New boss takes helm at CNOOC

CNOOC, China’s crude oil and natural gas producer, has made changes in directors and senior management of the company, including the change of its Chief Executive Officer (CEO).

Following the resignation of its current CEO, President, and Executive Director Li Fanrong, appointed in 2011, CNOOC named Yang Hua as its new CEO and re-designated to the position of Executive Director. Yang Hua also remains the Chairman of the company.

He is a professor-level senior economist and graduate from the China University of Petroleum with a degree in petroleum engineering who joined CNOOC in 1982 and has over 30 years of experience in petroleum exploration and production, the company said.

Furthermore, the company stated that Wu Guangqi, an Executive Director of the company since 2005, has been re-designated as a Non-executive Director and has resigned as Compliance Officer and that the position has been filled by Chen Wei, who has also been appointed to the position of General Counsel.

Yuan Guangyu, also serving as the Director of CNOOC China and CNOOC International – subsidiaries of the company, has been appointed as President and Executive Director.

The oil company added that all the changes take effect from June 15, 2016.

Yang Hua, new Chairman and CEO of CNOOC, said: “On behalf of the Board of Directors, I extend a warm welcome to Mr. Yuan Guangyu on his appointment as President and Executive Director. Together with Mr. Yuan and the management, I will lead the company to proactively tackle the challenges of low oil prices, adjust our development concept in a timely manner, and promote the company’s sustainable development to create greater value for our shareholders.”