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1、SEHK:00883(HKD counter)and 80883(RMB counter)SSE:600938 2023ANNUAL REPORTThe Board of Directors(the“Board”or“Board of Directors”),directors and senior management of CNOOC Limited(the“Company”or“CNOOC Limited”)warrant the truthfulness,accuracy and completeness of the information contained herein and

2、there are no material omissions from,or misrepresentation or misleading statements,and jointly and severally assume full responsibility for this annual report.The annual report has been considered and approved at the 2nd meeting of the Board of the Company in 2024.Ms.Wen Dongfen,our Non-executive Di

3、rector,was unable to attend such meeting of the Board of the Company due to other business arrangements,and has appointed in writing Mr.Wang Dongjin,the Chairman and Non-executive Director,to attend the meeting and exercise voting rights on her behalf.The financial statements of the Company have bee

4、n prepared in accordance with the Chinese Accounting Standards for Business Enterprises and the International Financial Reporting Standards(“IFRSs”)/Hong Kong Financial Reporting Standards(“HKFRSs”),respectively,and have been audited by Ernst&Young Hua Ming LLP and Ernst&Young accounting firms respe

5、ctively and issued standard unqualified audit reports.Mr.Zhou Xinhuai,Chief Executive Officer and President,Ms.Wang Xin,Chief Financial Officer and Manager of Financial Department of the Company,warrant the truthfulness,accuracy and completeness of the financial report set out in this annual report.

6、In overall consideration of factors such as the future earnings,capital requirements,financial position,future prospect and cash flow of the Company,the Board proposes to distribute the final dividend for the year ended 31 December,2023 in the amount of HK$0.66 per share(tax inclusive)to all the sha

7、reholders.Together with the interim dividend of HK$0.59 per share(tax inclusive)already paid,the total final dividend and interim dividend for 2023 is HK$1.25 per share(tax inclusive).If there is any change in the total number of issued shares of the Company from the date of this annual report to th

8、e date of equity registration for the implementation of the 2023 final dividend,the Company intends to maintain the amount of dividend per share unchanged and adjust the total amount of profit distribution accordingly,and will disclose the details of the adjustment separately.Dividends payable shall

9、 be denominated and declared in HKD,among which,dividend for A shares will be paid in RMB,applying an exchange rate which equals to the average central parity rate between HKD and RMB announced by the People s Bank of China in the week before the Annual General Meeting declared the dividend;dividend

10、 for Hong Kong shares will be paid in HKD.The Company s final share distribution plan for 2023 has been approved by the 2nd meeting of the Board of the Company in 2024,and is subject to the approval by the shareholders in the 2023 annual general meeting of the Company.No appropriation of funds on a

11、non-operating basis by the Company s controlling shareholder or its related parties has occurred.The Company did not provide external guarantees in violation of the stipulated decision-making procedures.This presentation includes forward looking information,including statements regarding the likely

12、future developments in the business of the Company and its subsidiaries,such as expected future events,business prospects or financial results.The words“expect”,“anticipate”,“continue”,“estimate”,“objective”,“ongoing”,“may”,“will”,“project”,“should”,”believe”,“plans”,“intends”and similar expressions

13、 are intended to identify such forward-looking statements.These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends,current conditions and expected future developments,as well as other factors that th

14、e Company currently believes are appropriate under the circumstances.However,whether actual results and developments will meet the current expectations and predictions of the Company is uncertain.Actual results,performance and financial condition may differ materially from the Company s expectations

15、,as a result of salient factors including but not limited to those associated with macro-political and economic factors,fluctuations in crude oil and natural gas prices,the highly competitive nature of the oil and natural gas industry,climate change and environment policies,the Company s price forec

16、ast,mergers,acquisitions and divestments activities,HSSE and insurance policies and changes in anti-corruption,anti-fraud,anti-money laundering and corporate governance laws.Consequently,all of the forward-looking statements made in this presentation are qualified by these cautionary statements.The

17、Company cannot assure that the results or developments anticipated will be realised or,even if substantially realised,that they will have the expected effect on the Company,its business or operations.Totals presented in this report may not add correctly due to rounding of numbers.IMPORTANT NOTICE2 C

18、ompany Profile5 Financial Summary6 Operating Summary9 Chairman s Statement11 Business Overview11 Overview15 Exploration17 Engineering Construction,Development and Production18 Overview by Region23 Sales and Marketing24 Research and Scientific Development24 Low Carbon Development25 Health,Safety and

19、Environmental Protection28 Corporate Citizenship28 Human Resources30 Risk Management and Internal Control30 Risk Management,Internal Control and Compliance Management System31 Risk Factors37 Corporate Governance Report68 Directors and Senior Management78 Report of the Directors91 Management s Discus

20、sion and Analysis97 Independent Auditor s Report102 Financial Report167 Supplementary Information on Oil and Gas Producing Activities(Unaudited)172 Company InformationCONTENTCNOOC LIMITED Annual Report 20232COMPANY PROFILE CNOOC Limited,incorporated in the Hong Kong Special Administration Region(“Ho

21、ng Kong”)in August 1999,was listed on The Stock Exchange of Hong Kong Limited(“HKSE”)(stock code:00883)on 28 February 2001.The Company was admitted as a constituent stock of the Hang Seng Index in July 2001.On 21 April 2022,the Company s RMB shares(“A shares”)were listed on the main board of the Sha

22、nghai Stock Exchange(“SSE”)(stock code:600938).On 19 June 2023,the Company launched RMB counter for trading of Hong Kong shares(stock code:80883)on HKSE.The Company is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and p

23、roduction companies in the world.The Company mainly engages in exploration,development,production and sale of crude oil and natural gas.The Company s core operation areas are Bohai,the Western South China Sea,the Eastern South China Sea and the East China Sea in offshore China.The Company has oil an

24、d gas assets in Asia,Africa,North America,South America,Oceania and Europe.As of 31 December 2023,the Company owned net proved reserves of approximately 6.78 billion BOE,and its average daily net production was 1,857,619 BOE(unless otherwise stated,all amounts of reserve and production in this annua

25、l report include reserve and production accounted for by equity method).The Company had total assets of approximately RMB1,005.6 billion.The basic information of CNOOC Limited:Chinese Name of the Company中國海洋石油有限公司Abbreviation of Chinese Name of the Company中國海油English Name of the CompanyCNOOC Limited

26、Chief Executive Officer of the CompanyZhou XinhuaiSecretary to the Board of the Company(Acting Deputy):NameXu YugaoContact addressNo.25 Chaoyangmen Beidajie,Dongcheng District,BeijingTelephone(8610)8452 0883E-Place of registration,office address and contact information:Registered address of the Comp

27、any65/F,Bank of China Tower,1 Garden Road,Hong KongDomestic office of the CompanyNo.25 Chaoyangmen Beidajie,Dongcheng District,BeijingPostal code for domestic office of the Company100010Overseas office of the Company65/F,Bank of China Tower,1 Garden Road,Hong KongPostal code for overseas office of t

28、he Company999077Website of the CE-COMPANY PROFILECNOOC LIMITED Annual Report 20233 Changes in the places for information disclosure and reference:The Company s designated press media for A shares information disclosureChina Securities Journal,Shanghai Securities News,Securities Times,Securities Dail

29、yDesignated stock exchange website for the annual www.hkexnews.hkThe annual report of the Company is available atA shares:12/F,N o.25 Chaoyangmen Beidajie,Dongcheng District,BeijingHong Kong shares:6 5/F,Bank of China Tower,1 Garden Road,Hong KongStock exchange where the shares are listed,stock abbr

30、eviation and stock code:Hong Kong shares:The Stock Exchange of Hong Kong LimitedStock Code:00883(HKD counter)and 80883(RMB counter)A shares:Shanghai Stock ExchangeStock Abbreviation:中國海油Stock Code:600938Accounting firm employed by the Company:Domestic:Ernst&Young Hua Ming LLPOffice address:Level 16,

31、Ernst&Young Tower E3,Oriental Plaza No.1 East Chang An Ave,Dongcheng District,BeijingName of signing accountants:Zhong Li,Zhao YizhiOverseas:Ernst&YoungOffice address:27/F,One Taikoo Place 979 King s Road Quarry Bay,Hong KongName of signing accountant:Cheong Ming YikCOMPANY PROFILECNOOC LIMITED Annu

32、al Report 20234 DEFINITION OF TERMSWildcat wellA well drilled on any rock formation for the purpose of searching for petroleum accumulations,including a well drilled to obtain geological and geophysical parametresAppraisal wellAn exploratory well drilled for the purpose of evaluating the commerciali

33、ty of a geological trap in which petroleum has been discoveredExploration wellsWildcat and appraisal wellsUpstream businessOil and gas exploration,development,production and salesProved reservesBased on geological and engineering data,estimates of oil or natural gas quantities reasonably thought to

34、be recoverable from known oil and gas reservoirs under existing economic,operating conditions and regulations in future yearsReserve replacement ratioFor a given year,total additions to proved reserves divided by production during the yearSeismicA geophysical exploration method based on the differen

35、ce in elasticity and density of underground medium to generate wave impedance,which is received and processed to reflect and infer the attribute and state of underground rock strataProved in-place volumeThe geological reserves that have been proved economically recoverable by appraisal drilling duri

36、ng the Reservoir Appraisal phase.The volumes are estimated with a high level of confidenceUnconventional oil and gasOil and gas resources that cannot be obtained for natural industrial output using traditional development technologies,which can be economically exploited,continuously or quasi-continu

37、ously accumulated,only through the use of novel technologies which improve reservoir permeability or fluid viscosity,including tight oil and gas,shale oil and gas,coalbed methane,and natural gas hydratesGLOSSARYBblBarrelBcfBillion cubic feetBOEBarrel of oil equivalentMbblsThousand barrelsMboeThousan

38、d barrels of oil equivalentMcfThousand cubic feetMmboeMillion barrels of oil equivalentMmbblsMillion barrelsMmcfMillion cubic feetCONVERSIONFor crude oil,1 tonne is about 7.21 barrelsFor natural gas,1 cubic meter is about 35.26 cubic feetCNOOC LIMITED Annual Report 20235FINANCIAL SUMMARY(All amounts

39、 expressed in millions of RMB)Consolidated Statement of Profit or Loss and Other Comprehensive Income(Audited)Year ended 31 December20192020202120222023Total revenues233,199155,372246,111422,230416,609 Total expenses(149,004)(118,983)(150,132)(228,905)(248,840)(Finance costs)/interest income,net(4,7

40、98)(4,717)(4,678)(3,047)(549)Share of profits/(losses)of associates and a joint venture1,002(632)3461,9111,931Investment income4,6322,9782,8502,0583,084Profit before tax85,64934,90795,821194,770172,974Income tax expense(24,604)(9,951)(25,514)(53,093)(48,884)Profit for the year61,04524,95670,307141,6

41、77124,090Consolidated Statement of Financial Position(Audited)As of 31 December20192020202120222023Current assets205,935163,391207,982264,679250,275Property,plant and equipment440,554446,668465,451532,719592,920Investments in associates and a joint venture45,49042,36641,54048,92751,252Intangible ass

42、ets16,30615,12914,86416,60016,769Total assets757,731721,275786,569929,0311,005,598Current liabilities(91,249)(74,852)(93,951)(113,391)(123,939)Non-current liabilities(218,256)(212,493)(210,642)(217,257)(213,783)Total liabilities(309,505)(287,345)(304,593)(330,648)(337,722)Equity448,226433,930481,976

43、598,383667,876CNOOC LIMITED Annual Report 20236OPERATING SUMMARYYear ended 31 December20192020202120222023ProductionNet production of crude and liquids(barrels/day)China726,866775,161851,389921,130981,748Bohai436,173452,625494,019527,760568,170Western South China Sea109,906110,247108,79398,853104,36

44、9Eastern South China Sea176,884206,911243,084288,504303,808East China Sea3,9025,3775,4936,0145,283Onshore119Overseas368,886341,560359,723390,706439,305Asia(excluding China)45,02049,82269,56657,10961,849Oceania3,7645,1314,6845,0155,074Africa120,92590,75085,07871,83454,301North America(excluding Canad

45、a)62,74967,24461,15758,78655,718Canada69,94755,47162,53266,67184,804Europe62,54453,30042,62441,43030,013South America3,93719,84234,08289,861147,546 Subtotal1,095,7511,116,7211,211,1111,311,8361,421,053 Net production of natural gas(mmcf/day)China987.91,153.11,299.71,554.51,747.1Bohai158.3148.5168.41

46、79.8190.1Western South China Sea318.2441.7498.2643.5674.5Eastern South China Sea390.9400.9376.5403.0428.5East China Sea44.957.468.679.9155.2Onshore75.6104.7188.0248.3298.8Overseas388.7427.3474.4427.8469.1Asia(excluding China)145.7152.1154.1143.9189.5Oceania93.0140.5131.8139.1139.7Africa70.722.919.7N

47、orth America(excluding Canada)137.1127.3114.2113.3110.1Canada4.10.1Europe8.97.33.65.83.0South America2.87.1 Subtotal1,376.61,580.41,774.11,982.32,216.2 Total net production(BOE/day)*China892,928970,7931,071,6811,184,8441,277,725Bohai462,564477,374522,084557,734599,847Western South China Sea164,35218

48、7,311195,511210,739221,573Eastern South China Sea242,026273,719305,828355,669375,232East China Sea11,38914,94816,92719,32731,154Onshore12,59617,44231,33141,37649,919Overseas437,812418,750444,526467,874523,967Asia(excluding China)70,71577,01797,11482,84295,725Oceania21,98732,67330,51632,28132,454Afri

49、ca120,92590,75096,85975,64757,586North America(excluding Canada)85,59588,45880,19277,67474,076Canada70,62755,49262,53266,67184,804Europe64,02754,51843,23242,40330,510South America3,93719,84234,08290,355148,813 Total1,330,7401,389,5431,516,2081,652,7181,801,692 Net production in equity method investe

50、esCrude and liquids(barrels/day)29,03928,33528,29530,42829,612Natural gas(mmcf/day)161.3147.0145.5151.1152.7 Subtotal(BOE/day)56,82453,65853,35356,45755,927 Total(BOE/day)1,387,5641,443,2011,569,5601,709,1751,857,619 OPERATING SUMMARYCNOOC LIMITED Annual Report 20237Year ended 31 December20192020202

51、120222023Reserves at year end*Net proved crude and liquids reserves(million barrels)China1,899.71,952.62,094.52,280.4 2,667.3Bohai1,161.71,236.91,313.71,476.4 1,695.0 Western South China Sea223.4230.4229.5262.5 246.0 Eastern South China Sea500.5470.7534.8526.8 713.5 East China Sea14.114.616.514.6 12

52、.9 Overseas1,583.81,696.41,829.22,053.1 2,174.2Asia(excluding China)56.1199.1183.8174.4 164.8 Oceania8.65.75.65.2 4.1 Africa83.677.551.186.6 101.6 North America(excluding Canada)249.8165.2180.6177.8 158.7 Canada933.2890.7884.2919.3 931.8 Europe107.571.665.654.1 49.4 South America145.0286.6458.3635.7

53、 763.7 Subtotal3,483.53,649.03,923.84,333.4 4,841.5 Net proved natural gas reserves(bcf)China6,358.46,863.37,019.87,786.2 8,180.2 Bohai1,112.31,242.01,338.81,467.9 1,640.5 Western South China Sea3,602.83,603.93,557.23,728.0 3,586.0 Eastern South China Sea800.1732.9782.1929.6 1,074.8 East China Sea77

54、4.9820.2832.11,077.2 1,079.8 Onshore68.3464.3509.5583.4 799.1 Overseas1,468.81,093.11,331.41,179.2 1,010.1Asia(excluding China)798.7714.6736.2614.1 555.0 Oceania260.5185.5173.3171.0 119.8 Africa9.510.2 15.7 North America(excluding Canada)405.3190.9322.3321.2 249.9 Canada Europe4.42.12.71.2 0.5 South

55、 America87.561.4 69.3 Subtotal7,827.17,956.48,351.28,965.3 9,190.3 Total net proved reserves (million BOE)*China2,964.33,108.53,289.13,597.3 4,048.9 Bohai1,347.11,443.91,536.91,721.1 1,968.4 Western South China Sea828.7843.0847.0903.1 861.9 Eastern South China Sea633.9592.9665.1681.7 892.6 East Chin

56、a Sea143.2151.3155.2194.1 192.8 Onshore11.477.484.997.2 133.2 Overseas1,843.61,892.72,066.22,262.8 2,353.6Asia(excluding China)196.6326.9315.5284.2 264.0 Oceania59.642.039.638.7 27.6 Africa83.677.552.788.3 104.2 North America(excluding Canada)317.3197.0234.3231.4 200.4 Canada933.2890.7884.2919.3 931

57、.8 Europe108.372.066.154.3 49.5 South America145.0286.6473.9646.7 776.0 Total4,807.95,001.25,355.35,860.1 6,402.6 Net proved reserves in equity method investeesCrude and liquids(million barrels)269.8271.0275.2270.0 270.8 Natural gas(bcf)620.3583.6563.5629.3 643.2 Subtotal(million BOE)376.7371.6372.3

58、378.5 381.7 Total*5,184.65,372.75,727.66,238.6 6,784.2 OPERATING SUMMARYCNOOC LIMITED Annual Report 20238Year ended 31 December20192020202120222023OthersReserve life(years)9.99.89.79.79.7 Reserve life(years)(including equity method investees)10.210.210.010.010.0 Reserve replacement ratio(%)145138164

59、184182 Reserve replacement ratio(%)(including equity method investees)144136162182180 Average realised priceCrude oil(US$/barrel)63.3440.9667.8996.5977.96Natural gas(US$/mcf)6.276.176.958.587.98 *Approximately 66%,62%,74%,89%and 94%,respectively,of our net proved reserve estimates in 2019,2020,2021,

60、2022 and 2023 were based on the Companys internal evaluation and the remaining were made by independent third-party consultants.The Company referred to the SECs final rules on“Modernization of Oil and Gas Reporting”to evaluate reserves.*In calculating barrels of oil equivalent,or BOE,we have assumed

61、 that 6,000 cubic feet of natural gas equals one BOE,with the exception of the natural gas projects selling on thermal unit,which we have used the actual thermal unit for conversion.CHAIRMANS STATEMENTCNOOC LIMITED Annual Report 20239Dear shareholders,In the year of 2023,global economy was faced wit

62、h heightened downward pressure,and the average international oil prices dropped significantly.In spite of the challenging external environment,CNOOC Limited pursued high-quality development effectively,achieved record-high reserves and production,and maintained a high level of profitability.We remai

63、n committed to high-standard corporate governance and actively rewarding shareholders.Our efforts were well received by the capital market and our share prices recorded new highs.On behalf of the Board,I would like to express my sincere gratitude to all shareholders for your trust and support to the

64、 Company.During the past year,we maintained a value-oriented approach and implementing effective measures,sustaining the growth momentum in oil and gas exploration.We made a total of 9 new discoveries,the net proved reserves reached the best level in history and the reserve life remained over 10 yea

65、rs for the seventh consecutive year.In China,we successfully discovered several oil and gas fields with proved Wang DongjinChairmanin-place volume over 100 million tons respectively,and discovered Chinas first large deep-play coalbed methane field with proved in-place volume of over 100 billion cubi

66、c meters.Overseas,one more oil field with proved in-place volume over 100 million tons was discovered in Guyana.We have further strengthened natural gas exploration,so as to lay a solid foundation for the development of three trillion-cubic-meter gas areas in the South China Sea,Bohai,and onshore Ch

67、ina.We adhered to the integration of exploration and exploitation,continued to promote application of engineering standardization,and accelerated the pace of reserves-to-production conversion.We actively pushed forward the construction of major projects,and a number of key projects were successfully

68、 brought on stream during the year.Through fine waterflooding,oil stabilization and water-cut control,we maintained stable production from producing oilfields and further refined the development of oilfields.The net production of oil and gas reached 678 million BOE,hitting a record high for the fift

69、h consecutive year.Bohai remained the largest crude oil production base in China.CHAIRMANS STATEMENTCHAIRMANS STATEMENTCNOOC LIMITED Annual Report 202310We advanced technological innovation,continuously enhanced our capability to tackle key technological challenges,and made significant progress in o

70、ur digital transformation.China s first domestically-made subsea production system,which can operate in a water depth of 500 meters,has produced over a hundred million cubic meters of gas.“Shenhai-1”has become the world s first super-large deepwater platform with capabilities of remote control opera

71、tion.Liuhua oil field has realised remote production operation through typhoon automatic control mode for the first time.We steadily implemented green development initiatives,facilitated the integration of new energy business with oil and gas operation,and gradually promoted the development of zero-

72、carbon and negative-carbon sectors.During the year,we completed the construction of the Bohai oilfields onshore power project.The world s first semi-submersible“Double Hundred”deep-sea floating wind power project started operation.China s first offshore CCS demonstration project was officially launc

73、hed.Our efforts to manage energy consumption and carbon intensity continued to improve through measures such as flare gas recycling,green electricity substitution and waste heat recovery.By implementing quality and efficiency enhancement initiatives,we have witnessed steady improvement of our high q

74、uality development.The Company achieved an operating revenues of RMB416.6 billion and net profits attributable to equity shareholders of the Company of RMB123.8 billion,maintaining a strong profitability despite lower international oil prices.We have reinforced our research in key indicators and pre

75、cisely implemented measures to reduce costs and enhance efficiency.Our all-in cost was US$28.83 per BOE,further strengthening our cost competitiveness.To share the accomplishment with our shareholders,the Board of Directors has recommended the payment of a final dividend of HK$0.66 per share(tax inc

76、lusive)for 2023.While maintaining a robust development of our business,we have consistently adhered to high standards of safety management and our operations maintained safe and stable throughout the year.We uphold the concept of“harmonious development of economy,environment and society”and actively

77、 fulfill our social responsibilities.Our corporate image has been improving and brand value continues to grow.Looking ahead to 2024,CNOOC Limited will focus on increasing reserves and production,targeting both oil and gas with a greater emphasis on gas exploration,so as to achieve steady growth.We w

78、ill strengthen our research and innovation capabilities,promote digital and intelligent transformation to empower the development of our oil and gas business.Furthermore,we will reinforce our efforts to conserve energy and reduce carbon emissions,and actively improve the distribution of new energy a

79、nd new business to drive green development.We will continuously enhance quality and efficiency,and tap the potential for cost reduction in order to continuously strengthen our value creation capability.Headwinds are no stranger to sailors,and hardships are no stranger to pacesetters.In the year of 2

80、024,we will accelerate the pace of building a world-class energy company and strive to create greater value for our shareholders.Wang DongjinChairmanHong Kong,21 March 2024CNOOC LIMITED Annual Report 202311BUSINESS OVERVIEWOVERVIEWCNOOC Limited is an upstream company specialising in oil and natural

81、gas exploration,development and production,and remains the dominant oil and natural gas producer in offshore China.In terms of reserves and production,it is one of the largest independent oil and natural gas exploration and production companies in the world.As of the end of 2023,the Company had net

82、proved reserves of approximately 6.78 billion BOE(including approximately 0.38 billion BOE in its equity method investees).In 2023,the Company achieved a net production of 1,857,619 BOE/day(including a net production of 55,927 BOE/day in its equity method investees).In China,CNOOC Limited engages in

83、 oil and natural gas exploration,development and production in Bohai,Western South China Sea,Eastern South China Sea,East China Sea and onshore,either Independent or through PSC.As of the end of 2023,approximately 59.7%of the Companys net proved reserves and approximately 68.8%of net production were

84、 from China.We have a diversified and high-quality portfolio overseas.We hold interests in a number of world-class oil and gas projects and have become a leading player in the industry.Our assets are located in more than 20 countries and regions around the world,including Indonesia,Australia,Nigeria

85、,Iraq,Uganda,Argentina,the U.S.,Canada,the U.K.,Brazil,Guyana,and the United Arab Emirates.As of the end of 2023,overseas oil and gas assets accounted for approximately 44.6%of the total oil and gas assets of the Company,and overseas net proved reserves and overseas net production accounted for appr

86、oximately 40.3%and approximately 31.2%,respectively.In 2023,we have been firmly intensifying our efforts in exploration and reserve growth.Our oil and gas resource base continued to be consolidated,and our net proved reserves reached a new high.With the guiding principle of searching for mid-to-larg

87、e-sized oil and gas fields,we insisted on value-driven exploration,and strengthened exploration and research in key areas.During the year,Zhou XinhuaiCEO and PresidentBUSINESSOVERVIEWBUSINESS OVERVIEWCNOOC LIMITED Annual Report 202312we have made 9 new discoveries and have successfully appraised 22

88、oil and gas-bearing structures,with a reserve replacement ratio of 180%,and the reserve life remained above 10 years for the seventh consecutive years.We made various strategic discoveries of large oil and gas fields,successfully appraised 100-million-ton oilfields including Bozhong 26-6 and Kaiping

89、 South,and successfully discovered 100-million-ton oilfields of Qinhuangdao 27-3,Lancetfish in Guyana and Shenfu deep-play coalbed methane 100-billion-cubic-meter gas field.Meanwhile,the breakthrough was also made in regional exploration strategy.We persisted in facilitating production growth,stabil

90、ising production of existing oil fields and accelerating the development of new oil fields,with net oil and gas production achieved 678.0 million BOE,hitting another record high.We continued to improve the efficiency of oilfield development,steadily reduced the natural decline rate in producing oil

91、fields while maintaining a high production rate.We accelerated the construction of production capacity.Several new projects,such as the Bozhong 19-6 condensate gas field Phase I development project and the Payara project in Guyana,have been successfully put into operation,providing solid support for

92、 production growth.At the same time,our engineering construction capacity has significantly increased through our comprehensive application of engineering standardization.We promoted“New,Excellent and Faster”drilling and completion mode and speed and efficiency enhancement system.With over 40 projec

93、ts under construction throughout the year,we are well-positioned to support future sustainable development.By pushing ahead scientific and technological self-reliance and implemented of scientific and technological innovation,we contributed scientific and technological strength to the high-quality d

94、evelopment of oil and gas businesses.Chinas first 500-meter deepwater subsea production system operated stably,with production exceeding 100 million cubic meters of natural gas.At the same time,we actively constructed a new pattern of business empowered by digital intelligence.The“Shenhai-1”intellig

95、ent gas field with remote-control production capacity improved production efficiency by roughly 3%.The Liuhua Oilfield,Enping Oilfield and Baiyun Gasfield can now run under the“Typhoon Production Mode”.Unmanned offshore platforms increased steadily.CNOOC LIMITED Annual Report 202313BUSINESS OVERVIEW

96、CNOOC LIMITED Annual Report 202313We actively carried out energy conservation and carbon emission reduction,steadily promoted new energy business,and developed carbon-zero and carbon-negative industries to facilitate green and low-carbon development.The annual consumption of green electricity has re

97、duced carbon emissions by over 440,000 tons,and offshore oil and gas fields have achieved full recovery and utilization of flare gas with a capacity of over 50,000 cubic meters per day.The world s first semi-submersible“double-hundred”deep-sea floating wind power project,“Haiyou Guanlan”,with a wate

98、r depth of over 100 meters and an offshore distance of over 100 kilometers,has successfully started power generation,and has supplied over 14 million kWh of green electricity.China s first offshore CCS demonstration project was officially put into operation,and the CCS/CCUS cluster research and demo

99、nstration project in Daya Bay has been steadily promoted.We firmly promoted quality and efficiency enhancement to help improve the core competitiveness.In 2023,we achieved oil and gas sales revenue of RMB327.9 billion and the net profit attributable to equity shareholders of the Company amounted to

100、RMB123.8 billion,maintaining high profitability despite the falling oil prices.The Company strengthened cost control and continued to consolidate cost competitive advantage,with all-in cost of US$28.83 per BOE.The Company continued to promote engineering standardization,accelerated the construction

101、of production capacity and project approvals.Our capital expenditure for the year amounted to RMB129.6 billion.In 2023,the Company remained committed to ensuring both development and safety and placed continuous emphasis on production safety,thereby safeguarding our high-quality development.On 19 Ju

102、ne 2023,the Company launched RMB counter for trading of Hong Kong shares(stock code:80883)on the HKSE to provide more investment flexibility to shareholders and potential investors and to enhance the liquidity and depth of the offshore RMB market.BUSINESS OVERVIEWCNOOC LIMITED Annual Report 20231467

103、80175350525700Net production(million boe)20132014201520162017201820192020202120222023Sustained production growthEffective cost controlAll-in cost(US$/BOE)28.83012.525.037.550.020132014201520162017201820192020202120222023678123.8209.76,78428.831.25million BOEincreased by 8.7%YoYReserve replacement ra

104、tio of 180%Decreased by 5.1%YoY Proposed final dividend of 0.66 HK$/share(tax inclusive)Maintaining strong profitabilityEffectively covering investment and returns to shareholdersmillion BOEUS$/BOE HK$/share(tax inclusive)billion RMBbillion RMBNet ProductionNet Profit Attributable To ShareholdersNet

105、 Operating Cash FlowNet Proved ReservesAll-in CostAnnual DividendCNOOC LIMITED Annual Report 202315BUSINESS OVERVIEWCNOOC LIMITED Annual Report 202315EXPLORATIONIn 2023,in searching for large and medium-sized oil and gas fields,we adopted an exploration strategy of targeting both oil and gas and wei

106、ghting more on gas.We have been exploring new areas and new types while concentrating on large-scale discoveries and efficient reserves to consolidate the resource foundation of the Company.In China,we have steadily progressed deep-water/ultra deep-water and deep-play/ultra deep-play exploration,pro

107、moted the in-depth integration of exploration and development,and discovered multiple 100-million-ton oilfields and the first deep-play 100-billion-cubic-meter gas field of coalbed methane.Overseas,we actively expanded exploration into new areas.We made new progress in the mid-to-deep play explorati

108、on of the Stabroek block in Guyana,further enhancing the exploration potential of the block.In 2023,the Companys reserve replacement ratio maintained at a high level of 180%.With net production continuously hitting record high,our reserve life remained above 10 years for seven consecutive years,prov

109、iding a solid resource foundation for our future sustainable development.The Company has vast areas of exploration blocks in our core regions in offshore China and holds rights to many exploration blocks in Africa,South America,North America and Europe.The Company s major exploration areas as of the

110、 end of 2023 are shown in the table below:AreasMajor Exploration Areas(Net)(km2)ChinaBohai 29,258Western South China Sea 56,566Eastern South China Sea37,989East China Sea84,577Onshore7,510Subtotal215,900OverseasAsia(excluding China)Africa 17,899OceaniaNorth America 2,429South America8,044Europe133Su

111、btotal28,505Total244,405BUSINESS OVERVIEWCNOOC LIMITED Annual Report 202316In offshore China,the exploration workload remained at a high level,and a total of 205 exploration wells were drilled.A total of 14,038 square kilometers of 3-Dimensional(3D)seismic data were acquired through independent oper

112、ations.The Company made 7 new discoveries and successfully appraised 21 oil and gas bearing structures in offshore China.In 2023,the main exploration achievements in offshore China are:Firstly,the strategic discoveries of large oil and gas fields.We increased risk exploration efforts and actively ex

113、panded exploration in mature areas,successfully appraised the world s largest metamorphic oilfield in buried hills of Bohai Bozhong 26-6,and first 100-million-ton oilfield in the deep-water and deep-play of the South China Sea Kaiping South.We successfully discovered a 100-million-ton oilfield in th

114、e shallow-play of Bohai Qinhuangdao 27-3,China s first 100-billion-cubic-meter gas field in the deep-play coalbed onshore Shenfu Deep-play Coalbed Methane,and a 100-million-ton oilfield in ultra deep-water and deep-play in Guyana Lancetfish,further consolidating our reserve foundation.Secondly,the s

115、trategic breakthroughs in new plays/types.We continued to explore in new areas,new fields,and new types,and made new breakthroughs in ultra deep-play natural gas in Bozhong Sag in Bohai,deep-water natural gas in Baiyun Sag in South China Sea,deep-play in Zhuyi Depression in South China Sea and deep-

116、water and deep-play oil and gas in Songnan-Baodao sag in South China Sea,further expanding new exploration areas for reserves and production growth.Thirdly,the integrated exploration strategy deployment.We accelerated the in-depth integration of exploration and exploitation,and achieved remarkable r

117、esults in integrated rolling exploration.The newly discovered Xijiang 24-2 achieved rapid production,and the successfully appraised Huizhou 25-11 made significant reserve increase.Onshore China,we stepped up unconventional natural gas exploration,drilled 127 exploration wells,and acquired 200 square

118、 kilometers 3D seismic data and 475 kilometers 2D seismic data.The Shenfu deep-play coalbed methane gas field was discovered in Ordos Basin,adding proved in-place volume of over 100 billion cubic meters.In addition,we accelerated the strategic layout of resource,and the coalbed methane business was

119、successfully expanded to Xinjiang.Overseas,we drilled 10 exploration wells,mainly in Guyana,Gabon and Indonesia.The Lancetfish 100-million-ton discovery was made in the Stabroek block in Guyana.As of the end of 2023,the operator of the Stabroek block has announced more than 30 oil and gas discoverie

120、s,with the total recoverable resources in the block of approximately 11 billion BOE.The Company s major exploration activities in 2023 are set out in the table below:Exploration WellsNew DiscoveriesSuccessful Appraisal WellsSeismic DataIndependentPSCIndependentPSCIndependentPSC2D(km)3D(km2)WildcatAp

121、praisalWildcatAppraisalIndependentPSCIndependentPSCOffshore ChinaBohai266222452,884 Eastern South China Sea2219495,621 Western South China Sea1742121115,384 East China Sea664149 Subtotal711291476914,038 Overseas25342 Total73129677469214,038CNOOC LIMITED Annual Report 202317BUSINESS OVERVIEWCNOOC LIM

122、ITED Annual Report 202317In 2024,we will continue to target the discovery of mid-to-large sized oil and gas fields,further consolidating the foundation of reserves and production growth,and promote medium and long-term sustainable development through high-quality exploration.We will persist in targe

123、ting both oil and gas and weighting more on gas exploration.We will intensify exploration in Bohai,accelerate efforts in the South China Sea,expand exploration in the East China Sea,explore opportunities in Yellow Sea and strengthen overseas exploration and promote the exploration of unconventional

124、resources.We will also continue to advance natural gas exploration in China,with a particular focus on the three trillion-cubic-meter gas zones in the South China Sea,Bohai,and onshore areas.ENGINEERING CONSTRUCTION,DEVELOPMENT AND PRODUCTIONThe Company has further accelerated the construction of pr

125、oduction capacity,promoted the application of“New,Excellent and Faster”drilling and completion mode and engineering standardization.We tapped the potential and ensured the stable and growing production of producing oil and gas fields.At the same time,the Company has efficiently promoted the construc

126、tion of new oil and gas fields,and a number of key projects have come on stream ahead of schedule.In 2023,the Company achieved a net oil and gas production of approximately 678 million BOE,exceeding the production target of 650 to 660 million BOE set at the beginning of the year,with a year-on-year

127、growth of 8.7%and achieved a rapid production growth for several consecutive years,thereby further increasing oil and gas production.In 2023,various new projects successfully commenced production during the year,including Bozhong 19-6 condensate gas field phase I development project,Lufeng 12-3 oilf

128、ield development project and Enping 18-6 oilfield development project in offshore China,as well as Payara project in Guyana and the Buzios5 project in Brazil.More than 40 projects were under construction throughout the year,and the development and construction of key projects progressed smoothly.In

129、2023,the Company accelerated the construction of new oil fields,continued to maintain the steady and increased production in producing oil fields,refined production management and strengthened technological research capabilities.The main measures include:Firstly,we have actively promoted the develop

130、ment level and ensured steady and increased production in producing oil and gas fields.The main measures include rolling exploration to increase reserves and solidify the reserve foundation,improving oil recovery through tapping reservoir potential.Fine water flooding,oil stabilization and water-cut

131、 control have achieved remarkable results,and the natural decline rate of offshore oil fields reached the best level in history.We also implemented fine management,optimized shutdown maintenance plans and steadily increased production efficiency.Secondly,we have efficiently organized engineering pro

132、ject operations,strengthened the overall coordination of resources,accelerated the construction of new oil and gas fields and promoted the effective conversion of reserves to production.As a result,we were able to achieve new highs in production capacity construction,smoothly launch new projects,and

133、 advance the production of key projects with the goal of“shortening the project construction cycle,accelerating the construction of production capacity,and enhancing the overall development efficiency”.Thirdly,we have accelerated the promotion and application of“New,Excellent and Faster”drilling and

134、 completions mode and engineering standardization,which enabled us to achieve remarkable results in improving the quality,speed and efficiency of engineering construction,development and production.We promoted the application of the new,excellent and faster mode to shorten the project development cy

135、cle,bring forward the contribution of production and improve the economic benefits of the project.We summarized the experience of fields development,shifted from individualization to standardization of engineering projects,and unified and optimized the design,procurement and construction of offshore

136、 platforms from the source,so as to promote the efficiency of the new project.Fourthly,the driving role of technological innovation was given full play to effectively drive the production growth and efficiency enhancement of oil and gas fields.We accelerated the implementation of production capacity

137、 of heavy oil thermal recovery,promoted the steady growth of production from fractured wells in low-permeability reservoirs,which contributed more than one million tons of production.We made progress in the construction of smart oil and gas fields and oilfield typhoon production mode.BUSINESS OVERVI

138、EWCNOOC LIMITED Annual Report 202318Looking ahead to 2024,we will actively promote the construction of key projects,focus on quality management and progress control of drilling and completion,and further improve production and efficiency.Meanwhile,we will continue to ensure steady and increased prod

139、uction in producing oil and gas fields,optimize adjustment well deployment and increase production per well.We will conduct solid and refined research on oil and gas reservoirs to reduce the natural decline rate,strictly control project costs and strengthen post-project evaluation management.The Com

140、pany has set a net production target of 700-720 million BOE for 2024.Various major new projects are scheduled to come on stream throughout the year,including Bozhong 19-2 oilfield development project,“Shenhai-1”phase II project,Huizhou 26-6 oilfield development project,Shenfu deep-play coalbed metha

141、ne exploration and development demonstration project in China and overseas projects including Mero3 project in Brazil.In the upcoming three years,the scheduled commencement of production of various high-quality new projects in China and overseas will lay a solid foundation for the Company s producti

142、on growth.OVERVIEW BY REGIONChinaIn China,we conduct oil and gas exploration and development primarily through independent operations and cooperation projects.Independent operations:We have been increasing our reserves and production mainly through independent exploration and development.As of the e

143、nd of 2023,approximately 85.7%of our net proved reserves and approximately 86.2%of our net production in China were from our self-operated oil and gas fields.Cooperation projects:We cooperate with partners through product sharing contracts(“PSCs”)in oil and gas resources(including crude oil and natu

144、ral gas)exploitations.China National Offshore Oil Corporation(“CNOOC Group”),our controlling shareholder,has the exclusive right to enter into PSCs with foreign contractors to cooperate in the exploration,development and production of oil and gas resources in offshore China where acreage is open to

145、foreign cooperation.CNOOC Group has transferred to the Company all its rights and obligations under the existing and future PSCs(except those rights and obligations related to the management and supervision that should be implemented by a State Corporation).BohaiBohai is the largest crude oil produc

146、tion site in China and also the most important crude oil producing area for the Company.The crude oil produced in this region is mainly heavy oil.The operational area in Bohai is mainly shallow water with a depth of approximately 10 to 30 meters.As of the end of 2023,the reserves and production in B

147、ohai reached 1,968.4 million BOE and 599,847 BOE/day,respectively,representing approximately 29.0%of the Company s total reserves and approximately 32.3%of its production.With rich oil and gas resources,Bohai is one of the Company s core areas for exploration and development.In 2023,the Company succ

148、essfully made two discoveries in Bohai,namely Qinhuangdao 27-3 and Bozhong 26-2 North.In addition,the Company also successfully appraised 9 oil and gas bearing structures,including Qinhuangdao 27-3,Bozhong 26-6,Bozhong 19-2,Bozhong 34-1 West,Luda 16-3 South,Jinzhou 14-6,Longkou 25-1,Caofeidian 28-1

149、and Caofeidian 23-6.In 2023,we successfully re-appraised Bozhong 26-6,adding over 40 million cubic meters of oil and gas proved in-place volume,with a total proved in-place volume exceeding 200 million cubic meters,and confirmed it the largest metamorphic buried hill oilfield in the world.Significan

150、t discoveries continued to be made in shallow strata exploration in Bohai,with Qinhuangdao 27-3 contributing new proved in-place volume of over 100 million tons.Bohai is also an important source of growth for the Company s natural gas reserves and production.Currently,Bohai has over 500 billion cubi

151、c meters of proved in-place volume of natural gas.In the future,we will focus on shallow water deep/ultra-deep play exploration and solidly push forward the exploration project for the trillion-cubic-meter gas area in Bohai.In terms of development and production,Bozhong 28-2 South oilfield secondary

152、 adjustment development project,Bozhong 19-6 condensate gas field phase I development project and Penglai 19-3 oilfield 5/10 zone development project have all been put into production in 2023.Among them,Bozhong 19-6 condensate gas field phase I development project is the first 100 billion-cubic-mete

153、r condensate gas field in Bohai Bay to be put into production relying on the Bozhong-Kenli oilfields onshore power project,which will provide Beijing-Tianjin-Hebei and Bohai Rim regions with a more stable and reliable supply of clean energy and strongly promote the green and low-carbon development o

154、f the Company.CNOOC LIMITED Annual Report 202319BUSINESS OVERVIEWCNOOC LIMITED Annual Report 202319In 2023,the Company completed the construction of onshore power project for Bohai oilfields to promote the green and low-carbon development of oil and gas fields in Bohai.This is the world s largest on

155、shore power application base for offshore oilfield with the highest voltage of AC power transmission,with a total capacity of 980 megawatts,covering 75%of the existing Bohai facilities,and expected to reduce carbon emission by 1 million tons per year.In the future,Bohai will still be one of the main

156、 sources of production growth for the Company.In 2024,Bozhong 19-6 Gas Field 13-2 Block 5 Well Site Development Project,Suizhong 36-2 Oilfied 36-2 Block Development Project and Bozhong 19-2 Oilfield Development Project will be put into production.Western South China SeaWestern South China Sea is one

157、 of the Companys important crude oil and natural gas production areas.The typical operating water depth in the region ranges from 40 to 1,500 meters.The crude oil produced here is mostly light or medium.As of the end of 2023,the reserves and production in Western South China Sea reached 861.9 millio

158、n BOE and 221,573 BOE/day,respectively,representing approximately 12.7%of the Company s total reserves and approximately 11.9%of its production.The Company made a new discovery in Western South China Sea,namely Wenchang 15-1 North,in 2023.8 oil and gas bearing structures were successfully appraised,

159、namely Wushi 16-5,Weizhou 6-3,Weizhou 11-6,Weizhou 11-10,Wenchang 19-3,Dongfang 11-2,Ledong 16-2 and Yacheng 13-10.The Company made breakthroughs in mid deep-play exploration in Songnan-baodao Sag,opening a new exploration frontier in this area.Currently,proved in-place volume of natural gas of West

160、ern South China Sea has reached nearly one trillion cubic meters.In the future,the Company will focus on deep-water deep-play and deep-water ultra-shallow-play exploration,and solidly push forward the construction of the trillion-cubic-meter gas area in the South China Sea.In 2024,Shenhai-1 Phase II

161、 Natural Gas Development Project and Wushi 23-5 Oilfields Development Project are expected to come on stream.Eastern South China SeaEastern South China Sea is another important crude oil and natural gas producing area of the Company.The typical operating water depth in the region ranges from 100 to

162、1,500 meters.The crude oil produced here is mostly light or medium.As of the end of 2023,the reserves and production in Eastern South China Sea reached 892.6 million BOE and 375,232 BOE/day,respectively,representing approximately 13.2%of the Company s total reserves and approximately 20.2%of its pro

163、duction.In 2023,the Company made four new discoveries in Eastern South China Sea,namely Huizhou 26-6 North,Panyu 10-6,Kaiping 18-1 and Xijiang 24-2.In addition,four oil and gas bearing structures were successfully appraised,namely Huizhou 26-6 North,Panyu 10-6,Kaiping 18-1 and Huizhou 25-11.We conti

164、nued to conduct deep-water and deep-play exploration in the Eastern South China Sea,and Kaiping 18-1 made Kaiping South formation the first deep-water and deep-play 100-million-ton grade oilfield discovery in the South China Sea.In addition,mid-to-large sized oil and gas fields discoveries were made

165、 in the deeper layers of Huizhou Sag and Panyu Sag,namely Huizhou 26-6 North and Panyu 10-6,respectively.In 2023,Enping 18-6 oilfield development project,Lufeng 12-3 oilfield development project and Lufeng oilfields phase II development project had all been put into production.In 2024,Enping 21-4 Oi

166、lfield Development Project,Liuhua 11-1/4-1 Oilfield Secondary Development Project and Huizhou 26-6 Oilfield Development Project are expected to come on stream.East China SeaThe typical operating water depth in the East China Sea region is approximately 90 meters.As of the end of 2023,the reserves an

167、d production in the region represented approximately 2.9%of the Company s total reserves and approximately 1.7%of its production.In 2023,the Company optimized the adjustment well deployment in the East China Sea,and implemented equipment and facility upgrade and renovation.Meanwhile,the construction

168、 of offshore smart oil and gas fields made positive progress.BUSINESS OVERVIEWCNOOC LIMITED Annual Report 202320Onshore ChinaWe mainly engaged in the exploration,development and production of unconventional natural gas resources onshore China.We have established three major production bases,namely S

169、henfu,Linxing and Panhe in the Qinshui Basin and the eastern edge of the Ordos Basin.As of the end of 2023,the reserves and production onshore China represented approximately 2.0%of the Company s total reserves and approximately 2.7%of its production.In 2023,the Company made China s first major disc

170、overy of 100-billion-cubic-meter deep coalbed methane gas field in the Shenfu area of the Ordos Basin and successfully appraised the gas field,demonstrating promising exploration prospects for deep coalbed methane in the eastern edge of this basin.We have accelerated the strategic resource layout,su

171、ccessfully expanded our coalbed methane business to Xinjiang,and obtained new onshore unconventional oil and gas resources.Currently,proved in-place volume of natural gas has exceeded 400 billion cubic meters onshore China.In the future,we will actively promote the exploration of tight gas and deep

172、coalbed methane in order to effectively push forward the exploration and construction of the onshore trillion-cubic-meter gas areas.In 2023,the Company carried out technological research around internal tapping of gas reservoirs,fracturing of low-permeability gas reservoir,etc.,implemented refined m

173、anagement and multiple measures mainly based on dewatering gas recovery and extraction and depressurizing exploitation,to increase unconventional natural gas production.Onshore China has become one of the important sources of natural gas production growth for the company.In 2024,demonstration projec

174、ts of Linxing deep-play coalbed methane exploration and development,as well as Shenfu deep-play coalbed methane exploration and development,are expected to be put into production.OverseasAsia(excluding China)Asia(excluding China)is the first overseas region the Company entered into.Currently,the Com

175、pany owns oil and gas assets mainly in Indonesia,Iraq and the United Arab Emirates.As of the end of 2023,the reserves and production in Asia(excluding China)reached 264.0 million BOE and 95,725 BOE/day,respectively,representing approximately 3.9%of the Company s total reserves and approximately 5.2%

176、of its production.IndonesiaAs of the end of 2023,the Company s asset portfolio in Indonesia comprises mainly two oil and gas development and production blocks,namely the Madura Strait and Tangguh.Among them,the Madura Strait block is a joint operation block.As of the end of 2023,the Company had buil

177、t a gas production base in the Madura Strait with an annual capacity of 3.13 billion cubic meters,became the largest gas supplier in East Java.In addition,the development of the MDK and MBF gas fields is also in preparation.The Company owns approximately 13.9%interest in the Tangguh LNG project in I

178、ndonesia.In 2023,phase I project achieved stable production.The first stage of phase II project,which is the third LNG production train of the Tangguh project,has been put into production,which has become the largest LNG production center in Indonesia,and the development plan for second stage of pha

179、se II project has been approved and is currently at the FEED design stage.The Company will work with its partners to promote the development of the Tangguh project as planned.IraqThe Company owns a 63.75%participating interest in the technical service contract of Missan oilfields in Iraq and acts as

180、 the lead contractor.In 2023,favourable progress was made in stabilizing the production of Missan oilfields.The Company continuously adjusted and optimized the production enhancement project program,resulting in a sustained steady gross production of 300,000 BOE per day.Average daily net production

181、was increased to approximately 32,000 BOE due to increased cost recovery and the contract model.United Arab EmiratesThe Company indirectly holds 4%interest in each of the two oilfield contract areas,namely the Lower Zakum Shallow Water Oilfield and Umm Shaif&Nasr Oilfield in Abu Dhabi.In 2023,the pr

182、ojects maintained stable production with an average daily net production of approximately 29,000 BOE.OceaniaCurrently,the Company s oil and gas assets in Oceania are mainly located in Australia.As of the end of 2023,the reserves and production from Oceania reached 27.6 million BOE and 32,454 BOE/day

183、,respectively,representing approximately 0.4%of the Company s total reserves and approximately 1.7%of its production.CNOOC LIMITED Annual Report 202321BUSINESS OVERVIEWCNOOC LIMITED Annual Report 202321AustraliaThe Company owns a 5.3%interest in the North West Shelf LNG Project in Australia.The prod

184、ucing project supplies gas to the end-users including the Dapeng LNG Regasification Terminal in Guangdong,China and implements sales of the incremental gas and spot LNG independently.In 2023,the NWS project operation remained stable,with the daily net production of approximately 32,000 barrels.The i

185、ncremental gas production exceeded target and generated favourable economic returns.Other Regions in OceaniaIn 2023,the Company exited one exploration block in Papua New Guinea when due.AfricaAfrica is an important source of oil and gas for the Company overseas.The Company s assets in Africa are pri

186、marily located in Nigeria and Uganda.As of the end of 2023,the reserves and production in Africa reached 104.2 million BOE and 57,586 BOE/day,respectively,representing approximately 1.5%of the Company s total reserves and approximately 3.1%of its production.NigeriaThe Company owns a 45%interest in t

187、he PML2/3/4 and PPL261 blocks(Original OML130 block)in Nigeria.Such block is a deepwater block covering four oilfields,namely Akpo,Egina,Egina South and Preowei.In 2023,the original OML 130 block contract was extended and the block was renamed as PML2/3/4 and PPL261 blocks.In 2023,the production of

188、Akpo oilfield and Egina oilfield has decreased due to natural decline.The daily net productions of Akpo oilfield and Egina oilfield were approximately 27,000 barrels and 25,000 barrels respectively.In addition,the Company holds a 20%non-operating interest in the OML138 block offshore Nigeria,and an

189、18%non-operating interest in the OML139/154 Blocks.The Company will deepen our regional integration to establish an oil and gas production base in West Africa centred around Nigeria.UgandaThe Company owns a 28.3333%interest in each of EA 1,EA 2 and EA 3A blocks in Uganda.These blocks are located at

190、the Lake Albert Basin in Uganda,which is one of the most promising basins in terms of oil and gas resources onshore Africa.In 2023,the well site construction of Kingfisher project was completed and is now undergoing the pipeline laying operation.The infrastructure construction of Tilenga project is

191、currently underway.The Company will continue to work actively with its partners and the local government to facilitate commencement of operation of the projects.Other Regions in AfricaApart from Nigeria and Uganda,the Company also owns interests in exploration blocks in countries and regions such as

192、 Gabon,Congo-Brazzaville and the Senegal-Guinea-Bissau Joint Economic Zone.North AmericaNorth America is one of the Company s major overseas oil and gas reserves regions.The Company holds interests in oil and gas blocks in the U.S.,Canada,Mexico and Trinidad and Tobago in North America.As of the end

193、 of 2023,the reserves and production in North America reached 1,132.2 million BOE and 158,880 BOE/day,respectively,representing approximately 16.7%of the Company s total reserves and approximately 8.6%of its production.The U.S.The Company holds 26.0%and 12.6%interests in Eagle Ford and Rockies,respe

194、ctively,which are two onshore shale oil and gas projects in the U.S.Productions from the Eagle Ford and Rockies projects increased in 2023 and the daily net production from the Eagle Ford project was 35,000 BOE.The Company owns 25%and 21%interests in two important deepwater projects,namely Stampede

195、and Appomattox,respectively,in the U.S.Gulf of Mexico.In 2023,the daily net production of Appomattox project reached approximately 19,000 BOE.In addition,the Company also owns interests in several other exploration blocks in the U.S.Gulf of Mexico.CanadaCanada is one of the areas rich in oil sands r

196、esources in the world.The Company owns 100%working interest in Long Lake and three other oil sands projects in the Athabasca region of northeastern Alberta in Canada.In 2023,production of the Long Lake project was better than expected,with daily net production increased significantly to approximatel

197、y 61,000 BOE as a result of more effective adjustment wells workloads and the rapid ramping up of Long Lake Southwest.BUSINESS OVERVIEWCNOOC LIMITED Annual Report 202322The Company holds a 7.23%interest in the Syncrude project and its daily net production in 2023 was approximately 19,000 BOE.The Com

198、pany also holds a 25%interest in the Hangingstone oil sands project and non-operating interests under several other exploration and development licenses.Long Lake NW Project will commence production in 2024,bringing new production growth to the region.Other Regions in North AmericaThe Company owns a

199、 12.5%interest in the 2C block in Trinidad and Tobago,which is a producing asset with stable output and favourable economic returns in 2023.In addition,the Company also owns 100%operating interest in block 1 and a 40%operating interest in block 4 of the Cinturon Plegado Perdido deepwater exploration

200、 blocks in Mexico,respectively.South AmericaSouth America has become the region with the largest overseas oil and gas production of the Company and is a significant source of production growth for the Company.The Company holds interests in oil and gas blocks in Brazil,Guyana and Colombia in South Am

201、erica,as well as a 50%interest in BC ENERGY INVESTMENTS CORP.(“BC”)in Argentina.As of the end of 2023,the reserves and production in South America reached 1,155.9 million BOE and 203,632 BOE/day,respectively,representing approximately 17.0%of the Company s total reserves and approximately 11.0%of it

202、s production.BrazilBrazil deepwater area is one of the world s most important oil and gas development regions.CNOOC Limited holds a 10%interest in Libra block and a 7.34%interest in Buzios project in Brazil,respectively,both of which are in the Santos Basin.The deepwater pre-salt Libra project in Br

203、azil is divided into west,east and central zones,of which the west zone was commercially discovered in 2017 and named the Mero oilfield.The Mero oilfield consists of four phases,namely Mero 1,Mero 2,Mero 3 and Mero 4.Mero 1 project is a producing oilfield,with a daily net production of approximately

204、 14,000 BOE.Currently,Mero 2 has successfully commenced production,and is expected to achieve peak production by mid-2024.The final investment decisions for Mero 3 and Mero 4 oilfields have been made,and Mero 3 is expected to commence production in 2024.The Buzios oilfield is the worlds largest prod

205、ucing deepwater oilfield.The Buzios oilfield consists of 11 development units,and units 1,2,3 and 4 have been already in production with a daily net production of approximately 43,000 BOE.Buzios5 commenced production in 2023 and achieved its peak production target within five months,setting a record

206、 for the fastest construction of a large-scale ultra-deepwater pre-salt oilfield.The Company will work closely with its partners to facilitate project construction.Libra block and Buzios oilfield have become new drivers for the growth of overseas oil and gas production of the Company,bringing new mo

207、mentum to the Company s production growth.The Company also holds a 100%interest in ES-M-592 block in offshore Brazil,a 20%interest in the ACF Oeste block and a 30%interest in the Pau Brasil block.GuyanaThe Stabroek block in offshore Guyana is located in northeastern Guyana with a water depth of 1,60

208、0 to 2,000 meters.It is one of the world s largest exploration discoveries in recent years and CNOOC Limited holds a 25%interest in the block.In 2023,the discovery of Lancetfish was made in the Stabroek block through ultra-deep-water and deep-play exploration.Currently,a total of over 30 new discove

209、ries have been made in the block and the total recoverable resources in the block amounted to approximately 11 billion BOE as disclosed by the operator.The Phase I and Phase II of the Liza oilfield in the block has been put into production.As of the end of 2023,these two phases of the project were p

210、roducing steadily above the designed peak daily production,with a daily net production of approximately 81,000 BOE.The Payara project in this block has been put into production in 2023.In the future,Guyana will remain as one of the Company s main sources of reserve and production growth.ArgentinaCNO

211、OC Limited holds a 50%equity interest in BC and makes joint decisions on its management.BC holds a 50%equity interest in Pan American Energy Group.In 2023,BC s overall production was stable with better-than-expected development performance and net production of approximately 55,000 BOE per day.CNOOC

212、 LIMITED Annual Report 202323BUSINESS OVERVIEWCNOOC LIMITED Annual Report 202323Other Regions in South AmericaThe Company also holds rolling exploration rights in Boqueron block in Colombia.EuropeIn Europe,CNOOC Limited holds interests in oil and gas fields such as Buzzard and Golden Eagle in the U.

213、K.North Sea,and holds a 10%equity interest in Arctic LNG 2 LLC in Russia.As of the end of 2023,the reserves and production in Europe reached 49.5 million BOE and 30,510 BOE/day,respectively,representing approximately 0.7%of the Company s total reserves and approximately 1.6%of its production.The U.K

214、.The Companys asset portfolio in the U.K.North Sea comprises producing projects and exploration projects,which mainly include a 43.21%interest in the Buzzard oilfield,one of the largest oilfields in the North Sea,and a 36.5%interest in the Golden Eagle oilfield.The Company also holds 41.9%,80.4%,and

215、 79.3%interests in Scott,Telford,and Rochelle oilfields of STaR production blocks,respectively.In 2023,Buzzard oilfield maintained stable production with an average daily net production of approximately 22,000 BOE.The Company also holds a 66.67%drilling operation interest in P2215 exploration block

216、in the U.K.North Sea.Other Regions Of EuropeThe Company owns a 10%interest in Arctic LNG 2 LLC in Russia.The project is in the Gydan Peninsula in the Arctic region of Russia.SALES AND MARKETINGSales of Crude OilThe Company sells the crude oil produced in offshore China in its domestic market mainly

217、through CNOOC International Trading Co.,Ltd.,its wholly-owned subsidiary.The Company sells the crude oil produced overseas in international and domestic markets mainly through CNOOC International Trading Co.,Ltd.and CNOOC International Limited.The Company s crude oil sales prices are mainly determin

218、ed by reference to the prices of international benchmark crude oil of similar quality,with certain premiums or discounts subject to the prevailing market conditions.Although the prices are denominated in U.S.dollar,customers in China settle with Renminbi.The Company currently sells three types of cr

219、ude oil in China,i.e.,heavy crude oil,medium crude oil and light crude oil.The sale prices are benchmarked against Brent oil price.The Company s major customers in China are CNOOC Group,CNPC,Sinopec Group and some local private refineries.Overseas crude oil sold in international markets is benchmark

220、ed against the Brent,Dubai,Oman and WTI prices and regularly updated official oil prices of the host countries.In 2023,the Company achieved crude and liquids sales volume of 514.5 million barrels,an increase of 7.5%year-on-year and average realised oil price was US$77.96 per barrel,representing a ye

221、ar-on-year decrease of approximately 19.3%,basically in line with international oil prices.Sales of Natural GasThe Companys natural gas sales prices are mainly determined through negotiation with customers.Generally,natural gas sales agreements are long-term contracts,and the contract terms normally

222、 include a price review mechanism.The Company s natural gas customers are primarily located in the southeast coastal areas of China,and the major customers include CNOOC Gas and Power Group,China BlueChemical Ltd,Hong Kong Castle Peak Power Company Limited,etc.LNG produced from the NWS Project in Au

223、stralia and the Tangguh LNG Project in Indonesia are under long-term supply contracts and are sold to various customers in the Asia-Pacific region,including the Dapeng LNG Terminal in Guangdong Province and the LNG terminal in Putian,Fujian Province in China.In 2023,the Company increased its explora

224、tion and development efforts in offshore China,and the production and sales volume continued to increase,with natural gas sales volume reaching 807.4 bcf,representing a year-on-year increase of 11.2%.The Company s average realised natural gas price was US$7.98/mcf,representing a year-on-year decreas

225、e of approximately 7.0%,mainly because the impacts of the Russia-Ukraine conflicts on international natural gas prices has gradually diminished,leading to a relief of supply tensions and a subsequent return of gas prices to a reasonable level.BUSINESS OVERVIEWCNOOC LIMITED Annual Report 202324RESEAR

226、CH AND SCIENTIFIC DEVELOPMENTIn 2023,the Company vigorously implemented the scientific and technological innovation,with the annual research and development investment increasing by 4%year-on-year.The Company intensified scientific and technological research around the key technologies for oil and g

227、as exploration and development,accelerated the efforts in digital transformation of fundamental management,and significantly improved independent technological innovation capability.Deepen geological understanding to achieve exploration breakthroughs in various aspectsThe Company carried out innovat

228、ive research on key reservoir-forming conditions of buried hills in the Archean,and effectively guided the discovery of Bozhong 26-6,China s first integrated light oil field of over 100 million tons in recent 10 years in Bohai.Deepwater exploration research supported the discovery of large sized oil

229、 and gas reservoirs in Kaiping 18-1.Enhance development capabilities to release production potential at a faster paceIn 2023,the Company innovated and achieved various technical achievements,including mobile heating injector for offshore heavy oil thermal recovery and low-permeable fracture.Luda 5-2

230、 North oilfield,the first offshore ultra-extra-heavy oilfield developed by thermal recovery,was fully put into operation,with daily production of more than 1,100 tons of crude oil.The annual thermal recovery output from the oilfields in Bohai exceeded 850,000 tons.In the field of low permeability oi

231、lfield development,we have completed the largest scale low permeability facturing operation and successfully achieved oil production increase in Weizhou 12-2 oilfield.Strengthen independent innovation to facilitate technology-driven developmentAs of the end of 2023,China s first 500-meter deep-water

232、 domestically developed subsea production system had been operating steadily for 15 months in southern block of Ledong 22-1 gas field,with a total production volume of over 100 million cubic meters of natural gas.The main body construction of Asia s first cylinder-type FPSO “Haiyang Shiyou 122”float

233、ing production and storage device independently designed and constructed in China was completed,which fills numerous technology gaps in the domestic marine engineering industry and will effectively promote the development of deep-water oil and gas fields.Accelerate digital transformation and support

234、 high-quality developmentIn 2023,Qinhuangdao 32-6 oil field phase II,the first offshore smart oil field in China,was successfully implemented and put into operation,with 90%of its core business achieving digital operation.“Shenhai-1”has become the world s first super-large deepwater Semi submersible

235、 production and storage oil platform with capability of remote control production,which is crucial to the full-scale construction of the ultra-deepwater smart gas field.Liuhua oilfield,Enping oilfield and Baiyun gas field activated the“Typhoon Production Mode”to remotely monitor and control the safe

236、ty production of offshore oil and gas fields through the onshore control center in real time,which contributed more than RMB300 million.LOW CARBON DEVELOPMENTIn 2023,CNOOC Limited accelerated green and low-carbon transformation,promoted the integrated development of new energy and offshore oil and g

237、as production,and actively explored the construction of a safe,stable and efficient new energy system.Remarkable results in green oil and gas production with great efforts in energy saving and carbon reductionIn 2023,the Bohai onshore power project,distributed in three regions of Hebei,Shandong,and

238、Liaoning,was fully completed.This is the world s largest onshore power project of AC transmission at the highest voltage for offshore oilfields application base in offshore oilfields.The project covers 45 oil fields and 180 facilities,with a total scale of 980 megawatts,covering 75%of offshore facil

239、ities in Bohai,and is expected to have an annual carbon reduction capacity of 1 million tons.The Company continued to increase its efforts in green electricity substitution,completing the substitution of 500 million kWh of green electricity throughout the year,and has reduced carbon emissions by ove

240、r 440,000 tons.The Company has steadily promoted the recovery and utilization of flare gas,achieving full recovery and reuse of flare gas above 50,000 m3/day two years ahead of schedule,and established a key technical field for the recovery of flare gas in offshore oil and gas fields.We are actively

241、 building a low-carbon brand,and the Company s energy consumption and carbon intensity control continues to improve,with a number of units selected as national green factories.CNOOC LIMITED Annual Report 202325BUSINESS OVERVIEWCNOOC LIMITED Annual Report 202325Steady progress in key projects to help

242、 build a green industrial chainWe vigorously promoted the integrated development of new energy and offshore oil and gas production.China s first deep-sea floating wind power platform,“Haiyou Guanlan”,was successfully connected to the Wenchang oilfields grid,delivering green power to offshore oil and

243、 gas fields.Upon commencement of operation,the average annual power generation could reach 22 million kWh,saving nearly 10 million cubic meters of natural gas per year and reducing carbon dioxide emissions by 22,000 tons per year,contributing to the active exploration of China s wind power developme

244、nt from shallow waters to far-reaching waters.The development of 600,000-kilowatt Hainan CZ7 Offshore Wind Power Demonstration Project Phase I,the Company s first large-scale offshore wind power demonstration project,and the 300,000-kilowatt offshore wind power project in Jinshan,Shanghai,which was

245、developed with equity participation,is being pushed forward in an orderly manner.In addition,the onshore photovoltaic business is progressing steadily,and we have launched 10 photovoltaic construction projects in oil and gas terminals,seven of which have already been put into operation,and achieved

246、terminal photovoltaic coverage rate of 70%by the end of 2023.The first onshore centralized photovoltaic project the“Husbandry-Photovoltaic-Hybrid”project in Hezuo City,South Gansu,has been successfully connected to the grid for power generation,which has generated over 11 million kWh of green electr

247、icity as of the end of 2023.Cultivating and promoting zero-carbon and low-carbon industries in a steady and orderly mannerWe are steadily developing new CCS/CCUS business and doing research on CCS/CCUS carbon reduction technologies suitable for offshore oil and gas development.The Enping 15-1 oilfie

248、ld CCS demonstration project,Chinas first offshore carbon dioxide sequestration in saline aquifer project,and the Ledong 15-1 gasfield CCS demonstration project,the first project using membrane separation and decarbonization technology of the Company,were formally put into operation.Bozhong 19-6/25-

249、1 project,the first offshore CO2 flooding and CCS project,has basically completed its program design,and the first offshore 10-million-tonne cluster demonstration project carried out in an orderly manner.HEALTH,SAFETY AND ENVIRONMENTAL PROTECTION(“HSE”)As always,CNOOC Limited adheres to the core HSE

250、 values of“Safety First,Environment Paramount,People-oriented and Equipment Intact”.The Company continuously improves the management of the HSE system and strives to provide a safe working environment for its employees and contractors,to maintain a relatively stable performance of production safety

251、and build a first-class safety risk management and control system.Safety risk control capabilities continued to improveIn 2023,we actively built a new pattern of safety development and strengthened the red line awareness and bottom-line thinking.Adhering to the problem-oriented,target-oriented and r

252、esult-oriented approaches,we have deepened source governance,systematic governance,precise governance and comprehensive governance,and coordinated the improvement and expansion of basic capacity for safety and environmental protection at the grass-roots level.We differentiated the implementation of

253、special safety rectification in offshore oil and hazardous chemicals,prioritized the safety management of contractors and large mobile facilities and other key tasks and challenging areas,classified and managed the safety risks in a scientific,effective and accurate manner,and further improved the d

254、ynamic hierarchical control mechanism of risks.We continued to strengthen the audit and inspection of key operating processes,conducted special supervision and inspection of key points of time and key engineering projects;implemented closed-loop management of safety audit and inspection,and establis

255、hed a long-term mechanism for supervision,inspection and follow-up rectification.We also focused on the special rectification of offshore oil risks,attached importance to special rectification of ship safety,continued to conduct safety management audits on diving contractors and helicopter managemen

256、t companies with high standards,and conducted safety technology audits on helicopters to enhance the risk-resistant ability.BUSINESS OVERVIEWCNOOC LIMITED Annual Report 202326We continued to shape a robust safety culture featuring“People Orientation,Implementation and Intervention”.We intensified ed

257、ucation on the necessity and tasks of safety and environmental protection through various activities such as“workshop safety seminar”,“pre-work meeting”and“case-based lecture”.We organized the evaluation and commendation work in QHSE field to create a good atmosphere for safe production.We also guid

258、ed our employees to continuously improve safety awareness and skills.We paid great attention to the safety risks of overseas operations,and continued to increase our investment in manpower,material and financial resources,actively explored the innovative practice of overseas public safety management

259、 at different levels of system and mechanism,and constructed an overseas public safety management system to ensure the effectiveness of the overseas public safety management system,the deployment of emergency resources and the behaviors of personnel.We have achieved significant results in preventing

260、 major overseas public safety risks,ensuring the personal safety of expatriate employees and promoting the compliant,safe and stable operation of our overseas projects.Fully protect the life and health of employeesWe upheld the core value of“people orientation”and strictly complied with the Occupati

261、onal Disease Prevention and Control Law of the People s Republic of China and the relevant laws and regulations on occupational health in the countries and regions where we operate to improve the top-level design of health management.We have taken the construction of healthy enterprises and regional

262、 health service centres as an entry point,implemented the systematic management of occupational health,promoted the use of occupational health information system,actively promoted the safety management of onboard catering,continued to strengthen the work on employee mental health,and comprehensively

263、 conducted regular testing of occupational disease hazards and occupational health monitoring,thus making significant progress in the“comprehensive healthcare”work of the Company.In 2023,CNOOC Limited adhered to high HSE.OSHA(Occupational Safety and Health Administration)statistics for the year are

264、set out below.ScopeTotal Man-hours(million)Number of Personnel Injury Recordable CasesRate of Personnel Injury Recordable CasesNumber of Lost Workday CasesRate of Lost Workday CasesFatalitiesStaff of the Company45.1820.0420.040Staff of the Company and direct contractors201.42100.0550.020ENVIRONMENTA

265、L INFORMATIONEnvironmental protection information of the principal subsidiaries on the watch list of key pollutant discharging units published by the environmental protection authority(1)Key Pollutant Discharge Information of Key Pollutant Discharging UnitsDuring the reporting period,a total of 7 af

266、filiated entities of the Company were listed as key pollutant discharging units by the local competent ecological and environmental protection authorities,which were based in Tianjin,Huludao,Beihai,Chengmai,Sanya and Dongfang,respectively.Among the main pollutants discharged by key pollutant dischar

267、ging units during the reporting period,water pollutants mainly include COD and ammonia nitrogen,etc.,and air pollutants mainly include soot,SO2,NOX and VOCs.In addition,solid waste generated by key pollutant discharging units mainly includes domestic garbage,general industrial solid waste,and hazard

268、ous waste.The key pollutant discharging units are equipped with stable and effective pollution prevention and control facilities in normal condition.In particular,in terms of wastewater treatment,they are equipped CNOOC LIMITED Annual Report 202327BUSINESS OVERVIEWCNOOC LIMITED Annual Report 202327w

269、ith production wastewater treatment system,and the wastewater meets the standard of discharge after treatment or meets the standard of reuse,and then it is used for road spraying and gardening on the operation sites.In terms of waste gas treatment,waste gas treatment facilities are set up based on t

270、he pollutants generated,mainly including waste gas denitration facilities and VOCs recovery and treatment facilities,and the waste gas will be treated to meet relevant standards before being discharged.In terms of solid waste management,they are equipped with standardized solid waste storage facilit

271、ies,and the corresponding qualified entities are engaged to conduct the compliance processing and disposal.There are a total of 5 wastewater discharge outlets in key pollutant discharging units,including production wastewater discharge outlets and domestic wastewater discharge outlets.The discharge

272、standards implemented are mainly the Integrated Wastewater Discharge Standard(污水綜合排放標準)(DB12/356-2018)and the Integrated Wastewater Discharge Standard(污水綜合排放標準)(DB21/1627-2008);there are a total of 56 waste gas emission outlets,including heat medium boilers,direct-fired furnaces,steam boilers and ot

273、her emission outlets,and the implemented standards include the Comprehensive Emission Standard for Air Pollutants from Boilers(鍋爐大氣污染物綜合排放標準)(GB13271-2014),the Emission Standard of Air Pollutants for Thermal Power Plants(火電廠大氣污染物排放標準)(GB13223-2011),the Integrated Emission Standard of Air Pollutants

274、(大氣污染物綜合排放標準)(GB16297-1996)and Emission Standards of Air Pollutants for the Onshore Oil and Gas Extraction Industry(陸上石油天然氣開採工業大氣污染物排放標準)(GB 39728-2020).During the reporting period,the major pollutants discharged by key pollutant discharging units include:COD emissions of 48.85 tonnes,ammonia nitrog

275、en emissions of 2.09 tonnes,SO2 emissions of 20.14 tonnes,NOX emissions of 141.58 tonnes and soot emissions of 0.2 tonnes,all of which are within the total permitted pollutant discharge limit for 2023.In addition,some key pollutant discharging units used domestic sewage as gardening water in factori

276、es in accordance with the standard of gardening water stipulated in the Reuse of Urban Recycling Water Water Quality Standard for Urban Miscellaneous Use(城市污水再生利用城市雜用水水質)(GB/T18920-2020).In accordance with the Law of the PRC on the Prevention and Control of Environmental Pollution by Solid Waste(中華人

277、民共和國固體廢物污染環境防治法),the Measures for the Management of Hazardous Waste Transfer(危險廢物轉移管理辦法)and other relevant provisions,key pollutant discharging units temporarily stored domestic garbage,general industrial solid waste,hazardous waste and other waste,and then passed them to disposal entities with corr

278、esponding qualifications after sorting.(2)Environmental Impact Assessment of Construction Projects and Other Administrative Licenses for Environmental ProtectionDuring the reporting period,the key pollutant discharging units strictly implemented“three-simultaneous”system under which environmental pr

279、otection facilities and main works are designed,constructed and put into operation at the same time.We carried out environmental impact assessment and environmental completion acceptance for construction projects in accordance with requirements.The key pollutant discharging units have applied for an

280、d possessed environmental protection administrative licenses such as Pollutant Discharge License and Radiation Safety License based on the actual operation situation,and have completed formalities such as registration of hazardous waste management plans and registration of pollutant discharge from s

281、tationary sources in accordance with the relevant regulations.(3)Environmental Emergency Response Plans and Environmental Self-Monitoring PlansDuring the reporting period,the key pollutant discharging units have formulated environmental emergency response plans and have completed the necessary filin

282、g in accordance with the relevant requirements of the Management Measures for Environmental Emergencies,formulated self-monitoring plans in accordance with the relevant requirements of Self-monitoring Technical Guide for Emission Units and the characteristics of the industry,and carried out self-mon

283、itoring activities in accordance with the requirements of the plans.BUSINESS OVERVIEWCNOOC LIMITED Annual Report 202328(4)Administrative Penalties Caused by Environmental Issues During the Reporting PeriodDuring the reporting period,the key pollutant discharging units of the Company were not subject

284、 to any administrative penalties regarding environmental protection due to environmental issues.During the reporting period,subsidiaries other than the key pollutant discharging units of the Company pushed forward environmental protection and fulfilled environmental protection responsibilities in ac

285、cordance with the unified requirements of the Company,identified potential problems related to environmental protection in a timely manner,maintained environmental pollution control facilities and minimized the impact from production and operation activities on the environment.For details of the env

286、ironmental administrative penalties imposed on other subsidiaries of the Company,please refer to the information published on the websites of the governments competent ecological and environmental authorities.CORPORATE CITIZENSHIPWe are committed to extracting natural resources in a safe,efficient,a

287、nd environmentally-friendly manner,to providing society with clean,reliable and stable energy,to meeting peoples reasonable energy demand and thereby achieving sustainable development of the Company.The economy,environment,and society form three cornerstones for us to develop energy resources and ge

288、nerate value.Along with the steady growth of our business and economic contributions,we will press ahead on the road of environmental protection and social progress,so as to drive the sustainable development of the Company.While pursuing production growth,CNOOC Limited will actively respond to clima

289、te change,practise the concept of green and low-carbon development,and transform itself into a green and low-carbon enterprise.The philosophy of our social responsibility could be summarized as follows:to become a leading force in increase of oil and gas reserve and production;a driving force for gr

290、een and low-carbon development;and the backbone in building a harmonious society.In 2023,CNOOC Limited invested a total of RMB158.00 million in external donations and public welfare projects,including RMB157.74 million in cash and RMB0.40 million in supplies.During the year,the Company adhered to th

291、e concept of“implementing policies based on local conditions,providing targeted assistance,consolidating achievements and promoting revitalization”to promote the development of rural revitalization.We implemented 33 assistance projects throughout the year around the“five major projects”of developing

292、 industries with special characteristics and advantages,improving rural infrastructure,strengthening the protection of people s livelihoods,upgrading the level of education and employment,and transforming the value of ecological resources,thereby making every effort to consolidate and expand the eff

293、ective connection of achievements in poverty alleviation with rural revitalization.Overseas,guided by the concept of win-win cooperation,the Company has implemented over 50 charitable and public welfare projects in infrastructure construction,community medical assistance,community education,employme

294、nt promotion,poverty alleviation,cultural integration,etc.,contributing to the sustainable development of environment,economy and society of the countries where we operate.We have published on our website a“2023 Environmental,Social and Governance Report”that provides a systematic review of the Comp

295、any s activities to fulfill its corporate social responsibility in 2023.HUMAN RESOURCESCNOOC Limited always believes that its employees are the driving force for its development and the foundation for the continuous growth of its corporate values.We regard our employees as the core competitiveness o

296、f the Company s development.We always adhere to the people-oriented development concept,constantly improve employment policies,attach great importance to the rights and interests of employees,and create a good environment for their development.Objective,Open and Equal Employment PolicyIn accordance

297、with the principles of diversity and anti-discrimination in employment,the CNOOC Limited insists on treating employees equally in the recruitment process,training,promotion and remuneration systems regardless of race,nationality,religion,gender,age,marital status or whether subject to special statut

298、ory protections,strives to provide employees with equal opportunities in all aspects,creates a respectful,open and inclusive corporate culture and values the diverse talents of its employees.The Company adheres to the principle of gender equality in employment,actively increases the number of female

299、 employees and carries out cultivation and education activities for female management.As of the end of 2023,CNOOC LIMITED Annual Report 202329BUSINESS OVERVIEWCNOOC LIMITED Annual Report 202329the Company had a total of 3,732 female employees,accounting for 17%of its total workforce and 17%of its se

300、nior and middle management.All employees sign employment contracts with the Company based on the principles of equality and voluntariness.The Company strictly complies with labour laws and regulations,opposes any form of inhumane treatment,abides by the regulations on salaries,overtime hours and sta

301、tutory benefits promulgated by jurisdictions where the business is operated and prohibits any forced labour.Fully protect the rights and interests of employeesCNOOC Limited strives to create an open,transparent,equal and diverse environment,adheres to the concept of putting people first and caring f

302、or employees,and attaches importance to and effectively safeguards the legitimate rights and interests of employees.The Company strives to provide employees with competitive remuneration packages as compared to the rest of the industry,establishes a salary increment mechanism,and gradually establish

303、es a distribution mechanism that matches market practice.The Company implements multi-level and precise incentive mechanism for salary distribution that further tilts towards technical experts and front-line workers and is closely linked to work quality and value contribution,so as to align employee

304、 income with the Company s profit growth and share the Company s development results with its employees.A comprehensive and effective social security system has also been built,and various social and multi-level supplementary insurances are provided to employees on a timely basis.At the same time,th

305、e Company respects and supports the freedom of association,assembly and union membership enjoyed by its employees under the laws.The Company has established trade union organisations at all levels in accordance with the Trade Union Law of the People s Republic of China to protect the legitimate righ

306、ts and interests of the employees.In addition,the Company maintains close communication with the legal department and trade union organisations to jointly protect the legitimate rights and interests of employees.Overseas,CNOOC Limited fully protects the legitimate rights and interests of local emplo

307、yees,strictly complies with the employment regulations in the location of operations,provides employees with vacation,social insurance and other benefits in accordance with local labour laws and regulations,and establishes remuneration adjustment mechanisms and incentive mechanisms that correspond t

308、o the practical situations of the respective localities to encourage local employees to develop together with the Company.It also provides necessary occupational skill trainings and skill enhancement trainings to local employees,champions cultural integration,and actively participates in the constru

309、ction and activities of local communities.Staff developmentCNOOC Limited adheres to the development concept of common growth of employees and the Company,improves the training system,optimizes employee growth and development system,and opens channels for talent development to provide opportunities f

310、or each employee to become the backbone of the Company s high-quality development.The Company actively promotes the university-enterprise joint talent cultivation mechanism.On one hand,CNOOC Limited helps young talents in universities to grow.On the other hand,CNOOC Limited actively joins strategic

311、cooperation with China University of Petroleum(Beijing),China University of Petroleum(Huadong),Shanghai Jiao Tong University,etc.At the same time,we train young scientific and technological innovative talents,uphold the spirit of scientists,and improve their creative thinking and practical abilities

312、.The Company continues to increase efforts in the selection and training of experts.In 2023,the Company expanded its team of senior technical experts.At the same time,the Company accelerated the reform of talent evaluation mechanism,continued to optimize the vocational skill rating system,further pr

313、omoted the reform of offshore operation supervision,and accelerated the growth of our young technical backbone.Cultivation of International TalentsThe Company continues to strengthen the training of international talents,focuses on the key and difficult problems in the development of overseas busine

314、ss,and establishes a systematic training system and a hierarchical and interconnected international talent reserve mechanism.In 2023,over 100 business cadres were selected to participate in international talent training course.CNOOC LIMITED Annual Report 202330RISK MANAGEMENT AND INTERNAL CONTROLRIS

315、K MANAGEMENT,INTERNAL CONTROL AND COMPLIANCE MANAGEMENT SYSTEMSince its establishment,the Company has treated risk management,internal control and compliance management system as a top priority.The Company recognizes that it is the duty and obligation of its management to establish and maintain a ri

316、sk management,internal control and compliance management system which serves the Company s strategic objectives and meets the Company s business practice.The Board ensures that the Company establishes and maintains appropriate and effective risk management and internal control systems,strengthens th

317、e construction of compliance system on this basis,and regularly reviews their effectiveness.Such systems are designed to manage the risks a company may face in achieving its business objectives.The Board receives a report on risk management and internal control systems from executives twice a year.A

318、ll major risks are reported to the Board which also evaluates the risks and their response plan.Appropriate and effective risk management and internal control system can help the company reasonably reduce the possible loss caused by the occurrence of risks.the Company s Risk Management,Internal Cont

319、rol and Compliance Management Committee(RMICC Committee)is authorised by the Board to organise and carry out the Company s overall risk management and internal control.Its responsibilities include developing risk management and internal control systems,standardizing institutional framework,authorisa

320、tion,responsibilities,processes and methods for the systems,continuously monitoring the operation of the systems,and regularly reporting the construction and compliance management of the systems to the Audit Committee and the Board.With respect to risk management,the Company has chosen and adopted t

321、he ISO 31000:2018/GBT24353-2022 Risk Management Guideline,meanwhile has taken Guidelines for Comprehensive Risk Management of Central Companies by the State-owned Assets Supervision and Administration Commission(SASAC)and the risk management framework issued by COSO(namely,the Committee of Sponsorin

322、g Organizations of the Treadway Commission)of the U.S.as an important reference,established a risk management system covering design,implementation,monitoring,assessment and continuous improvement.The RMICC Committee of the Company shall establish the overall targets and strategies of the risk manag

323、ement system which are in line with the strategic objectives of the Company,and identified,analysed and assessed the overall risks of the Company,including the Company s key risks in making major decisions,important events and key business processes.The RMICC Committee is also responsible for review

324、ing and approving the response plans to major risks,as well as following up and periodically reviewing the implementation of such response plans and the handling of major compliance incidents,in order to ensure that sufficient attention,monitoring and responses will be afforded to all key risks and

325、compliance incidents of the Company.With respect to internal control,the Company has established an internal control system and mechanism for financial,operational and compliance monitoring in accordance with the internal control framework formulated by the COSO of the United States,and has conducte

326、d continuing review and evaluation of the internal control system of the Company according to the provisions of the Basic Standard for Enterprise Internal Control and the supporting guidelines jointly formulated by Five Ministries including the Ministry of Finance of the PRC,in order to ensure safet

327、y,compliance and the timeliness,accuracy and completeness of all information reported.CNOOC LIMITED Annual Report 202331RISK MANAGEMENT AND INTERNAL CONTROLCNOOC LIMITED Annual Report 202331 Relying on the existing framework of risk management and internal control system,the Company refined and clar

328、ified the compliance responsibilities of the Board,the management and the executives,established strict internal prevention and management system,strengthen the construction and effective operation of the compliance management system,compliance training and cultural promotion and implementation,so a

329、s to regulate all employees to perform their duties properly.The Company maintained the mechanism of“Commitment to Compliance”signed by all employees to enhance their awareness of integrity and compliance responsibility,and established a unified domestic and overseas compliance complaint channel(htt

330、ps:/ conducted investigations timely.The Board considered that as of 31 December 2023,the Company s risk management system and the Company s internal control over financial reporting were effective.As a company listed in Hong Kong and Shanghai,the Company will continue to strictly comply with all re

331、gulatory requirements,strengthen its risk management,internal control and compliance management system and maintain a high standard of corporate governance to ensure the Company s healthier development.RISK FACTORSAlthough we have established the risk management system to identify,analyze,evaluate a

332、nd respond to risks,our business activities may subject to the following risks,which could have material effects on our strategies,operations,compliance and financial condition.We urge you to carefully consider the risks described below.Macro economy and policy riskMacro economy riskThe industry in

333、which the Company operates is closely linked to the macro economy.The growth of the global economy and trade has further slowed down.Economic recovery varies widely among countries due to multiple factors such as geopolitical conflicts and tightening of global monetary policies.Geopolitics,trade frictions and other factors have exerted negative impact on the global flow of goods,people and capital