Company Profile：

Where is CNOOC Limited listed and what is its stock code?

● CNOOC Limited is a listed company on the Shanghai Stock Exchange and the Hong Kong Stock Exchange with stock codes of 600938 and 00883, respectively.

What is CNOOC Limited’s core business?

● 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.

What is the relationship between CNOOC Limited and its parent company China National Offshore Oil Corporation?

● China National Offshore Oil Corporation is the Company’s largest shareholder. It currently holds approximately 62.08% of the Company’s shares.

What is the composition of CNOOC Limited Board of Directors?

● CNOOC Limited’s Board currently consists of 9 members, including 2 Non-executive Directors, 3 Executive Directors, and 4 Independent Non-executive Directors.

What is CNOOC Limited’s credit rating?

● Standard & Poor’s has issued a credit rating of A+ for CNOOC Limited, while Moody’s has issued a credit rating of A1.

Operation and Finance：

What is the production performance in 2024？What is the plan of future production growth and where will the growth come from?

● In 2024, the Company achieved a net production of 727 million BOE, hitting a record high.
● The Company’s net production targets for 2025, 2026 and 2027 are 760-780 million BOE, 780-800 million BOE and 810-830 million BOE, respectively.
● Future production growth will mainly come from Bohai, Guyana and Brazil.

What is CNOOC Limited’s exploration result in 2024? What is the future exploration strategy?

● In 2024, we have made 11 new discoveries and have successfully appraised 30 oil and gas-bearing structures. In China, we discovered Lingshui 36-1, the world's first large gas field in ultra deep-water and ultra-shallow-play with a proved in-place volume of 100 billion cubic meters, and Huizhou 19-6, the largest clastic rock oilfield in the Eastern South China Sea. Overseas, we made a new discovery in Guyana and were awarded contracts for 10 blocks in Mozambique, Brazil and Iraq.
● In the future, we will continue to target the discovery of mid-to-large sized oil and gas fields, increase risk exploration efforts, so as to lay a solid reserve foundation for the Company’s sustainable development.

What is the reserve life and reserve replacement ratio in 2024?

● The total proved reserves of the Company hit a record high, reaching 7.27 billion BOE by the end of 2024.
● The reserve replacement ratio of 2024 was 167%, and the reserve life remained at 10 years, laying a solid resource foundation for our future development.

The Company’s all-in cost was controlled well in 2024. What is the reason? Will the cost increase in the future?

● Thanks to strict cost control measures, the Company’s all-in cost was US$28.52 per BOE in 2024, maintaining its competitive cost structure.
● In the future, with the change of international oil prices and commodity prices, the cost of the industry will also change, which is uncontrollable. The Company has established a comprehensive and effective cost-control system. In the future, the Company will continue to implement stringent cost controls and maintain its cost competitiveness in the industry.

What is CNOOC Limited’s Capex budget for 2025 and how will the Capex play out in the future?

● Capex budget for 2025 is RMB125-135 billion, which will strongly support our exploration, development and production workload in 2025 as well as its medium to long-term development.
● The Company has many high-quality producing projects and new projects under construction, to support its medium to long-term production growth. Therefore, its Capex is expected to remain at a high level in the coming years.

What about CNOOC Limited's dividend in 2024? What’s the dividend policy of the Company?

● Since its establishment, CNOOC Limited pays close attention to shareholders' return. We strive to share the results of development with shareholders by paying dividend twice a year.
● The Board has proposed the final dividend for 2024 in the amount of HK$0.66 per share (tax inclusive) to our shareholders. Together with the interim dividend of HK$0.74 per share (tax inclusive) already paid, the total final dividend and interim dividend for 2024 is HK$1.40 per share (tax inclusive).
● Our dividend policy is, from 2025 to 2027, subject to the approval by the general meeting of shareholder, the expected annual payout ratio will be no less than 45%. By adhering to the principle of rewarding shareholders, the Company will adjust its dividend policy in due course in line with the changes in the market environment and after taking into account shareholders' intention, strategic planning, operating conditions and other factors.

Environment, Society and Governance

How does CNOOC Limited identify and manage climate change risk?

CNOOC Limited continuously strengthens its management of climate change risks, integrate climate change as a key issue into the Company’s long-term development strategy, and enhance and standardize the management of climate-related risks, which has been incorporated into the overall risk management process. Meanwhile, CNOOC Limited organically combines climate change risk assessment and risk management, establishing a comprehensive climate change risk management mechanism. A risk management process of “risk assessment - risk response - monitoring and review” has been formed.

Risk Assessment	● Identify risks: Identify climate uncertainties in business processes and produce a list of climate change risks. ● Analyze risks: Analyze the list of climate change risks, determine risk levels, and prioritize them. ● Evaluate risks: Evaluate the results of the risk analysis and issue a report on the overall climate change risk assessment for the Company.
Risk Response	●Develop an overall strategy for climate change risks, which is determined by the Company's Risk Management, Internal Control and Compliance Management Committee (RMICC Committee) and then issued for implementation, with each risk unit formulating specific response plans. ● Each Branch implements climate change risk response plans and reports on the implementation status.
Monitoring and Review	● Regularly summarize, analyze, and propose improvement suggestions to promote the continuous improvement of climate change risk management.

What is the carbon emission reduction measures of the Company and what will be the plans for the future?

● CNOOC has established Green Power and Carbon Trading Division, Carbon-Negative Office, new energy branch and regional companies, which are responsible for systematically managing green power and carbon trading, developing CCS/CCUS and new energy business, and comprehensively implementing the Company's work plan on carbon emission reduction.

● To reduce carbon emission, the Company has been improving its operational performance from the following perspectives. First, we continue to optimize our industrial layout, accelerate the development of the natural gas industry, steadily increase the proportion of natural gas products, and actively advance the construction of the three gas producing area, each with over a trillion cubic meters of resource, in the South China Sea, Bohai Sea and Yellow Sea, and onshore China. Second, we uphold a “seabed to sky” approach for comprehensive green and low-carbon production, steadily implementing the green development initiative. Third, we will continue to advance the development of the new energy business, steadily promoting the integration of offshore wind power with our core oil and gas operations, the large-scale development of offshore wind power, and the construction of onshore photovoltaic projects. Fourth, we actively foster carbon-negative industries, continuously enhance the development of CCS/CCUS technologies, and promote carbon emissions management through internal carbon pricing mechanisms.

● CNOOC Limited actively responds to the national “3060” dual carbon goals and is committed to promoting a green and low-carbon transition. The Company plans to achieve a cumulative carbon reduction of more than 1.5 million tons by 2025.