CNOOC Ltd. chief executive resigns

CNOOC Limited, China’s crude oil and natural gas producer, has made several changes in its senior management after the resignation of its chief executive officer (CEO).

CNOOC said on Tuesday that Yang Hua has resigned as the company’s CEO.

Yang, who was also the executive director and the chairman of the board, was re-designated as a non-executive director of the company. He will remain CNOOC’s chairman of the board.

Furthermore, Yuan Guangyu, a current executive director, has been appointed as the new chief executive officer of the company. As a result, Yuan resigned as the president of CNOOC Ltd.

The final change is the appointment of Xu Keqiang as an executive director and the president of the company.

All changes and appointments are effective from April 18, 2017.

Resigning CEO

Yang Hua’s tenure as CNOOC’s CEO was not particularly long. He was appointed as the CEO in June 2016 following the departure of Li Fanrong who was appointed as the company’s CEO in 2011.

He is a professor-level senior economist and graduate from the China University of Petroleum with a degree in petroleum engineering who joined China National Offshore Oil Corporation (CNOOC) in 1982 and has over 30 years of experience in petroleum exploration and production.

Yang served in several senior positions in the company including the VP of CNOOC International, Senior VP, CFO, executive VP, president, and CEO among others. He was appointed as the chairman of CNOOC in April 2015.

CNOOC said that Yang’s directorship was extended for twelve months and would be renewed annually as determined by the board or the shareholders of the company.

New CEO

Yuan Guangyu, the newly appointed CEO of CNOOC, is a professor-level senior engineer. He joined CNOOC in 1982 and has over 30 years of experience in the oil and gas industry. Among other positions, Yuan served as the general manager and president of CNOOC Services, and vice chairman, CEO, and president of China Oilfield Services Limited (COSL).

He was appointed as the executive director and president of CNOOC International Limited on June 15, 2016.

Yuan’s CEO appointment will also be continued for twelve months and renewed annually.

The new company’s president, Xu Keqiang, is a senior engineer who joined the China National Petroleum Corporation in 1996 and served different positions. In March 2017, Xu was appointed as a vice president of CNOOC.

Both Yuan and Xu are expected to stand for re-election at the next Annual General Meeting.

As a result of the changes, the CNOOC board comprises of two executive directors, Yuan Guangyu and Xu Keqiang; four independent non-executive directors, Chiu Sung Hong, Lawrence J. Lau, Tse Hau Yin, and Kevin G. Lynch; and three non-executive directors, chairman of the board Yang Hua, vice chairman Liu Jian, and Wu Guangqi.

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