BEIJING, April 18 CNOOC Ltd said on
Tuesday chief executive officer Yang Hua had resigned, less than
a year after being appointed to the top spot, in the latest
management shake-up at China's biggest offshore oil producer.
Yang will be replaced by Yuan Guangyu, who has stepped down
as president due to his move. Yang will remain as chairman and
non-executive director, CNOOC said.
Both executives are 35-year veterans of the company, having
joined in 1982, according to the statement.
Xu Keqiang has been appointed executive director and
president of the company to replace Yuan, CNOOC said.
The company did not give a reason for the changes, which
come ten months after Yang was promoted to CEO and Yuan was
The appointments come as the oil industry is on a surer
footing than a year ago, with crude oil prices around $50 per
barrels giving China's oil majors more confidence to ramp up
spending for the first time in years as they seek to replace
ageing reserves and falling output.
In recent years, CNOOC has embarked on a big overseas
expansion, with acquisitions including the $15 billion purchase
of Nexen Energy. Yang was made chairman of Nexen in June last
(Reporting by Josephine Mason; Editing by Mark Potter)