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FAQ

Company Profile：
Where is CNOOC Limited listed and what is its stock code?
●     CNOOC Limited is a listed company on the Shanghai Stock Exchange and the Hong Kong Stock Exchange with stock codes of 600938 and 00883, respectively.
What is CNOOC Limited’s core business?
●     The Company 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 Company mainly engages in exploration, development, production and sale of crude oil and natural gas.
What is the relationship between CNOOC Limited and its parent company China National Offshore Oil Corporation?
●     China National Offshore Oil Corporation is the Company’s largest shareholder. It currently holds approximately 61.86% of the Company’s shares.
What is the composition of CNOOC Limited Board of Directors?
●     CNOOC Limited’s Board currently consists of 10 members, including 4 non-executive directors, 2 executive directors, and 4 independent non-executive directors.
What is CNOOC Limited’s credit rating?
●     Standard & Poor’s has issued a credit rating of A+ for CNOOC Limited, while Moody’s has issued a credit rating of A1.
Operation and Finance：
What is the production performance in 2022？What is the plan of future production growth and where will the growth come from?
●     In 2022, the Company achieved a net production of 624 million BOE, hitting a record high.
●     The Company’s net production targets for 2023, 2024 and 2025 are 650-660 million BOE, 690-700 million BOE and 730-740 million BOE, respectively.
●     Future production growth will mainly come from the existing portfolio. The main contributors are Bohai and South China Sea in offshore China, and Guyana in overseas.
What is CNOOC Limited’s exploration result in 2022? What is the future exploration strategy?
●     In 2022, 18 new discoveries were made and 28 oil and gas structures were successfully appraised, which would further underpin the resource base for its sustainable development.
●     In the future, we will continue to target the discovery of mid-to-large sized oil and gas fields, increase risk exploration efforts, so as to lay a solid reserve foundation for the Company’s sustainable development.
What is the reserve life and reserve replacement ratio in 2022?
●     The total proved reserves of the Company hit a record high, reaching 6.24 billion BOE by the end of 2022.
●     The reserve replacement ratio of 2022 was 182%, and the reserve life at the end of 2022 was 10 years, remaining 10 for 6 consecutive years.
CNOOC Limited’s net profit attributable to equity Shareholders increased significantly yoy. What is the reason?
●     The Company’s net profit attributable to equity Shareholders in 2022 increased significantly by 101.5% and hit a new high of RMB141.7 billion.
●     Thanks to the continuous efforts in reserves and production growth and effective cost control, we were able to create more value and maximize the benefits in high oil price cycle.
The Company’s all-in cost was controlled well in 2022. What is the reason? Will the cost increase in the future?
●     Thanks to strict cost control measures, the Company’s all-in cost was US$30.39 per BOE in 2022. We continued to consolidate our cost competitiveness despite the higher international oil prices.
●     The fluctuations of international oil prices and commodity prices will impact the industry costs, which is uncontrollable. The Company has established a comprehensive and effective cost-control system. In the future, the Company will continue to implement stringent cost controls and maintain its cost competitiveness in the industry.
What is CNOOC Limited’s Capex budget for 2023 and how will the Capex play out in the future?
●     Capex budget for 2022 is RMB100-110 billion, which will strongly support our exploration, development and production workload in 2022 as well as its medium to long-term development.
●     The Company has many high-quality producing projects and new projects under construction, to support its medium to long-term production growth. Therefore, its Capex is expected to remain at a high level in the coming years.
What about CNOOC Limited's dividend in 2022? What’s the dividend policy of the Company?
●     Since its establishment, we pay close attention to shareholders' return. We strive to share the results of development with the shareholders by paying dividend twice a year.
●     The Board proposes to distribute the final dividend for 2022 in the amount of HK$0.75 per share (tax inclusive) to our shareholders. Together with the interim dividend of HK$0.70 per share (tax inclusive) already paid, the total final dividend and interim dividend for 2022 is HK$1.45 per share (tax inclusive).
●     Our dividend policy is, from 2022 to 2024, subject to the approval by the general meeting of shareholder, the expected annual payout ratio will be no less than 40%, and the annual absolute dividend is expected to be no less than HK$ 0.70/share (tax inclusive).
Environment, Society and Governance
What is CNOOC Limited’s vision in terms of social responsibility?
●     We are committed to developing natural resources in a safe, efficient, and environmentally-friendly manner, supplying society with clean, reliable and stable energy and meeting the energy demand of the people.
●     CNOOC Limited strives to be the leading force of increasing reserves and production, the driving force of green and low-carbon development, and the propelling force of building a harmonious society.
What is CNOOC Limited's ESG management system?
●     The Company has incorporated ESG affairs into the corporate governance structure. The Board of Directors is the top decision-making body for ESG matters and is fully liable for ESG strategies and reporting. In August 2022, the Board established the Strategy and Sustainability Committee, which is responsible for conducting research on the Company's sustainability issues and making recommendations to the Board on relevant policies and strategies. The Company has established an ESG Audit Committee. The head of which is undertaken by the CEO, and its members are executives of the Company. The Committee is responsible for evaluating and auditing the Company's ESG reports. In addition, the Company has incorporated indicators such as carbon reduction or clean energy output into the assessment mechanism of senior managers.
●     We have integrated ESG into our routine risk management system. At least six areas of ESG risks have been identified as major risk sources for regular assessment and continuous follow-ups.
How does CNOOC Limited identify and manage climate change risk?
●     Climate change risk has been identified as a core module of the Company's overall risk management framework.
●     The Risk Compliance Office is responsible for assessing the impacts of climate change, establishing and implementing risk mitigation procedures along with QHSE and other relevant departments.
●     We identify and analyze risks and opportunities brought by climate change from five aspects: policies and regulations, technology, market, reputation and physical, and take appropriate measures to deal with this challenge (for details, please visit our official website (www.cnoocltd.com) "Sustainability - Environmental Protection -Response to Climate Change").
What are the carbon emission reduction measures of the Company and what will be the plans for the future?
●     With due consideration of the carbon emission targets of countries where we conduct business and policies such as the Measures for the Administration of Carbon Emissions Trading (for Trial Implementation), we are working hard to improve our low-carbon management systems. CNOOC Limited drafted and published the Action Plan for Energy Conservation and Carbon Reduction, specifying ten energy conservation and carbon reduction initiatives.
●     The Company constantly improves the energy-saving and low-carbon supervision and monitoring system and participates in carbon quota trading according to relevant laws and regulations. The Company carries out carbon capture and storage; expanding the natural gas business and increasing the proportion of gas production; expanding its offshore wind power business, selecting onshore wind and photovoltaic power project opportunities, thereby steadily pushes forward its green low-carbon transition.
●     In 2022, the Company implemented a series of energy-saving technological modifications, which reduced a total of 596,600 tons of carbon emissions. In 2023, we plan to achieve a cumulative emission reduction of more than 577,000 tons of carbon dioxide equivalent. By 2025, we plan to achieve a cumulative emission reduction of more than 1.5 million tons of carbon dioxide equivalent.