HONG KONG – The CEO of CNOOC Ltd. (NYSE: CEO) , part of China National Offshore Oil Corp., Fu Chengyu, has announced his plans to resign from his CEO role, but retain the role of chairman of the board. Yang Hua will be named CEO and vice chairman of the board. Yang will resign as president and CFO. Li Fanrong will be named president. The changes will take effect September 16, 2010.
The company reporting a doubling of profits for the first half of 2010, citing higher oil and gas production and an increase in international crude oil prices. Net profits reached RMB25.99 billion, up 109.6% year over year. Net production also increased, reaching a record of 149 million barrels of oil equivalent (boe ) in the half - an increase of 40.8% year over year.
Bios
Yang is a senior engineer and graduated from China University of Petroleum with a bachelor’s degree. He also received an MBA degree from the Sloan School of Management at MIT as a Sloan Fellow. He joined CNOOC in 1982 and has held a number of roles with increasing responsibility. He was appointed general manager of CNOOC China Ltd., a subsidiary, president of the company and chairman of CNOOC Southeast Asia Ltd., a subsidiary, in February 2009, March 2009, and July 2009, respectively. From November 2006 to April 2010, he served as assistant president of CNOOC, and was appointed vice president of CNOOC in May 2010. He also serves as director of CNOOC Finance Corporation Ltd., and director of CNOOC China Ltd. and CNOOC International Ltd., both subsidiaries of the company, and chairman and director of CNOOC Deepwater Development Ltd., a subsidiary. He was appointed executive director of the company in August 2005.
Li is a senior engineer. He obtained a bachelor’s degree from Jiang Han Petroleum Institute in China, and an MBA degree from the Business School of Cardiff University in the UK. Li has been working in the oil and gas industry in China for more than 26 years. He joined CNOOC in 1984. From February 2007 to January 2009, he worked as president of CNOOC Ltd. Shenzhen Branch. From January 2009 to April 2010, he was assistant president of CNOOC. He has served as president of CNOOC Energy Technology & Services Ltd. since February 2009, and as vice president of CNOOC since May 2010. He was appointed a non-executive director in May 2010.
Source: CNOOC Ltd.