中国海洋石油有限公司（以下简称"公司"）于 2025 年 1 月 22 日以书面决 议方式召开 2025 年第一次董事会。本次董事会的会议通知及议案已于 2025 年 1 月 20 日发送给公司全体董事。本次会议应出席董事 9 人，实际出席董事 9 人。 会议于 2025 年 1 月 22 日形成有效决议。会议的召集、召开、表决程序符合有关 法律法规及《中国海洋石油有限公司组织章程细则》的相关规定，合法、有效。 二、董事会审议情况 证券代码：600938 证券简称：中国海油 公告编号：2025-001 中国海洋石油有限公司 2025 年第一次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 表决结果：6 票赞成，0 票反对，0 票弃权。兼任高级管理人员的执行董事周 心怀先生、阎洪涛先生、穆秀平女士回避表决。 特此公告。 （一）审议通过《关于未来三年派息政策建议方案的议案》 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《中国 海洋石油有限公司二零二五年经营策略公 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of China National Offshore Oil Corporation (CNOOC) [1] Core Views - The company aims to continuously increase reserves and production while maintaining a stable capital expenditure and increasing dividend payout ratios [7] - CNOOC's net production target for 2025 is set at 760-780 million barrels of oil equivalent, reflecting a year-on-year increase of 5.6% to 8.3% [7] - The company plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027 [7] - The report forecasts net profits for 2024, 2025, and 2026 to be RMB 150 billion, RMB 163.5 billion, and RMB 172.9 billion respectively, with corresponding P/E ratios for A shares of 8.8, 8.0, and 7.6 [7] Financial Projections - Total revenue for 2022 was RMB 422.23 billion, with projections of RMB 416.61 billion for 2023, RMB 445.78 billion for 2024, RMB 477.52 billion for 2025, and RMB 498.76 billion for 2026 [1] - The net profit attributable to shareholders for 2022 was RMB 141.7 billion, with forecasts of RMB 123.84 billion for 2023, RMB 150 billion for 2024, RMB 163.53 billion for 2025, and RMB 172.92 billion for 2026 [1] - The latest diluted EPS is projected to be RMB 2.98 for 2022, RMB 2.61 for 2023, RMB 3.16 for 2024, RMB 3.44 for 2025, and RMB 3.64 for 2026 [1] Capital Expenditure and Projects - CNOOC plans to maintain a capital expenditure budget of RMB 125 billion to RMB 135 billion for 2025, with a focus on exploration, development, and production [7] - Significant new projects are expected to commence in 2025, including developments in Bohai and overseas projects in Guyana and Brazil [7]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully commenced production at the Dongfang 29-1 gas field development project, enhancing its natural gas supply capabilities in the Hainan Island region [1] Group 1: Project Details - The Dongfang 29-1 gas field is located in the Yinggehai sea area, with an average water depth of approximately 68 meters [1] - The project includes the construction of one unmanned wellhead platform and one subsea pipeline, with plans to develop six production wells [1] - The project is expected to reach a peak production capacity of 38 million cubic feet of natural gas per day by 2025 [1] Group 2: Cost Efficiency and Infrastructure - The unmanned wellhead platform is built using a standardized and integrated model, optimizing equipment layout and significantly reducing project investment costs [1] - The produced oil and gas will be processed through existing production facilities in the Dongfang gas field group via the subsea pipeline [1] Group 3: Strategic Importance - The successful production commencement at Dongfang 29-1 gas field will further enhance the natural gas production capacity of the Dongfang gas field group [1] - This project is part of CNOOC's ongoing efforts to maximize production potential in the Yinggehai basin and reduce development costs for new projects [1] - The project aims to provide clean, reliable, and stable energy supply for Hainan Island [1]

Investment Rating - The report maintains an "Outperform" rating for the company [3][6][13] Core Views - The Suizhong 36-2 oilfield development project is expected to reach a peak production of 9,700 barrels of oil equivalent per day (boe/d) by 2026 [2][18] - The Panyu 11-12/10-1/10-2 oilfields adjustment joint development project is expected to achieve a peak production of 13,600 boe/d by 2025 [9][23] - ExxonMobil plans to develop the eighth project in the Stabroek block, with a target capacity of 1.7 million barrels per day (mb/d) by 2030 [7][10] - OPEC+ has extended its voluntary production cuts, which is expected to maintain oil prices in a medium-to-high range [5][8] Project Details Suizhong 36-2 Oilfield - Located in the Bohai Sea with an average water depth of 27 meters [2][18] - Includes 21 development wells (16 production wells and 5 water injection wells) [2][18] - Produces light crude oil [2][18] - Operated by CNOOC with 100% equity [2][18] Panyu 11-12/10-1/10-2 Oilfields - Located in the eastern South China Sea with an average water depth of 100 meters [9][23] - Includes 15 development wells [9][23] - Produces medium and heavy crude oil [9][23] - Features a smart oilfield system with unmanned platforms and advanced production technologies [9][23] - Operated by CNOOC with 100% equity [9][23] Stabroek Block (ExxonMobil) - The eighth project, Longtail, is expected to have a capacity of 240,000 barrels per day (b/d) by 2030 [7][10] - Current projects (Liza Phase 1, 2, and Payara) are operational, with Yellowtail, Uaru, and Whiptail projects set to start production by 2027 [7][10] - Total capacity of the Stabroek block is expected to exceed 1.3 mb/d by 2027 and 1.7 mb/d by 2030 [7][10] Financial Forecasts - Net profit attributable to shareholders is projected to be 149.8/156.4/163.3 billion yuan for 2024-2026 [3][13] - EPS is forecasted at 3.15/3.29/3.43 yuan for 2024-2026 [3][13] - A-share PE ratios are estimated at 9.2x/8.8x/8.5x for 2024-2026 [3][13] - H-share PE ratios are estimated at 6.6x/6.3x/6.0x for 2024-2026 [3][13] Industry Outlook - OPEC+ extended its voluntary production cuts of 2.2 mb/d until March 2025, with gradual recovery planned from April 2025 to September 2026 [5][8] - Global oil demand forecasts for 2025 have been adjusted by OPEC (down to 1.45 mb/d), IEA (up to 1.10 mb/d), and EIA (up to 1.30 mb/d) [5][8] - Oil prices are expected to remain in a medium-to-high range due to OPEC+ production cuts and high fiscal breakeven costs [5][8] Valuation and Comparisons - CNOOC's A-share valuation shows a PE of 9.2x/8.8x/8.5x and PB of 2.0x for 2024-2026 [12] - Comparable companies include PetroChina (PE: 9.3x/8.7x, PB: 1.1x) and CNOOC H-shares (PE: 6.1x/5.8x, PB: 1.1x) [12]

Group 1 - The Shanghai Composite Index fell by 0.01% on December 25, with the coal, banking, and oil & petrochemical sectors showing gains of 1.13%, 1.08%, and 0.28% respectively [1] - The oil & petrochemical sector had a net outflow of 165 million yuan, with 48 stocks in the sector, of which 10 rose and 37 fell [2] - The top net inflow stock in the oil & petrochemical sector was China National Petroleum, with a net inflow of 76.81 million yuan, followed by Tongyuan Petroleum and Renzhi Co., with inflows of 21.95 million yuan and 14.67 million yuan respectively [2] Group 2 - The electronic sector experienced the largest net outflow of funds, totaling 7.314 billion yuan, followed by the computer sector with a net outflow of 5.331 billion yuan [2] - Overall, the main funds in the two markets had a net outflow of 44.414 billion yuan, with only the automotive sector showing a net inflow of 271 million yuan [2]

Group 1 - China National Offshore Oil Corporation (CNOOC) announced the successful implementation of the first ultra-deep well exceeding 6000 meters in the Bozhong 29-6 oilfield [1] - The Bozhong 29-6 oilfield development project commenced production in 2023, with a peak daily output expected to reach approximately 17,100 barrels of oil equivalent by 2025, producing heavy crude oil [1] - The project is located in the southeastern Bohai Sea, with an average water depth of about 22 meters, and plans to develop a total of 59 wells, including 35 production wells, 22 water injection wells, and 2 water source wells [1] Group 2 - The Bozhong 29-6 oilfield is the first complex river delta heavy oil field in the southern Bohai Sea to adopt horizontal well network development, facing challenges due to thin oil layers and rapid lateral changes [2] - To achieve economically efficient development, CNOOC has applied real-time monitoring technology for large displacement wells, optimizing directional trajectory design, and ensuring precise trajectory control to enhance oil layer encounter rates [2] - New technologies for fine reservoir protection during completion of large displacement wells have been implemented to maximize oil well output and significantly reduce oilfield development investment costs [2]

Investment Rating - The report maintains an "Outperform" rating for the company [1][3][17] Core Views - The company's long-term growth certainty is significant due to the successful commissioning of new domestic and international projects [3] - OPEC+ is expected to extend voluntary production cuts, potentially stabilizing oil prices [6][12] Project Summaries Brazil Mero 3 Project - Commissioned on October 31, 2024, adding 17,400 barrels of oil equivalent per day (boe/d) in equity production [3][4] - Located in the Santos Basin pre-salt area, 180 km from Rio de Janeiro, with water depths of 1,800-2,100 meters [4] - Utilizes FPSO + subsea production system, increasing Mero field's total crude oil production capacity to 590,000 barrels per day [4] - The company holds a 9.65% interest in the Mero field PSC [4] Canada Long Lake Northwest Project - Commissioned on November 6, 2024, expected to reach peak production of 8,200 boe/d in 2025 [3][4] - Located in Alberta, Canada, using SAGD production method with 8 well pairs [4] - The company holds 100% interest and is the operator [4] Huizhou 26-6 Oilfield Development Project - Commissioned on December 2, 2024, expected to reach peak production of 20,600 boe/d in 2027 [3][5] - Located in the Pearl River Mouth Basin with average water depth of 110 meters [5] - Features 19 development wells (2 oil wells, 17 gas wells) producing light crude oil and natural gas [5] - The company holds 100% interest and is the operator [5] Jinzhou 23-2 Oilfield Project - Commissioned on December 3, 2024, expected to reach peak production of 17,000 boe/d in 2027 [3][5] - Located in the northern Liaodong Bay of Bohai Sea with average water depth of 13 meters [5] - China's first offshore multi-layer heavy oil thermal recovery development project [5] - The company holds 100% interest and is the operator [5] Financial Projections - 2024-2026 net profit attributable to parent company forecast maintained at 149.8/156.4/163.3 billion yuan [6][17] - 2024-2026 EPS projected at 3.15/3.29/3.43 yuan [6][17] - A-share PE ratios for 2024-2026 estimated at 8.3x/8.0x/7.7x [6][17] - H-share PE ratios for 2024-2026 estimated at 5.5x/5.2x/4.9x [6][17] Industry Outlook - IEA raised 2024 oil demand growth forecast from 860,000 b/d to 920,000 b/d [6][12] - EIA raised 2024 oil demand growth forecast from 910,000 b/d to 990,000 b/d [6][12] - OPEC+ total production cuts reached 5.86 million b/d as of November 2024 [6][12] - Supply remains tight due to limited US shale oil production growth and strategic petroleum reserve replenishment [6][12] Valuation Comparison - CNOOC (600938 SH) trades at 8.3x/8.0x/7.7x 2024-2026E PE [18] - PetroChina (601857 SH) trades at 8.4x/7.9x 2024-2025E PE [18] - CNOOC (0883 HK) trades at 5.5x/5.2x 2024-2025E PE [18] - PetroChina (0857 HK) trades at 5.7x/5.4x 2024-2025E PE [18]

证券代码：600938 证券简称：中国海油 公告编号：2024-027 中国海洋石油有限公司 关于董事、高级管理人员变更及调整董事会 下属委员会组成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国海洋石油有限公司（"本公司"）董事会于 2024 年 11 月 27 日以书面决议形 式审议通过有关董事、高级管理人员变更及调整董事会下属委员会组成的议案，表决 结果为 6 票同意，0 票反对，0 票弃权，非执行董事温冬芬女士到龄退休，未参与表决。 本公司提名委员会、薪酬委员会已分别依职权审议通过提名、薪酬相关事项并同意提 交董事会审议。董事会宣布，以下董事、高级管理人员变更及调整董事会下属委员会 组成，自 2024 年 11 月 27 日生效。本公司已于 2024 年 11 月 27 日与新任董事订立服务 协议。 一、委任执行董事及总裁变更 周心怀先生（"周先生"）因工作需要，不再兼任本公司总裁。周先生仍担任本 公司副董事长、执行董事及首席执行官。阎洪涛先生（"阎先生"）获委任为本公司 执行董事、总裁及战略与可持续发展委 ...

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，並明確表示概不就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。 M 董事會下屬委員會成員 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（港幣櫃台）及 80883（人民幣櫃台） 公告 董事名單與其角色和職能 中國海洋石油有限公司董事會（「董事會」）成員及其各自於董事會及董事會下屬委 員會的角色及職能載列如下，自二零二四年十一月二十七日起生效： | 董事會下屬 | 審核委員會 | 提名委員會 | 薪酬委員會 | 戰略與可持續 | | --- | --- | --- | --- | --- | | 委員會 | | | | 發展委員會 | | 董事 | | | | | | 執行董事 | | | | | | 周心懷(副董事長及 | - | - | - | M | | 首席執行官) | | | | | | 閻洪濤（總裁） | - | - | - | M | | 非執行董事 | | | | | | 汪東進( ...

Key Points Company and Industry Overview - **Company**: China National Offshore Oil Corporation (CNOOC) - **Industry**: Oil and Gas Exploration and Production Financial Performance - **Revenue**: Increased by 6.3% to 42.4 billion yuan in the first three quarters of 2024 - **Net Profit**: Increased by 19.5% to 116.66 billion yuan in the first three quarters of 2024 - **Oil and Gas Production**: Increased by 8.5% to 54.2 million barrels in the first three quarters of 2024 - **Cost Control**: Oil and gas production cost maintained between 27 to 29 USD per barrel, demonstrating significant cost control advantages Production Performance - **Domestic Production**: Increased by 6.8% year-on-year, mainly due to contributions from Boda 19-6 and Enping 20-4 oil fields - **International Production**: Increased by 12.2% year-on-year, mainly due to the commissioning of the Guyana Payara project Cash Flow and Capital Expenditure - **Operating Cash Flow**: Increased by 14.9% to 182.77 billion yuan in the first three quarters of 2024 - **Capital Expenditure**: Increased by 6.6% to 95.34 billion yuan in the first three quarters of 2024 - **Cash and Cash Equivalents**: Decreased by 0.74 billion yuan to 133.37 billion yuan in the first three quarters of 2024 Future Outlook and Risks - **Revenue Forecast**: Expected to reach 434.99 billion yuan, 461.22 billion yuan, and 487.6 billion yuan in 2024, 2025, and 2026 respectively - **Net Profit Forecast**: Expected to reach 145.94 billion yuan, 155.0439 billion yuan, and 167.0929 billion yuan in 2024, 2025, and 2026 respectively - **Dividend Yield**: Expected to be 4.34% and 6.5% in 2024 and 2025 respectively - **Risks**: International political and economic risks, oil and gas price volatility, exchange rate risks, and forward-looking oil and gas price judgment risks