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 6 members, including 1 executive director, 1 non-executive director 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.
What is CNOOC Limited’s vision in terms of social responsibility?
●?????CNOOC Limited strives to become:
??????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
Operation and Finance:
Under the current external economic situation and oil price level, how will CNOOC Limited adjust its operating strategies in 2019?
●?????CNOOC Limited has been paying close attention to the change of the external environment, especially the economic situation in China and overseas as
???????well as the oil price trend.
●?????In 2019, CNOOC Limited’s operating strategies mainly include: steadily increasing oil and gas reserve and production levels, promoting high-quality
???????development, improving core business enhancement through digital transformation, maintaining prudent financial policy and investment decision-
???????making,
???????and pursuing a green, low-carbon and environmentally-friendly development model.
What is the Company’s future prospect in terms of production? What are the key driving forces of production growth?
●?????As a growth company, CNOOC Limited is committed to increasing oil and gas reserves.
●?????CNOOC Limited is back on its production growth track. The Company’s three-year rolling target is currently: 480-490 million BOE for 2019, 505-515
???????million BOE for 2020 and 535-545 million BOE for 2021.
●?????At present, more than 20 new projects are under construction and 20 more are under appraisal. It is expected that more projects will come on stream in
???????the next few years and will provide strong support to the Company’s production growth.
●?????A few key overseas projects will come on stream in the coming years, and it is expected that the production growth rate in overseas will be higher.
What is driving the Company’s confidence and what measures are the Company going to take to stabilize Bohai’s production in the next 10 years?
●?????Bohai is one of the core areas of CNOOC Limited. In the future, we will mainly apply the three measures below to stabilize Bohai’s production in the next
???????10 years.
●????To stabilize the volume of producing fields
??????To explore the potential of producing oil fields, ensuring a solid overall environment for production.
??????To enhance technology of water injection, effectively lowering the declining rate of the oilfields.
??????To strengthen infill drilling program, laying a solid foundation for the future production.
●????To accelerate the development of new fields
??????Accelerate the development of new projects including Bozhong 19-6.
●????To make progress on the development of low-permeability, marginal, and heavy oil reservoir
??????Utilize technological innovation to remove the bottleneck of development.
How was the Company’s reserve life and reserve replacement ratio in 2018?
●?????In 2018, the Company recorded a new high in its proved reserves, reaching 4.96 billion BOE by the end of the year.
●?????Reserve replacement ratio was 126%.
●?????The reserve life extended to 10.5 years (it was 10.3 years at the end of 2017).
●?????The improvements in the reserves were mainly credited to the new discoveries and extensions in offshore China.
What’s the Capex plan in 2019 of the Company? What will be the level of Capex in the future?
●?????The Company’s total capital expenditure for 2019 was budgeted at RMB70.0 to RMB80.0 billion, mainly including exploration, development and
???????production.
●?????The increased Capex will vigorously support the Company’s abundant workload for exploration, development and production in 2019.
●?????To support its output growth and sustainable development, in the future, the Company will maintain a stable Capex, with a priority on the efficiency, as
???????well as prudent investment decision-making.
What was CNOOC Limited’s cost situation in 2018? What measures of cost control will the Company take in the future?
●?????In 2018, the Company continued to keep stringent cost control with remarkable achievements. In 2018, the Company’s all-in cost was US$30.39 per
???????boe, a decrease of 6.6% from US$32.54 in 2017, achieving cost reduction for five consecutive years.
●?????In the future, cost control will still be the Company’s focus. CNOOC Limited will continue to utilize management, technology and business model
???????innovation to achieve cost reduction. The Company is confident in maintaining a steady all-in cost level and a competitive edge among its peers.
What is CNOOC Limited’s dividend policy? Any plans to change current dividend policy?
●?????Since its establishment, the Company has highlighted the importance of shareholder return and shared the fruits of its growth with shareholders by
???????dividend payment.
●?????The Company’s dividend distribution will continue to consider four factors: current and future earnings, financial condition, capital expenditure plans and
???????business development requirement.
●?????At the same time, the Company has been benchmarking international peers to ensure a competitive level of dividend payment. The Company’s dividend
???????yield was 5.2% in 2018, maintaining a leading position among E&P peers.
What’s the status and progress of the six new projects set to come on stream in 2019?
●?????In 2019, six new projects are scheduled to come on stream. Among them, four are in China and two are overseas projects. Egina and Huizhou 32-5
???????comprehensive adjustment/Huizhou 33-1 oil field joint development project have already come on stream.
●?????Other new projects progressed smoothly.
Could you share some updates regarding CNOOC Limited’s offshore wind power business?
●?????In line with the low-carbon development trend in global energy industry, CNOOC Limited actively explores the development of the offshore wind power
???????industry, and strives to create a world-class low-carbon industrial competitiveness.
●?????The offshore wind power industry has great market potential and broad future prospects. CNOOC Limited owns rich resources in offshore engineering
???????and has sophisticated experience in offshore operations. It entered into an offshore wind power project in Jiangsu Province in January 2019.

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