CNOOC Limited, an investment holding company, engages in the exploration, development, production, and sale of crude oil, natural gas, and other petroleum products. The company produces offshore crude oil and natural gas primarily in Bohai, Western South China Sea, Eastern South China Sea, and East China Sea in offshore China. It also has oil and gas assets in Asia, Africa, North America, South America, Oceania, and Europe. As of December 31, 2014, the company owned net proved reserves of approximately 4.48 billion barrels-of-oil equivalent. It also provides bond issuance services. The company was incorporated in 1999 and is based in Hong Kong, Hong Kong. CNOOC Limited is considered a Red Chip company due to its listing on the Hong Kong Stock Exchange. CNOOC Limited is a subsidiary of China National Offshore Oil Corporation.