Vision and Commitments

We are committed to sustainable development; therefore, we will develop existing natural resources in a safe, efficient, and environmentally-friendly manner and provide society with clean, reliable and stable energy that meets people’s reasonable energy demand. The economy, environment, and society form three cornerstones for us to use to devote our businesses to energy resource development and value creation. As our business and economic contributions grow steadily, we will press ahead on the road of environmental protection and social progress. Continued efforts will be made to integrate economic, environmental and social factors to drive the sustainable development of the Company.

The Company believes that sustainable development should not only depend on the knowledge, beliefs and ideas of management or employees. We must also integrate sustainability into our corporate management systems to make it part of our corporate culture.

We constantly assess our performance and make improvements and adjustments to ensure that our operations and management are more environmentally-friendly, efficient and safer, and achieves balance in the development of the economy, environment and society.


Materiality Analysis

The Company, in accordance with the requirements of the Environmental, Social and Governance Reporting Guide issued by the Stock Exchange of Hong Kong Limited (HKEx), has understood the opinions of stakeholders on our environmental, social and governance (ESG) issues, identified issues that stakeholders are potentially concerned with and determined their importance, as important references to the extent and scope of issue disclosure, to ensure more accurate and comprehensive disclosure of ESG information and respond to stakeholders’ concerns by means of questionnaire surveys, business review and discussion, ESG performance benchmarking and internal workshops.

The materiality analysis results of CNOOC Limited’s ESG issues in 2021 are as follows:

ESG Management

CNOOC Limited has incorporated ESG management into corporate governance. The Board is the highest and decision-making body for ESG matters, and it takes overall responsibility for the Company’s ESG strategies and reporting. Its responsibilities include evaluating and identifying ESG risks, ensuring the establishment of appropriate and effective ESG risk management and internal control systems, and overseeing and managing ESG goals and work progress. The Company has established an ESG Audit Committee, which is responsible for evaluating and auditing the Company’s ESG reports and submitting them to the Board. The director of this Committee is undertaken by the CEO, and its members are executives of the Company.

CNOOC Limited has also founded a working group for the ESG Audit Committee. The members of the working group include heads of the Board’s Office, QHSE Department, Human Resources Department, and other related departments. Following the instructions of the ESG Audit Committee, the working group is responsible for preparing ESG reports, regularly reporting progress to the Committee, and handling other tasks assigned by the Committee.