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