Governance
CNOOC Limited has 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
CNOOC Limited firmly upholds that "New quality productive forces are green productive forces." The Company has constructed a comprehensive green development system by optimizing industrial structure, developing clean energy, and fostering carbon-negative industries. Carbon emission management has been deeply integrated into project investment decisions and operational processes. Through institutional innovation that drives sustainable development, CNOOC Limited contributes to achieving the "Carbon Peak and Carbon Neutrality" goals.
Impact, Risk and Opportunity Management
CNOOC Limited actively learns from the excellent greenhouse gas risk management practices of international organizations. Based on risk assessment reports and climate change research published by authoritative bodies such as the International Energy Agency (IEA) and the United Nations Environment Programme (UNEP), the Company uses the APS and NZE scenarios to identify and analyze carbon emission risks and opportunities. Targeted measures are then implemented accordingly.
CNOOC Limited continues to optimize the energy conservation and carbon reduction supervision and monitoring system by developing a multi-functional digital platform with features such as target management, action tracking, comprehensive analysis, and carbon asset management. Leveraging this platform, the Company continues to strengthen closed-loop management of energy conservation and carbon reduction.
CNOOC Limited continues to deepen its strategic layout of energy transformation. The Company comprehensively promotes deep-sea wind power and onshore wind and solar construction, building a multi-energy complementary, green and low-carbon clean energy supply system.
CNOOC Limited actively implements the national "Carbon Peak and Carbon Neutrality" strategy, focusing on the construction of a marine carbon-negative technology system. The Company innovatively proposes and promotes the research, development, and engineering application of "deep-sea carbon dioxide hydrate solidification and storage" technology. This utilizes deep-sea natural conditions to achieve long-term, safe, and stable carbon dioxide storage.
Indicators and Targets
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
