CNOOC Limited announces its business strategy and development plan for 2023

HONG KONG, January 11, 2023 /PRNewswire/ — CNOOC Limited (the “Company” or, SEHK: 00883, SSE: 600938) today announces its business strategy and development plan for 2023.

CNOOC Logo (PRNewsfoto/CNOOC Limited)

CNOOC Logo (PRNewsfoto/CNOOC Limited)

The company is raising its production target and capital expenditure budget for 2023. The net production target is 650 to 660 million barrels of oil equivalent (BOE), of which production from China and foreign countries account for approximately 70% and 30%, respectively. Net production is expected to reach 690 million to 700 million BOE in 2024 and 730 million to 740 million BOE in 2025. The Company’s total capital expenditures for 2023 are budgeted 100 billion RMB to 110 billion RMBof which capital expenditures for research, development, production and others will account for approximately 18%, 59%, 21%, and 2% of total capital expenditures.

In 2023, 9 new projects are expected to be launched during the year, including projects in China such as Bozhong 19-6 Gas Condensate Field Development Project Phase I, Lufeng 12-3 Oil Field Development Project and Enping 18-6 Oil Field Development Project and overseas projects such as the Payara Project in GuyanaProject Buzios5 and Project Mero2 in Brazil.

Meanwhile, the company continues to promote green and low-carbon development and actively expands its new energy business. They will continuously improve the onshore energy project for offshore platforms to reduce greenhouse gas emissions from oil and gas production activities. He will lead the development of the CZ7 centralized offshore wind farm demonstration project Hainanwhich upon completion can provide clean electricity of about 500 million kWh per year to the grid, reducing CO2 emissions by about 2.64 million tons every year.

The company always attaches importance to rewarding shareholders and actively shares the benefits of development. Subject to the approval of the general meeting of shareholders on the proposed dividends for each year, from 2022 to 2024, the expected annual payout ratio of the Company will not be less than 40%, and the annual absolute dividend is expected not to be less than 0.70 HKD/ share (tax included).

Mr. Zhou Xinhuai, the company’s chief executive officer, said: “In the coming year, CNOOC Limited will continue to strive for progress while achieving stable performance. The company will vigorously implement the three main programs of increasing reserves and production, independent technological innovation and green Energy transition and move forward with the Double Upgrade Quality and Efficiency initiative, so we can sharpen our core competitiveness and create greater value for shareholders.”

Notes for editors:

More information about the Company is available at http://www.cnoocltd.com.

This press release includes forward-looking information, including statements regarding possible future business developments of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words “expect”, “anticipate”, “continue”, “estimate”, “goal”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plan”, “intends” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyzes 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, it is uncertain whether actual results and developments will meet the Company’s current expectations and projections. Actual results, performance and financial condition may differ materially from the Company’s expectations, including but not limited to those related to 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 policies and environment, the Company’s price forecasting, merger, acquisition and divestment activities, HSSE and insurance policies and changes in anti-corruption, fraud, money laundering and corporate governance laws.

Consequently, any forward-looking statements made in this presentation are qualified by these cautionary statements. The Company cannot guarantee that the expected results or developments will be realized or, even if they are substantially realized, that they will have the expected effect on the Company, its business or operations.

For additional questions, please contact:

Mrs. Ariel Wang

Media and public relations

CNOOC Limited

Phone: +86-10-8452-6832

Fax: +86-10-8452-1441

Email: [email protected]

Mr. Bunny Lee

Porda Havas International Finance Communications Group

Phone: +852 3150 6707

Fax: +852 3150 6728

Email: [email protected]

Cision

Cision

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SOURCE CNOOC Limited

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