Investment Rating - The report maintains a "Buy" rating for China National Offshore Oil Corporation (CNOOC) [1][3] Core Views - CNOOC successfully discovered the Qinhuangdao 27-3 oil field with an estimated geological oil reserve of 104 million tons, and initial tests show a daily production of approximately 742 barrels per well [2] - The company has raised its production targets for 2024-2025, with a net production target of 700-720 million barrels of oil equivalent for 2024, reflecting a year-on-year increase of 3.7% to 6.7% [2] - CNOOC plans to increase capital expenditures, with a total budget of RMB 125-135 billion for 2024, and has adjusted its 2023 capital expenditure to approximately RMB 128 billion [2] - The company is focused on shareholder returns, maintaining a dividend payout ratio of no less than 40% from 2022 to 2024, with an absolute dividend value of no less than HKD 0.70 per share [3] - The report adjusts the net profit forecasts for 2023-2025 to RMB 127.8 billion, RMB 139.7 billion, and RMB 148.6 billion respectively, with year-on-year growth rates of -10%, 9%, and 6% [3] Financial Summary - Total revenue for 2023 is projected at RMB 412.36 billion, with a year-on-year growth of 3.47% [1][6] - The net profit for 2023 is expected to be RMB 127.81 billion, reflecting a decrease of 9.80% compared to the previous year [1][6] - The earnings per share (EPS) for 2023 is estimated at RMB 2.69, with a price-to-earnings (P/E) ratio of 5.90 [1][6] - The company’s total assets are projected to reach RMB 1,195.52 billion by 2024, with a debt-to-asset ratio of 36.80% [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company discovered a significant oil field in the South China Sea, with an average oil production of approximately 7,680 barrels per day and gas production of about 0.52 million cubic feet [3] - The company has raised its production targets for 2024-2025 and disclosed its 2026 production goals, with a net production target of 700-720 million barrels of oil equivalent for 2024, representing a year-on-year increase of 3.7% to 6.7% [3] - Capital expenditures are set to increase, with a total budget of RMB 125-135 billion for 2024, and the company has adjusted its 2023 capital expenditure to approximately RMB 128 billion, aligning with its goals [3] - The company is progressing with several new projects, including significant developments in both domestic and international locations [3][4] Summary by Sections Revenue and Profit Forecast - Total revenue is projected to grow from RMB 406.23 billion in 2023 to RMB 445.79 billion in 2025, with a compound annual growth rate (CAGR) of approximately 5.03% [2] - The net profit attributable to the parent company is expected to decrease to RMB 127.81 billion in 2023, followed by increases to RMB 139.74 billion in 2024 and RMB 149.75 billion in 2025, reflecting a year-on-year growth of 9% and 7.17% respectively [2][4] Earnings Per Share (EPS) and Valuation - The latest diluted EPS is forecasted to be RMB 2.69 in 2023, RMB 2.94 in 2024, and RMB 3.15 in 2025, with corresponding P/E ratios of 6.07, 5.55, and 5.18 [2][4] Shareholder Returns - The company aims to maintain a dividend payout ratio of no less than 40% from 2022 to 2024, with an absolute dividend value of no less than HKD 0.70 per share [4]

证券研究报告·海外公司点评·石油及天然气(HS) 中国海洋石油（00883.HK） 亿吨级渤中26-6油田成为全球最大的变质岩 2024 年 02月 26日 油田 证券分析师 陈淑娴 买入（首次） 执业证书：S0600523020004 chensx@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2021A 2022A 2023E 2024E 2025E 研究助理 何亦桢 执业证书：S0600123050015 营业总收入（百万元） 237,598 389,175 406,228 424,430 445,794 heyzh@dwzq.com.cn 同比 56.67% 63.80% 4.38% 4.48% 5.03% 归母净利润（百万元） 70,320 141,700 127,808 139,736 149,750 股价走势 同比 181.78% 101.51% -9.80% 9.33% 7.17% 中国海洋石油 恒生指数 EPS-最新摊薄（元/股） 1.48 2.98 2.69 2.94 3.15 56% P/E（现价&最新摊薄） 9.71 4.82 5.34 4.89 4.56 ...

Financial Performance - Operating revenue for Q3 2023 was RMB 114,753 million, an increase of 5.48% compared to the same period last year[2] - Net profit attributable to shareholders of the parent company was RMB 33,884 million, a decrease of 8.13% year-on-year[2] - Cash flow from operating activities for the year-to-date was RMB 159,045 million, down 4.70% compared to the previous year[2] - The company's net profit for the first three quarters of 2023 was 489,147 million RMB, up from 448,985 million RMB in the same period of 2022, representing a growth of about 8.9%[13] - Total operating revenue for the first three quarters of 2023 was RMB 306,817 million, a decrease of 1.06% compared to RMB 311,145 million in the same period of 2022[14] - Net profit attributable to shareholders of the parent company was RMB 97,645 million, down 10.05% from RMB 108,768 million in the previous year[15] - The company reported a total comprehensive income of RMB 103,720 million, down from RMB 131,379 million in the same period of 2022[16] - Basic and diluted earnings per share were both RMB 2.05, a decrease from RMB 2.34 in the previous year[16] Assets and Liabilities - Total assets at the end of the reporting period reached RMB 1,020,025 million, reflecting a 9.79% increase from the previous year[2] - As of September 30, 2023, total assets amounted to 1,020,025 million RMB, up from 929,031 million RMB at the end of 2022, reflecting a growth of approximately 9.8%[12] - The total liabilities as of September 30, 2023, were 375,395 million RMB, compared to 330,648 million RMB at the end of 2022, which is an increase of approximately 13.5%[13] - The total equity attributable to shareholders increased to 643,415 million RMB as of September 30, 2023, compared to 597,182 million RMB at the end of 2022, indicating a growth of approximately 7.7%[13] Production and Sales - In the first three quarters of 2023, the company's net production reached 499.7 million barrels of oil equivalent, an increase of 8.3% year-on-year, marking a historical high for the same period[8] - The company's oil and gas sales revenue for the first three quarters was approximately RMB 238.4 billion, a decrease of 10.3% year-on-year, primarily due to the decline in international oil prices[8] - Oil and gas sales revenue for Q3 2023 was RMB 86,710 million, a decrease of 2.8% year-on-year[5] - The average realized oil price for the company was $76.84 per barrel, a decrease of 24.2% year-on-year, consistent with international oil price trends[8] - The average realized price for oil liquids was USD 83.20 per barrel, down 13.2% from the previous year[5] - The average realized gas price was $7.92 per thousand cubic feet, a decrease of 2.7% year-on-year, mainly due to the decline in overseas natural gas prices[8] Capital Expenditures and Investments - Capital expenditures for Q3 2023 totaled RMB 32,947 million, representing a 21.5% increase compared to Q3 2022[5] - Capital expenditures for the first three quarters were approximately RMB 89.46 billion, an increase of 30.2% year-on-year, due to increased workload on ongoing projects[9] - The company has adjusted its annual capital expenditure budget to RMB 120-130 billion to support reserve and production growth[9] - Cash flow from investment activities resulted in a net outflow of RMB 54,283 million, an improvement from a net outflow of RMB 75,913 million in the previous year[18] - Investment income increased to RMB 6,858 million, compared to RMB 4,204 million in the previous year[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 122,601[6] - The largest shareholder, China National Offshore Oil Corporation (BVI), held 60.49% of the shares[6] Cost Management - The company's main oil cost per barrel was $28.37, a decrease of 6.3% year-on-year, indicating effective cost control[8] - Total operating costs increased to RMB 177,799 million, up 7.83% from RMB 165,308 million year-on-year[14] - The company’s financial expenses decreased significantly to RMB 744 million from RMB 2,172 million in the previous year, primarily due to lower interest expenses[14] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance production efficiency and sustainability[10]

Financial Performance - The total revenue for the first half of 2023 reached HKD 60 billion, a 15% increase compared to the same period last year [4]. - The company reported a net profit of HKD 12 billion for the first half of 2023, up 25% from the previous year [4]. - Total operating revenue for the first half of 2023 was RMB 192,064 million, a decrease of 5% compared to RMB 202,355 million in the same period last year [10]. - Net profit attributable to shareholders was RMB 63,761 million, down 11% from RMB 71,887 million year-on-year [10]. - The net profit excluding non-recurring gains and losses was RMB 62,324 million, reflecting a 12% decrease from RMB 70,910 million in the previous year [10]. - The company's net asset attributable to shareholders increased by 7% to RMB 636,537 million from RMB 597,182 million at the end of the previous year [10]. - The company achieved oil and gas sales revenue of RMB 151,690 million, a decline of 14.1% compared to the previous year [15]. - Basic earnings per share were RMB 1.34, down 15% from RMB 1.57 in the same period last year [11]. - The net cash flow from operating activities for the first half of 2023 was RMB 99,618 million, a decrease of 3% year-on-year, primarily due to a decline in cash inflow from oil and gas sales caused by falling international oil prices [86]. - The company's total assets as of June 30, 2023, were RMB 999,074 million, an increase from RMB 929,031 million as of December 31, 2022, representing an increase of approximately 7.5% [110]. Production and Exploration - The company reported a significant increase in production, achieving an average daily output of 1.5 million BOE (barrels of oil equivalent), representing a 10% increase year-on-year [4]. - Oil and gas net production reached 331.8 million barrels of oil equivalent, an increase of 8.9% year-on-year [15]. - The net production in China was 231.2 million barrels of oil equivalent, up 6.6% year-on-year, primarily due to increased output from the Kenli 6-1 and Lufeng 15-1 oilfields [18]. - The company aims to achieve a production capacity of 500 million BOE by 2025, focusing on both conventional and unconventional resources [4]. - The company completed 181 exploration wells and collected 6,391 square kilometers of 3D seismic data [17]. - The company made five new discoveries in Chinese waters, with geological reserves exceeding 20 million tons for the Panyu 10-6 and Kaiping 18-1 discoveries [16]. - The company is actively pursuing strategic acquisitions to enhance its market position, with a focus on assets in Africa and South America [4]. Technological Innovation - The company is investing in new technologies for enhanced oil recovery, with a budget allocation of HKD 1 billion for R&D in 2023 [4]. - The company is focusing on technological innovation, with significant progress in deepwater exploration and the construction of the world's first ultra-large deepwater platform with remote control capabilities [12]. - The company has strengthened its core technology system and improved its autonomous innovation capabilities, enhancing the reliability of intelligent distribution technology [20]. - The company is committed to technological innovation to enhance competitiveness, and insufficient core technology reserves may adversely affect its operational targets [43]. Environmental Initiatives - The company launched the world's first semi-submersible "Double Hundred" deep-sea floating wind power project, expected to reduce carbon emissions by approximately 22,000 tons annually [21]. - The company is advancing its green low-carbon initiatives, aiming to consume 500 million kilowatt-hours of green electricity within the year, equivalent to a reduction of about 440,000 tons of carbon emissions [21]. - The company has invested approximately RMB 321 million in environmental management and pollution control projects in the first half of 2023 [25]. - The company has established five wastewater discharge outlets and 48 air discharge outlets, adhering to various national and local environmental standards [23]. - During the reporting period, the emissions of key pollutants were: COD at 33.96 tons, ammonia nitrogen at 0.92 tons, SO2 at 14.97 tons, NOX at 91.20 tons, particulate matter at 1.42 tons, and smoke at 0.07 tons, all within the approved discharge limits for the first half of 2023 [24]. Risk Management - The company maintains a risk management and internal control system to address potential risks associated with its operational goals [29]. - The global economic slowdown and tightening liquidity may adversely affect the company's performance due to its reliance on the oil and gas industry [30]. - The company faces intensified competition from national oil companies and large integrated oil and gas firms, which may negatively affect its business and financial performance [35]. - The company is exposed to HSSE risks that could result in injuries, environmental damage, and reputational harm, potentially affecting its operational capabilities [36]. - Risks associated with mergers and acquisitions may lead to increased costs and failure to achieve operational goals if asset acquisitions do not succeed [38]. Shareholder and Governance - The company declared an interim dividend of HKD 0.59 per share for 2023, reflecting a commitment to return value to shareholders [3]. - The company has a significant shareholder, CNOOC (BVI) Limited, holding approximately 64.55% of the issued Hong Kong shares, equating to 28,772,727,268 shares [58]. - The company held its annual general meeting on May 31, 2023, where 11 resolutions were discussed without any rejections [53]. - The audit committee has reviewed the accounting standards and practices adopted by the company and its subsidiaries, ensuring compliance with financial reporting standards [60]. - The company has complied with all relevant corporate governance codes and regulations during the reporting period [63]. Financial Instruments and Liabilities - As of June 30, 2023, the company reported that the current and former directors and senior executives held a total of 1,650,000 Hong Kong shares, representing approximately 0.004% of the issued Hong Kong shares [55]. - The company has outstanding bonds totaling $403,632,000 for CPNA 2032, $728,246,000 for CPNA 2035, and $690,200,000 for CPNA 2039, with respective repurchase percentages of 6.45%, 0.55%, and 0.83% [62]. - The company's total liabilities increased by 9% to RMB 361,348 million, with current liabilities rising by 34% to RMB 152,289 million, primarily due to increased dividend payables [85]. - The company has capital commitments of RMB 67,065 million as of June 30, 2023, an increase from RMB 58,346 million at the end of 2022 [147]. - The company incurred interest expenses of RMB 23 million on a RMB 4,300 million loan from CNOOC Group at a fixed interest rate of 1.08% during the six months ended June 30, 2023 [145].

Financial Performance - Net oil and gas production reached 331.8 million barrels of oil equivalent, an increase of 8.9% compared to the same period last year[2]. - Oil and gas sales revenue was RMB 151.69 billion, a decrease of 14.1% year-on-year[2]. - Net profit attributable to shareholders was RMB 63.76 billion, down 11.3% from the previous year[2]. - Basic and diluted earnings per share were RMB 1.34, reflecting a decline of 14.7%[2]. - Total comprehensive income for the six months ended June 30, 2023, was RMB 71,146 million, a decrease of 14.3% from RMB 83,045 million in 2022[8]. - Basic and diluted earnings per share for the period were RMB 1.34, down from RMB 1.57 in the previous year, representing a decline of 14.6%[8]. - The exploration and production segment reported a profit of RMB 61,004 million for the six months ended June 30, 2023, down from RMB 70,332 million in the same period of 2022, reflecting a decrease of about 13.3%[15]. - Oil and gas sales revenue for the six months ended June 30, 2023, was RMB 156,686 million, a decrease from RMB 180,620 million in the same period of 2022, representing a decline of approximately 13.2%[15]. Dividends - Interim dividend declared at HKD 0.59 per share, a decrease of 15.7%[2]. - The board declared an interim dividend of HKD 0.59 per share on August 17, 2023, compared to HKD 0.70 per share for the same period in 2022, reflecting a decrease of approximately 15.7%[20]. - The company will withhold a 10% corporate income tax on the interim dividend for non-resident enterprises, effective for shareholders listed on the register as of September 15, 2023[35]. - The interim dividend distribution will be in HKD for Hong Kong shares and in RMB for A-shares, with the exchange rate based on the average midpoint rate published by the People's Bank of China[34]. - Shareholders must submit relevant documents by September 8, 2023, to avoid withholding tax on the interim dividend[35]. - The company is recognized as a resident enterprise in China and is obligated to withhold taxes for non-resident shareholders[35]. - The board of directors has authorized the interim dividend distribution based on the company's operating performance, financial condition, and cash flow[34]. Assets and Liabilities - Non-current assets increased to RMB 728,785 million as of June 30, 2023, compared to RMB 664,352 million at the end of 2022, reflecting a growth of 9.7%[9]. - Current assets totaled RMB 270,289 million, slightly up from RMB 264,679 million, indicating a growth of 2.0%[9]. - Total liabilities increased to RMB 361,348 million, up from RMB 330,648 million, marking an increase of 9.3%[9]. - Net assets rose to RMB 637,726 million, compared to RMB 598,383 million at the end of 2022, showing an increase of 6.6%[9]. - Cash and cash equivalents increased significantly to RMB 114,065 million from RMB 85,633 million, a rise of 33.2%[9]. - The total liabilities for the company as of June 30, 2023, were RMB (361,348) million, compared to RMB (330,648) million as of December 31, 2022, indicating an increase in liabilities[15]. - Total assets for the company as of June 30, 2023, were RMB 999,074 million, an increase from RMB 929,031 million as of December 31, 2022, representing an increase of approximately 7.5%[15]. Exploration and Innovation - Significant progress in exploration with new discoveries in the Panyu 10-6 and Kaiping 18-1 fields in China[3]. - Successful production commencement at the Buzios 5 oil field in Brazil, contributing to new production growth[4]. - The company is focusing on technological innovation, including the construction of the world's first ultra-deepwater platform with remote control production capabilities[4]. - Positive developments in renewable energy, with successful grid connection of offshore wind power projects[4]. Corporate Governance and Structure - The company complied with all code provisions set out in the Corporate Governance Code during the six months ended June 30, 2023[30]. - Changes in the board of directors included the appointment of a new president effective June 30, 2023[33]. - The board consists of both executive and non-executive directors, ensuring a diverse governance structure[36]. - The audit committee reviewed the interim results for the six months ended June 30, 2023, which were unaudited[27]. Shareholder Information - The company is applying to establish a RMB counter on the Hong Kong Stock Exchange to enhance investment flexibility for shareholders[4]. - The company will close the Hong Kong share register from September 11 to September 15, 2023, for dividend eligibility[34]. - The company will not be liable for any disputes arising from the identification of Hong Kong shareholders for tax withholding purposes[36]. Financial Costs and Investments - The company recognized a financial cost of approximately RMB 1,428 million for the six months ended June 30, 2023, slightly up from RMB 1,419 million in the same period of 2022[17]. - The company’s investment in joint ventures increased to RMB 28,556 million, up from RMB 27,942 million, reflecting a growth of 2.2%[9]. - The company’s total equity attributable to shareholders increased to RMB 636,537 million from RMB 597,182 million, an increase of 6.6%[9]. - The company repaid bonds totaling USD 2,000 million with a coupon rate of 3.000% and USD 450 million with a coupon rate of 3.75% during the six months ended June 30, 2023[23]. - The company repurchased and canceled 70,692,000 shares at a total consideration of HKD 693 million, equivalent to approximately RMB 623 million[25]. - CNOOC Petroleum North America ULC repurchased bonds totaling USD 27,824,000, representing 6.45% of the total bond amount issued[29].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 CNOOC Limited （中國海洋石油有限公司） （根據公司條例在香港註冊成立的有限責任公司） （股票代號：00883） 公告 2023年第一季度報告 本公告由中國海洋石油有限公司根據《證券及期貨條例》（香港法例第571章）第XIVA部項下的 內幕消息條文及《香港聯合交易所有限公司證券上市規則》第13.09條及13.10B條作出。 本公司2023年第一季度報告所載財務資料根據中國企業會計準則編製，且未經審計。 重要內容提示 中國海洋石油有限公司（以下簡稱「本公司」或「公司」）董事會及董事、高級管理人員保證季度報 告內容的真實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的 法律責任。 公司首席執行官周心懷先生、首席財務官謝尉志先生、財務部總經理王欣女士聲明：保證季度 報告中財務信息的真實、準確、完整。 第一季度財務報表是否經審計 ...

Financial Performance - Total revenue for the year 2022 reached 422,230 million, a significant increase from 246,111 million in 2021, representing a growth of approximately 71.5%[11]. - Net profit for 2022 was 141,677 million, up from 70,307 million in 2021, indicating an increase of about 101.5%[11]. - Total assets as of December 31, 2022, amounted to 929,031 million, compared to 786,569 million in 2021, reflecting a growth of approximately 18.1%[12]. - Current assets increased to 264,679 million in 2022 from 207,982 million in 2021, marking a rise of about 27.2%[12]. - Total liabilities for 2022 were 330,648 million, up from 304,593 million in 2021, which is an increase of approximately 8.5%[12]. - The company's equity rose to 598,383 million in 2022, compared to 481,976 million in 2021, representing an increase of about 24.2%[12]. - The company reported a pre-tax profit of 194,770 million for 2022, compared to 95,821 million in 2021, showing an increase of approximately 103.4%[11]. - The total expenses for 2022 were 228,905 million, up from 150,132 million in 2021, indicating an increase of about 52.3%[11]. - Investment income for 2022 was 2,058 million, a decrease from 2,850 million in 2021, reflecting a decline of approximately 28%[11]. - The company's share of profits from joint ventures and associates increased to 1,911 million in 2022, compared to 346 million in 2021, representing a growth of about 451.2%[11]. Production and Reserves - As of December 31, 2022, the company had net proven reserves of approximately 6.24 billion barrels of oil equivalent and an average daily net production of about 1,709,175 barrels of oil equivalent[5]. - The company operates in key areas including the Bohai Sea, western South China Sea, eastern South China Sea, and East China Sea, with assets distributed across Asia, Africa, North America, South America, Oceania, and Europe[5]. - In 2022, the net production of oil liquids reached 1,311,836 barrels per day, an increase of 8.3% from 1,211,111 barrels per day in 2021[13]. - Natural gas net production in 2022 was 1,554.5 million cubic feet per day, up 19.6% from 1,299.7 million cubic feet per day in 2021[13]. - The total net production (in barrel of oil equivalent per day) for 2022 was 1,709,175, representing a growth of 8.9% compared to 1,569,560 in 2021[13]. - The reserve replacement ratio reached 182%, with a stable reserve life of over 10 years[16]. - The company made 18 commercial discoveries throughout the year, significantly enhancing its exploration results[16]. - The company achieved a record net production of 624 million barrels of oil equivalent, marking a historical high[16]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.75 per share (tax included) for the year ended December 31, 2022, in addition to an interim dividend of HKD 0.70 per share, totaling HKD 1.45 per share (tax included) for the year[2]. - The company maintains a dividend payout policy with a minimum payout ratio of 40% from 2022 to 2024, with an absolute dividend value not less than HKD 0.70 per share (including tax) regardless of operational performance[171]. - The dividend distribution policy was approved at a special shareholders' meeting on October 26, 2021, ensuring shareholder returns based on future earnings, capital requirements, and financial conditions[171]. - The company emphasizes shareholder returns and adheres strictly to its profit distribution policy, with independent non-executive directors actively involved in the decision-making process regarding dividends[171]. Environmental and Sustainability Initiatives - The company is committed to low-carbon development and technological advancements in its operations[4]. - The company is advancing its green and low-carbon transformation, focusing on clean production of oil and gas[16]. - The company has initiated a "carbon peak and carbon neutrality" action plan, focusing on energy conservation and emission reduction[199]. - The company implements strict energy-saving and carbon emission assessments for oil and gas field investment projects to ensure compliance from the project inception[199]. - The company aims for "increased production without increased pollution" or "increased production with reduced pollution" in its projects[199]. - A special fund for environmental protection is established from the disposal costs to restore marine ecological environments[199]. - The company has published its 2022 Environmental, Social, and Governance report, detailing significant environmental issues affecting business performance and future development[200]. Governance and Risk Management - The company has established a comprehensive risk management mechanism to identify, prevent, and report significant risks in a timely manner[109]. - The board of directors receives biannual reports on risk management and internal control, ensuring that all significant risks are addressed[83]. - The company has implemented a risk management and internal control system aligned with its strategic goals, utilizing ISO 31000:2018 guidelines and COSO frameworks[81]. - The company employs independent technical consultants to audit its oil and gas business, with details disclosed in the annual report[142]. - The company has established procedures for identifying, handling, and disclosing insider information to prevent improper handling of sensitive information[144]. - The company has established a unified compliance complaint channel for employees and other stakeholders to report any misconduct anonymously[146]. Corporate Governance - The company has a high standard of corporate governance, ensuring transparency and protecting the interests of all shareholders[111]. - The board consists of 11 members, including 2 executive directors, 4 non-executive directors, and 5 independent non-executive directors as of December 31, 2022[114]. - The independent non-executive directors account for nearly half of the board, exceeding the requirement of at least one-third as per the listing rules[116]. - The board regularly reviews its diversity policy and considers various factors, including cultural background and diverse perspectives, when selecting candidates[116]. - The company has established policies to avoid potential conflicts of interest, ensuring objective decision-making by the board[117]. - The company has implemented a Code of Ethics to guide directors and senior management on legal and ethical conduct, with the latest version adopted in August 2022[165]. Strategic Initiatives and Future Outlook - The company plans to continue enhancing its international competitiveness and expanding its production capacity in 2023[18]. - The company aims to enhance oil and gas reserves and production through exploration and value-driven acquisitions, while actively expanding its natural gas business[112]. - The company plans to achieve a net production target of 650-660 million barrels of oil equivalent in 2023, with over 50 projects under construction[29]. - The company is considering strategic acquisitions to enhance its market position, targeting firms with a combined revenue of 10 billion RMB[187]. - The management team emphasized the importance of sustainability initiatives, committing to invest 1 billion RMB in green technologies[190].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 CNOOC Limited （中國海洋石油有限公司） （根據公司條例在香港註冊成立的有限責任公司） （股票代號：00883） 二零二二年度業績公告 董事長致辭 尊敬的各位股東： 剛剛過去的二零二二年，面對世界經濟復甦乏力、地緣政治局勢動盪不安的嚴峻挑戰，中國海 油迎難而上、銳意進取，緊緊抓住油價上行的有利時機，全力推動增儲上產，經營業績創歷史 最好水平，為股東交上了一份亮麗的成績單。 二零二二年，我們成功在上交所主板上市，成為近十年來中國能源行業規模最大的IPO ，將公 司帶入更具活力的中國境內資本市場，拓寬了未來發展空間。 二零二二年，我們堅持把油氣上產作為工作重心，全年實現油氣淨產量624百萬桶油當量，再創 歷史新高。 我們持續加大勘探力度，全年共獲得18個商業發現，儲量替代率達182% ，儲量壽命穩定在10年 以上，油氣勘探取得豐碩成果。 我們高效推進重大項目建設，全年有9個項目順利投產，40餘個 ...