CNOOC Limited 中国海洋石油有限公司 香港聯合交易所股票代碼：00883 上海證券交易所股票代碼：600938 or Interim Report 中 期 報 告 目錄 | --- | --- | |-------|--------------------| | | | | 2 | 重要提示 | | 3 | 公司簡介 | | 6 | 董事長致辭 | | 8 | 主要指標與業務回顧 | | 24 | 企業管治 | | 29 | 環境與社會責任 | | 31 | 財務報告 | 二零二二年中期報告 中國海洋石油有限公司 1 重要提示 中國海洋石油有限公司（以下簡稱「本公司」、「公司」或「中國海油」）董事會及董事、高級管理人 員保證半年度報告內容的真實、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。 本半年度報告已經本公司2022年第七次董事會審議通過。本公司執行董事兼首席執行官周心懷 先生因公未能參加本公司2022年第七次董事會，已書面委託本公司執行董事夏慶龍先生代為出 席會議並行使表決權。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 ...

CNOOC Limited 中国海洋石油有限公司 香港聯合交易所股票代碼：00883 年度報告 2021 深海 公司簡介 中國海洋石油有限公司（簡稱「本公司」、「公司」或「中海油」）於一九九九年八月在香港特別行政區（「香港」） 註冊成立，並於二零零一年二月二十八日在香港聯合交易所（股票代號：00883)掛牌上市。二零零一年七月，本公司股 票入選恆生指數成份股。 本公司為中國最大之海上原油及天然氣生產商，亦為全球最大之獨立油氣勘探及生產企業之一，主要業務為勘探、開發、 生產及銷售原油和天然氣。 目前，本公司以中國海域的渤海、南海西部、南海東部和東海為核心區域，資產分佈遍及亞洲、非洲、北美洲、南美洲、 大洋洲和歐洲。 截至二零二一年十二月三十一日，本公司擁有淨證實儲量約57.3億桶油當量，全年平均日淨產量達1,569,560桶油當 量（除另有說明外，本報告中儲量和產量數字均含權益法核算的儲量和產量）。共有總資產約人民幣7,866億元。 目錄 2 財務摘要 3 作業摘要 6 董事長致辭 8 業務回顧 8 概覽 11 勘探 14 工程建設與開發生產 15 分區域回顧 22 銷售與市場 22 科技發展 23 低碳發展 ...

Financial Performance - Total revenue for 2019 reached RMB 233,199 million, an increase from RMB 227,711 million in 2018, representing a growth of approximately 2.1%[4] - Net profit for 2019 was RMB 61,045 million, up from RMB 52,675 million in 2018, indicating a growth of about 15.8%[4] - Investment income for 2019 was RMB 4,632 million, an increase from RMB 3,685 million in 2018, representing a growth of about 25.7%[4] - The company reported a revenue of 197.17 billion RMB and a net profit of 61.05 billion RMB, despite a more than 10% decline in international oil prices[12] - The company reported a significant increase in revenue, achieving a total of 100 billion RMB, representing a year-over-year growth of 15%[145] - Oil and gas sales revenue reached RMB 197,173 million (USD 28,618.5 million), an increase of about 5.7% compared to the previous year[188] - The net profit for 2019 was RMB 61,045 million (USD 8,860.3 million), a significant year-on-year increase of approximately 15.9%[188] Production and Reserves - The average daily net production for 2019 was 1,387,564 barrels of oil equivalent, maintaining a strong production level[2] - The company had confirmed net reserves of approximately 5.18 billion barrels of oil equivalent as of December 31, 2019[2] - The total net production of oil liquids in China was 726,866 barrels per day, showing a slight increase from 705,366 barrels per day in 2018, representing a growth of approximately 3.5%[8] - The total net production of natural gas in China reached 987.9 million cubic feet per day in 2019, up from 834.8 million cubic feet per day in 2018, indicating a growth of about 18.3%[8] - The total net production (in barrel of oil equivalent per day) increased to 1,330,740 barrels in 2019 from 1,243,357 barrels in 2018, reflecting a growth of approximately 7%[8] - The company achieved a net oil and gas production of 506.5 million barrels of oil equivalent, marking the highest level in its history[12] - As of December 31, 2019, the net proven oil reserves in China reached 1,899.7 million barrels, an increase from 1,430.6 million barrels in 2015, representing a growth of 32.7% over the five-year period[9] - The total net proven reserves (in million barrels of oil equivalent) rose to 2,964.3 million barrels in 2019, compared to 2,324.3 million barrels in 2015, marking an increase of 27.5%[9] Exploration and Development - The company is focusing on expanding its operations in various regions, including Asia, Africa, North America, South America, Oceania, and Europe[2] - The company continues to invest in technology development to enhance its exploration and production capabilities[3] - The company made 23 commercial exploration discoveries and successfully evaluated 30 oil and gas structures, with proven geological reserves increasing by nearly 200 million cubic meters of oil equivalent[12] - The company plans to enhance its clean energy development efforts, focusing on key natural gas projects, including the Lingshui 17-2 gas field, which has entered the development phase[13] - The company aims to enhance exploration efforts in both domestic and overseas markets, focusing on large and medium-sized oil and gas field explorations[26] - The company is committed to reducing exploration costs and improving efficiency, with the cost per barrel reaching a historical low[30] Cost Management and Efficiency - The average cost per barrel of oil equivalent decreased to 29.78 USD, continuing a six-year downward trend, while operating expenses per barrel fell to 7.39 USD, the best level in recent years[12] - The company plans to implement stricter cost control and more prudent investment decisions in response to economic uncertainties in 2020[185] - The average operating cost per barrel of oil equivalent decreased by 4.7% to RMB 50.9 (USD 7.39) from RMB 53.4 (USD 8.07) in 2018[191] - The management emphasized a focus on operational efficiency, aiming to reduce costs by 5% in the upcoming year[138] Corporate Governance - The company emphasizes the importance of corporate governance and adheres to the Corporate Governance Code to protect shareholder interests[80] - The board consists of six members as of December 31, 2019, including one executive director, one non-executive director, and four independent non-executive directors[93] - The company has established a nomination committee chaired by the chairman or an independent non-executive director, ensuring compliance with the Corporate Governance Code provision A.5.1[133] - The company has maintained good corporate governance practices, with all independent non-executive directors having been re-elected in the past three years[131] Risk Management - The company faces significant risks from oil and gas price volatility, which can materially impact business, cash flow, and profits[55] - The risk management committee is responsible for identifying, analyzing, and assessing comprehensive risks, focusing on major decisions and events[51] - The company is committed to continuous improvement of its risk management and internal control systems to maintain good corporate governance[53] - The company acknowledges that macroeconomic complexities and political instability can have substantial effects on its business and strategy[55] Environmental and Social Responsibility - The company emphasizes environmental protection during project construction and production phases, aiming for "increased production without increased pollution" or "increased production with reduced pollution"[155] - The company has established an environmental management information system covering all levels of the group for monitoring and managing pollutant emissions[155] - The company made charitable donations amounting to RMB 640 million during the year ended December 31, 2019[166] - The company emphasizes its commitment to social responsibility and sustainable development, aiming to provide clean and reliable energy while addressing stakeholder needs[73] Leadership and Management - Yang Hua has over 30 years of experience in oil exploration and production, having held various senior positions within the company, including CEO and Chairman[140] - The management team has undergone significant changes, with several key executives transitioning out of their roles in recent years[150] - The financial leadership has been stable, with Xie Weizhi overseeing financial strategies since 2017[149] - The company emphasizes its commitment to exploration and production, leveraging the expertise of its senior management[151] Shareholder Engagement - The company emphasizes effective communication with shareholders, ensuring external auditors attend annual general meetings to address audit-related questions[126] - The company has a professional investor relations department to maintain communication channels with shareholders and investors[126] - The company has committed to addressing any shareholder proposals presented at the annual general meeting[131]

Production and Exploration - The company's net oil and gas production in 2018 reached 475.0 million barrels of oil equivalent, slightly increasing year-over-year and meeting the annual production target[21] - In 2018, the company completed over 20 construction projects, with key fields such as the Weizhou 6-13 oilfield and the Stampede oilfield in the Gulf of Mexico commencing production[21] - The company plans to put 6 new projects into production in 2019, including the Bozhong 34-9 oilfield and the Egina oilfield in Nigeria, with some projects already starting production in January 2019[22] - In 2018, the company conducted 62 self-operated exploration wells and 94 evaluation wells in Chinese waters, with 11 new discoveries and 71 successful evaluation wells[20] - The company acquired 9,335 kilometers of 2D seismic data and 13,818 square kilometers of 3D seismic data in Chinese waters in 2018[20] - The company will focus on value exploration in 2019, prioritizing large and medium-sized oil and gas fields, increasing natural gas exploration, and expanding into new areas and fields[20] - The company aims to optimize development plans for existing oil and gas fields, control natural decline, and ensure stable production in 2019[22] - The company will accelerate the implementation of new development wells and strive for early production, while continuing to optimize adjustment well deployment[22] Cost Control and Efficiency - The company achieved a five-year consecutive decline in the main cost per barrel of oil through strict cost control and efficiency improvements[22] Digital Transformation and Sustainability - The company emphasizes digital transformation to enhance core business operations and pursue a green, low-carbon, and environmentally friendly development model[22] Leadership and Expertise - Independent Non-Executive Director Zhao Chongkang has over 30 years of legal experience and has served as a director for an Australian listed company[103] - Independent Non-Executive Director Liu Tsung-Yung specializes in economic development and growth, with a focus on East Asian economies including China[103] - Independent Non-Executive Director Tse Hiu Yin is a fellow member of the Hong Kong Institute of Certified Public Accountants and has served as a non-executive director for several listed companies[103] - Independent Non-Executive Director Kevin G. Lynch has a distinguished career in public service and currently serves as Vice Chairman of the Bank of Montreal Financial Group[103] - The company's CFO, Mr. Xie Weizhi, holds a Master's degree in Business Administration from Peking University and has extensive experience in financial management, including roles as General Manager of CNOOC Financial Asset Department and CFO of the company[104] - Mr. Xie Weizhi has held various senior financial positions, including General Manager of CNOOC Financial Co., Ltd., and has been the CFO of the company since August 2017[104] - Mr. Cao Xinjian, Executive Vice President and General Manager of CNOOC (China) Co., Ltd. Tianjin Branch, holds a Master's degree in Business Administration from the University of Wales and has over 30 years of experience in the oil and gas industry[104] - Mr. Cao Xinjian has served in multiple leadership roles within CNOOC, including Deputy General Manager of Human Resources and General Manager of Bohai Petroleum Administration Bureau[104] - Mr. Xie Yuhong, Executive Vice President and General Manager of Exploration, holds a Ph.D. in Geology from China University of Geosciences and has over 35 years of experience in the oil and gas exploration sector[104] - Mr. Xie Yuhong has held key positions such as General Manager of CNOOC South China Sea Western Company Exploration Department and Vice President of CNOOC (China) Co., Ltd. Zhanjiang Branch[104] - Mr. Lynch, an Independent Non-Executive Director, has a distinguished career in global finance, including roles as Executive Director of the International Monetary Fund and Chairman of the Global Policy Council on the Global Financial System at the World Economic Forum[104] - Mr. Lynch serves on the boards of several prominent organizations, including Canadian National Railway Company and SNC-Lavalin Group Inc.[104] - The company's leadership team includes highly experienced professionals with advanced degrees and extensive industry expertise, contributing to strategic decision-making and operational excellence[104] - The company's senior management has a strong track record in both domestic and international markets, with significant contributions to the company's growth and development[104] Financial and Accounting Practices - Intangible assets related to software are amortized on a straight-line basis over their useful lives[189] - Intangible assets related to natural gas processing rights are amortized based on the proven reserves of the related assets when LNG commercial production begins[189] - Intangible assets related to trade transportation and storage contracts, as well as drilling contracts, are amortized on a straight-line basis over the contract period[189] - Exploration data usage rights are amortized over their estimated useful lives[189] - Research expenses are recognized in the period they are incurred[189] - Development expenses for existing or new projects (excluding those related to oil and gas assets) are capitalized and deferred only if specific criteria are met[189] - Financial assets are initially measured at fair value, with subsequent measurement at amortized cost or fair value depending on their classification[189] - Debt instruments and hybrid contracts are measured at amortized cost less impairment if they meet specific criteria[189] - Equity investments designated at fair value through other comprehensive income are measured at fair value plus transaction costs initially, with subsequent changes in fair value recognized in other comprehensive income[189] - Dividends from equity investments are recognized in profit or loss when the right to receive dividends is established, unless clearly representing a repayment of part of the investment cost[189] Revenue and Income Recognition - Trade revenue includes sales of crude oil and natural gas from foreign partners under oil product sharing contracts and sales through subsidiaries, with costs listed under "Crude Oil and Oil Products Procurement Costs" in the consolidated income statement[197] - The company engages in trading activities in North America, using derivatives such as futures, forwards, swaps, and options for hedging or trading purposes, with changes in fair value included in trade revenue[197] - Other income includes project management fees charged to foreign partners, transportation handling fees charged to end-users, and revenue from the sale of diluents and disposal of oil and gas assets, recognized upon service provision or asset disposal[197] - Dividend income is recognized when the right to receive dividends is established[197] - Interest income is recognized using the effective interest rate method[197] Foreign Currency and Financial Reporting - The company's financial statements are presented in RMB, with foreign currency transactions initially recognized at the spot exchange rate on the transaction date[198] - For foreign currency monetary items, the spot exchange rate at the reporting date is used, with exchange differences recognized in the current period's profit or loss[198] - Non-monetary items measured at historical cost are translated at the exchange rate on the transaction date, while those measured at fair value are translated at the exchange rate on the fair value determination date[198] Leases and Contingencies - Operating lease payments are recognized in the income statement on a straight-line basis over the lease term[199] - Contingent liabilities are disclosed when the existence of an obligation depends on future events or when the amount cannot be reliably measured, while contingent assets are disclosed when economic benefits are likely to flow in[200]