FU CHENGYU (CFP)	YANG HUA (CFP)

Fu Chengyu would hand over his role as CEO of CNOOC Ltd. to Yang Hua on September 16, said the company, China's largest offshore oil and gas producer. Fu will remain as chairman of the company.

Fu, 59, has served as chairman and CEO of CNOOC since 2003. He is also general manager of CNOOC's parent company, China National Offshore Oil Corp. Since he took over the company, CNOOC's oil output has risen 38 percent. Total assets and sales revenues for each have more than tripled.

Despite CNOOC's failed bid for U.S. oil producer Unocal in 2005, the company has undergone fast overseas expansion under Fu's reign. It acquired a 50-percent stake in Argentina's Bridas for $3.1 billion in March this year.

The 49-year-old Yang joined China National Offshore Oil Corp. in 1982. He had overseen the company's overseas operations for several years and played an important role in CNOOC's stock offering in 2001. Yang was named CFO of CNOOC in 2005 and became its president in 2009. On May 18, he was named vice general manager of the parent company.

CNOOC has chosen Li Fanrong, an assistant president, to succeed Yang as company president.