FAQ

Company Profile:
Where is CNOOC Limited listed and what is its stock code?
●     CNOOC Limited is listed on three stock exchanges.
●     The Company’s common stock is traded on the Hong Kong Stock Exchange under the stock code 00883.
●     CNOOC Limited’s American Depositary Receipts(ADRs) are traded on the New York Stock Exchange and the Toronto Stock Exchange under the
        stock codes CEO and CNU, respectively.
What is CNOOC Limited’s core business and where are its assets distributed?
●     CNOOC Limited is China’s largest offshore crude oil and natural gas producer and is also one of the world’s largest independent oil and gas exploration
        and production companies. It is principally engaged in the exploration, development, production and sale of oil and natural gas.
●     The Company’s core operation areas are Bohai, the Western South China Sea, Eastern South China Sea and East China Sea in offshore China. The
        Company also has oil and gas assets in Asia, Africa, North America, South America, Oceania and Europe.
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 64.44% of the Company’s
       shares.
What is the composition of CNOOC Limited Board of Directors?
●     CNOOC Limited’s Board currently consists of 8 members, including 2 executive directors, 2 non-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 measures have CNOOC Limited taken in response to the current economic situation and low oil prices?
●     In response to the sharp drop in oil prices, we have taken the following measures:
        −    Stringent control on investment decisions, costs, production decline and headcount. We will actively strengthen value-driven philosophy and               improve management efficiency.
        −    In terms of exploration, we will further improve exploration success rate, and reduce the finding costs.
        −    In terms of development, we will optimize the structure of production and increase the profitable production. Meanwhile, we will promote               unmanned platforms and onshore power supply.
●     Leveraging our cost competitiveness and abundant experience in response to low oil price environment, we are confident in meeting the challenges.
Under the low oil price environment, the Company has adjusted its production target for 2020. Which regions and projects will be impacted?
●     Under the current low oil price environment, the Company has adjusted its operating strategy promptly and reduced its annual net production target
       for 2020 from 520-530 million BOE to 505-515 million BOE.
●     Costs of projects in China are still competitive even under the current environment. Therefore, production in China is expected to remain stable.
       For overseas projects, the Company will significantly cut the production of higher-cost projects in North American, mainly including the production
       of oil sand and shale gas.
The Company has adjusted to its Capex plan for 2020 to RMB 75-85 billion, where will the reduction come from?
●     The Company has reduced its total capital expenditures for 2020 from RMB 85-95 billion to RMB 75-85 billion in response to the sharp drop in oil
       prices, the adjustments were mainly from:
        −    The Capex plan in China will remain stable. However, we will control the pace of investment aiming to further reduce costs.
        −    In overseas, the Company will make significant Capex cuts and adjustments on investment of higher costs projects, including exploration
              investment and development investment.
In the current low oil price environment, how about CNOOC Limited’s cash flow? Will the Company cut its dividend?
●     In the current low oil price environment, the Company still achieve healthy cash flow to meet its Capex demand.
●     Since its establishment, the Company has always focused on shareholder returns. The Company’s dividend distribution will take earnings, financial
        positions and Capex plans into consideration. In addition, we will benchmark international peers’ dividend payout policy to ensure a competitive         level of dividend payout.
●     Under the current low oil price environment, the Company will adhere to the aforementioned dividend policy.
How about the production performance in 2019? Where did the production growth come from?
●     The production and operation achieved remarkable results in 2019. The net production reach 506.5 million boe and hit a record high.
●     The production growth were mainly attributable to:
        −    Water injection achieved great success with decline rate reduced effectively and recovery rate improved, and the production from the producing
              oilfields was stable.
        −    The infill drilling wells were implemented satisfactorily with the workload and increased production volume both hit record high.
        −    Oil and gas field maintenance plans were optimized and the production efficiency rate was increased significantly.
How was the Company’s reserve life and reserve replacement ratio in 2019?
●     In 2019, the Company’s proved reserves hit a record high, reaching 5.19 billion boe and exceeding 5 billion boe for the first time. Reserve replacement
        ratio reached 144%. The reserve life was 10.2 years, and maintained above 10 years for three consecutive years.
●     The growth in the reserves were mainly attributable to: 1) the remarkable results in exploration discoveries and extensions; 2) the reserves increase
        from technical revisions, which was benefited from the effect of production measures of mature oil and gas fields including infill drilling.
What was all-in cost in 2019? What measures of cost control will the Company take in the future?
●     In 2019, the Company further strengthened the results of quality and efficiency enhancement. The Company’s all-in cost was US$29.78/boe, a decrease
        of 2.0% from US$30.39/boe in 2018, achieving a cost reduction for the sixth consecutive year.
●     In the future, we will continue to implement stringent cost controls and maintain cost competitiveness. Leveraging unmanned platforms, onshore power
        and quality and efficiency enhancement, the Company believes that the all-in cost will further decrease in 2020.
What’s the impact of COVID-19 on CNOOC Limited's operations? Has it caused any facilities to shut down?
●     So far, the pandemic did not impact our business significantly. No production facility was shut down due to the COVID-19 pandemic.
●     The Company will pay close attention to the situation progresses, ensure employees are healthy and production and operations run smoothly, and strive
        to minimize the impact of the pandemic.
Under low oil price environment, will the Company consider any mergers and acquisitions (M&A)?
●     The Company focuses on organic growth and will seize any opportunity of potential M&A.
●     With healthy cash flow and low gearing ratio currently, we have the ability and willingness to acquire high-quality assets.
●     Under the current low oil price environment, we will pay more attention to the return on investment and make more prudent M&A decisions.
Environmental, Social and Governance
What is CNOOC Limited’s vision in terms of social responsibility?
●     CNOOC Limited strives to be:
        -    A driving force for the supply of sustainable energy
        -    A motivating force for joint progress of stakeholders and society
        -    A dominating force for clean, healthy and green energy development models
How does the company's board participate in ESG management?
●     CNOOC Limited attaches much importance to ESG management and has incorporated ESG management into corporate governance. The Board is the
        highest decision-making body for ESG matters, the primary functions performed by the Board include taking overall responsibility for the Company's
        strategy and reporting on ESG, evaluating and determining ESG-related risks, and ensuring appropriate and effective ESG risk management and
        internal control systems are in place. In October 2016, CNOOC Limited established the ESG Audit Committee, which is responsible for evaluating
        and reviewing the Company’s ESG report, then submitting the report to the Board. The CEO sits as the director of this Committee, and the
        executives serve as its members.
●     The Chief Safety Officer of the Company annually reports QHSE related matters to the Board on the Board Meeting held in May. The Risk Control
         Officer reports risk control matters twice a year. The Board annually reviews and approves the Corporate Governance Report, Working Report
         on Risk Management and Internal Control, ESG report, and the results of stakeholder communication and material issue analysis, ensuring
         participation in the whole process of ESG management and disclosure.
How does the company identify and manage climate change risks?
●     Climate change risk has been recognized as a core module for CNOOC Limited’s overall risk management framework. The Risk Control Office is
        responsible for assessing the impact of climate change and work with QHSE and relevant business units to set up and carry out risk mitigation
        procedures. We identify and analyze the risks and opportunities brought by climate change from policies and regulations, technologies, market,
        reputation, and physical, and respond with appropriate measures (please refer to our company website (apgcozum.com) –“Social Responsibility
        -Environmental Protection-Response to Climate Change” for more information).
What are the carbon emission reduction measures of the Company and what will be the plans for the future?
●     CNOOC Limited’s carbon emission reduction measures are mainly focused on three areas: energy conservation, low-carbon management and carbon-
        related technology deployment.
        −     Energy conservation: CNOOC Limited is committed to the principle of "clean production, the use of harmless raw materials, resource recycling,
               and low-carbon energy". We support these principles by continuously promoting the construction of green manufacturing systems and energy-
               saving technologies to increase efficiency. In 2019, we promoted 62 energy-saving transformation projects, investing RMB 180 million. This
               reduced comprehensive energy consumption by 12.5 tce, and reduced GHG emissions by over 300,000 tCO2e.
        −     Low-carbon management: with strategic foundation of carbon management has been founded, we further optimized our technology, evaluation,
               and management systems regarding carbon emission impacts, and formulated standardized procedures and work flows in 2019.
        −     Carbon-related technology deployment, include new discovery at ocean carbon sequestration observation station, new Alberta carbon conversion
               technology center, etc.
●     CNOOC Limited laid out our short-term, mid-term, and long-term carbon reduction action plans in Green and Low-Carbon Plan. We also quantified our
        2020 carbon reduction targets. We will reduce carbon emissions by 1.3 million tons over 2015 level, reach the domestic leading level for the main
        indicators of green and low-carbon development, and complete pilot construction of our green manufacturing system. Please refer to our 2019 ESG
        report – Response to climate change for more information.

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