CNOOC : 2022 Interim Report

香港聯合交易所股票代碼：00883

上海證券交易所股票代碼：600938

2022

Interim Report

中 期 報 告

Contents

2 IMPORTANT NOTICE

3 COMPANY PROFILE

6 CHAIRMAN'S STATEMENT

8 KEY FIGURES AND BUSINESS OVERVIEW

24 CORPORATE GOVERNANCE

29 ENVIRONMENTAL AND SOCIAL RESPONSIBILITY

31 FINANCIAL REPORT

Interim Report 2022 CNOOC Limited

1

Important Notice

The 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 there are no material omissions from, or misrepresentation or misleading statements, and jointly and severally assume full responsibility for this interim report.

The interim report has been considered and approved at the 2022 seventh meeting of the Board of the Company. Mr. Zhou Xinhuai, our Executive Director and the Chief Executive Officer, was not able to attend the 2022 seventh meeting of the Board of the Company due to other business arrangements, and has entrusted in writing Mr. Xia Qinglong, our Executive Director, to attend the meeting and exercise voting rights on his behalf. Mr. Zhou Xinhuai, Chief Executive Officer, Mr. Xie Weizhi, Chief Financial Officer and Ms. Wang Xin, Manager of Financial Department of the Company warrant the truthfulness, accuracy and completeness of the financial report set out in this interim report.

The financial statements of the Company have been prepared in accordance with the Chinese Accounting Standards for Business Enterprises and the International Financial Reporting Standards ("IFRS")/Hong Kong Financial Reporting Standards ("HKFRSs"), respectively. The financial statements set out in this interim report are unaudited.

In overall consideration of situations such as the operating results, financial position and cash flow of the Company, to provide returns to our shareholders, as authorized by the Company's 2021 annual general meeting, the Board of Directors has resolved to declare an interim dividend of HK$0.70 per share (tax inclusive) for the first half of 2022. Dividends payable shall 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 Board of Directors declared the interim dividend; dividend for Hong Kong shares will be paid in HKD.

No appropriation of funds on a 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 interim report includes forward looking information, including statements regarding the likely 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 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 the 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, 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 forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption,anti-fraud,anti-money laundering and corporate governance laws and regulations.

Consequently, all of the forward-looking statements made in this report are qualified by these cautionary statements. The 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.

2 CNOOC Limited Interim Report 2022

Company Profile

CNOOC Limited, incorporated in the Hong Kong Special Administration Region ("Hong Kong") in August 1999, was listed on The Stock Exchange of Hong Kong Limited (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 (hereinafter referred to as "A shares") were listed on the main board of the Shanghai Stock Exchange (stock code: 600938).

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 production 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 and gas assets in Asia, Africa, North America, South America, Oceania and Europe.

The basic information of CNOOC Limited:

Chinese Name of the Company	中国海洋石油有限公司
Abbreviation of Chinese Name of the Company	中国海油
English Name of the Company	CNOOC Limited
Chief Executive Officer	Zhou Xinhuai

Secretary to the Board of the Company:

Name	Wu Xiaonan
Contact address	No. 25 Chaoyangmen Beidajie, Dongcheng District, Beijing, China
Telephone	(8610) 8452 0883
Facsimile	(8610) 8452 1441
E-mail	[e-mail]

Interim Report 2022 CNOOC Limited

3

Company Profile

Place of registration, registered office and contact information:

Registered address		65/F, Bank of China Tower, 1 Garden Road, Hong Kong
of the Company
Domestic office		No. 25 Chaoyangmen Beidajie, Dongcheng District, Beijing
of the Company
Postal code for domestic office of	100010
the Company
Overseas office of the Company	65/F, Bank of China Tower, 1 Garden Road, Hong Kong
Postal code for overseas office of	999077
the Company
Website of the Company		www.cnoocltd.com
E-mail		[e-mail]
Changes in the places for information disclosure and reference
The Company's designated press	China Securities Journal, Shanghai Securities News,
media for information disclosure	Securities Times, Securities Daily
Designated website for		www.sse.com.cn
the interim report		www.hkexnews.hk
The interim report of the		A shares: No. 25 Chaoyangmen Beidajie,
Company is available at		Dongcheng District, Beijing, China
		Hong Kong shares: 65/F, Bank of China Tower, 1 Garden Road,
		Hong Kong, China
Stock exchange where the shares are listed, stock abbreviation and stock code
Hong Kong shares:	The Stock Exchange of Hong Kong Limited
	Stock Code: 00883
A shares:	Shanghai Stock Exchange
	Stock Abbreviation: 中国海油
	Stock Code: 600938

4 CNOOC Limited Interim Report 2022