China National Offshore Oil Corporation, or CNOOC Group, is a major national oil company in China. It is the third-largest national oil company in the People's Republic of China, after CNPC (parent of PetroChina) and China Petrochemical Corporation (parent of Sinopec). The CNOOC Group focuses on the exploitation, exploration and development of crude oil and natural gas in offshore China. The Group is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. The Group mainly engages in exploration, development, production and sale of crude oil and natural gas. The Group’s core operation areas are Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. Overseas, the Group has oil and gas assets in Asia, Africa, North America, South America, Oceania and Europe. As at 31 December 2015, the Group owned net proved reserves of approximately 4.32 billion BOE, and its average daily net production was 1,358,022 BOE (unless otherwise stated, all amounts of reserve and production in this report include our interests in equity method investees). The Group had total assets of approximately RMB664.4 billion.