Governance

CNOOC Limited  has established a climate change governance structure, led by the Board, to discuss climate-related issues, identify risks and opportunities, and implement measures to mitigate potential impacts on our assets. At the headquarters, we have set up a leading group, an execution team, and an office for energy conservation and carbon reduction. All our subsidiaries are required to establish corresponding management structures while operating companies must appoint dedicated management personnel. This forms a three-level energy conservation management system consisting of headquarters, branches, and operating companies, ensuring seamless integration of energy conservation efforts with oil and gas development and production activities.

Strategy

We firmly uphold the development concept that "new quality productive forces inherently represent green productivity". In 2022, we formulated and released the "14th Five-Year Plan" Energy Conservation and Carbon Reduction Action Plan, outlining ten key action paths. With strategic planning for green industrial development, we advanced our offshore wind power business in an orderly manner, promoted onshore wind power and photovoltaic power, and adopted multiple measures to ensure effective energy conservation and carbon reduction efforts.

Impact, Risk, and Opportunity Management

To reduce greenhouse gas emissions, the Company remains committed to core areas such as zero-carbon oilfield design, new energy, and new technologies. It optimizes the energy supply structure, strengthens R&D investment in carbon capture, utilization, and storage (CCUS) technology, and proactively undertakes a series of exemplary projects, driving robust momentum for green development. 

In terms of methane management, since CNOOC Limited joined the China Oil and Gas Enterprises Methane Emission Control Alliance in 2021 as a founder, the Company has continued  to implement the China Oil and Gas Enterprises Methane Emission Control Alliance Initiative Declaration. Methane emission control has been integrated into its carbon reduction development plan, with a comprehensive focus on improving methane management standards. CNOOC Limited is strictly implementing the control target of keeping the average methane emission intensity in the natural gas production process below 0.25% by 2025.

Indicators and Targets