company of dominant offshore oil producer CNOOC is particularly interested in companies operating in Indonesia, Malaysia and the Caspian Sea.
COSL's overseas revenue surged 133% year on year in the first half to 209.8 million yuan, driven by demand for its services in Indonesia, West Africa and the Middle East.
With crude prices having remained high since 2010, merger and acquisition activity levels have been very high in the oil services market.
COSL had an office in Kuala Lumpur, Malaysia briefly in the early 2000s when it had its first western Vice President, Alan Good, a British born Oilman who helped launch the company internationally and pushed for further growth in the international sector.
COSL also maintains an office in Houston, TX as COSL America
Globally, the number of listed players in the oilfield services sector is just over 100, with a combined market capitalisation of about US$250 billion. The top five account for 40% of the industry's market capitalisation. The two largest companies in this sector are Schlumberger with a 2007 year-end market cap of US$117.6 billion and Halliburton with a 2007-year end market cap of US$33.4 billion.
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Wikipedia