China: CNOOC Names New CEO

CNOOC Limited announced today that, Mr. Li Fanrong has been appointed as the new Chief Executive Officer of the Company.

CNOOC Limited also announced that, due to his responsibility as the President of China National Offshore Oil Corporation which requires more of his time, Mr. Yang Hua resigned as Chief Executive Officer of the Company.

Accordingly, he was re-designated from an Executive Director of the Company to a Non-Executive Director of the Company. Mr. Yang continues to serve as the Vice Chairman of the Board and will primarily focus on the strategy of the Company.

Mr. Wang Yilin, the Chairman of the Company commented, “On behalf of the Board of Directors, I would like to welcome Mr. Li on his appointment as new Chief Executive Officer of the Company. I would also like to express our appreciation and gratitude to Mr. Yang for his outstanding contribution to the Company. Mr. Li has served the Company for more than 20 years, and has accumulated abundant operation and management experiences in offshore oil and gas development. I firmly believe Mr. Li has the capability to lead the Company and to create more value to our shareholders.”

Mr. Yang Hua, the Vice Chairman of the Company said, “I am very proud to be able to personally experience the remarkable growth of CNOOC Limited. I would take this opportunity to express my gratitude to the Board and the entire staff for their great support in the past. In the future, I will be more focused on the Company’s strategy of the Company, and keep on supporting Mr. Li and his management team.”

Mr. Li Fanrong, the newly appointed Chief Executive Officer of the Company stated, “I am honored to be appointed to this new role. I will fulfill my duty with my best endeavor, to promote the company’s long term sustainable growth.”

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LNG World News Staff, November 23, 2011; Image: CNOOC