CNOOC Limited Announces Its 2023 Business Strategy and Development Plan

HONG KONG, Jan. 11, 2023 /PRNewswire/ —  CNOOC Restricted (the “Company” or, SEHK: 00883, SSE: 600938) right now announces its enterprise tactic and advancement strategy for the yr 2023.

CNOOC Emblem (PRNewsfoto/CNOOC Constrained)

The Company raises its generation concentrate on and cash expenditure budget for 2023. Net output target is 650 million to 660 million barrels of oil equivalent (BOE), of which, output from China and abroad accounts for close to 70% and 30%, respectively. Net output is anticipated to attain 690 million to 700 million BOE in 2024 and 730 million to 740 million BOE in 2025. The Company’s total money expenditure for 2023 is budgeted at RMB 100 billion to RMB 110 billion, of which, money expenditures for exploration, enhancement, manufacturing and many others will account for approximately 18%, 59%, 21% and 2% of the full cash expenditure, respectively.

In 2023, 9 new initiatives are predicted to appear on stream through the 12 months, together with initiatives in China these as Bozhong 19-6 Condensate Gas Subject Section I Advancement Job, Lufeng 12-3 Oilfield Development Job and Enping 18-6 Oilfield Development Project and overseas tasks these kinds of as Payara Project in Guyana, Buzios5 Job and Mero2 Undertaking in Brazil.

Meanwhile, the Organization carries on to promote eco-friendly and reduced-carbon development and actively expands its new strength business. It will steadily advance the challenge of onshore power for offshore platforms to lessen greenhouse gas emissions from the oil and gas manufacturing actions. It will direct the advancement of CZ7 Centralized Offshore Wind Electric power Demonstration Project in Hainan, which, on completion, can give clear electric power of about 500 million kWh for each year to the grid, reducing CO2 emission by about 2.64 million tons just about every calendar year.

The Company constantly attaches value to gratifying shareholders and actively shares the rewards of development. Topic to the approval by the normal conference of shareholders on the proposed dividends for each individual yr, from 2022 to 2024, the anticipated once-a-year payout ratio of the Business will be no much less than 40% and the once-a-year complete dividend is envisioned to be no a lot less than HK$ .70/share (tax inclusive).

Mr. Zhou Xinhuai, CEO of the Business, explained, “In the coming yr, CNOOC Limited will go on to look for development when delivering stable efficiency. The Business will vigorously apply the 3 big packages of Reserves & Production Augmentation, Independent Technological Innovation and Eco-friendly Electricity Transition, and push forward with the initiative of High-quality and Efficiency Twin Upgrading, so that we can sharpen our edge of core competitiveness and make larger benefit for shareholders.”

Notes to Editors:

Extra information and facts about the Corporation is accessible at http://www.cnoocltd.com.

This push release involves forward wanting information, like statements with regards to the likely potential developments in the organization of the Enterprise and its subsidiaries, this kind of as expected long term activities, enterprise prospects or money final results. The words “hope”, “anticipate”, “keep on”, “estimate”, “objective”, “ongoing”, “might”, “will”, “task”, “ought to”, “believe”, “programs”, “intends” and related expressions are supposed to discover this kind of forward-looking statements. These statements are dependent on assumptions and analyses designed by the Business as of this date in light-weight of its working experience and its perception of historical tendencies, existing conditions and envisioned foreseeable future developments, as well as other things that the Company currently believes are proper under the conditions. However, whether or not precise benefits and developments will meet the current expectations and predictions of the Firm is unsure. Genuine benefits, general performance and economical condition may possibly vary materially from the Company’s expectations, including but not restricted to those involved with macro-political and financial factors, fluctuations in crude oil and purely natural fuel price ranges, the extremely aggressive character of the oil and organic fuel market, local weather transform and natural environment guidelines, the Company’s selling price forecast, mergers, acquisitions and divestments actions, HSSE and coverage insurance policies and improvements in anti-corruption, anti-fraud, anti-money laundering and company governance legal guidelines.

As a result, all of the ahead-seeking statements manufactured in this presentation are qualified by these cautionary statements. The Business are unable to assure that the results or developments predicted will be realised or, even if significantly realised, that they will have the predicted outcome on the Business, its enterprise or functions.

For additional enquiries, you should get in touch with:

Ms. Ariel Wang

Media & Community Relations

CNOOC Confined

Tel: +86-10-8452-6832

Fax: +86-10-8452-1441

E-mail: [email protected]

Mr. Bunny Lee

Porda Havas Global Finance Communications Group

Tel: +852 3150 6707

Fax: +852 3150 6728

E-mail: [email protected]

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