CNOOC : 2023 Interim Report

香港聯合交易所股票代碼：00883（港幣櫃台）及80883（人民幣櫃台）

上海證券交易所股票代碼：600938

2023

INTERIM REPORT

中期報告

Contents

2 IMPORTANT NOTICE

4 COMPANY PROFILE

8 FINANCIAL SUMMARY

9 CHAIRMAN'S STATEMENT 11 BUSINESS OVERVIEW

19 RISK MANAGEMENT AND INTERNAL CONTROL 26 CORPORATE GOVERNANCE REPORT

32 MANAGEMENT'S DISCUSSION AND ANALYSIS 39 FINANCIAL REPORT

Interim Report 2023 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 2023 fourth meeting of the Board of the Company. All Directors of the Company attended this Board meeting. 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 ("IFRSs")/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 shareholders, as authorized by the Company's 2022 annual general meeting, the Board has resolved to declare an interim dividend of HK$0.59 per share (tax inclusive) for the first half of 2023. 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 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.

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Important Notice

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.

Interim Report 2023 CNOOC Limited

3

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 ("HKSE") (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 ("A shares") were listed on the main board of the Shanghai Stock Exchange ("SSE") (stock code: 600938). On 19 June 2023, the Company launched RMB counter for trading of Hong Kong shares (stock code: 80883) on HKSE.

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		中國海洋石油有限公司
Abbreviation of Chinese Name of the Company	中國海油
English Name of the Company		CNOOC Limited
Chief Executive Officer of the Company	Zhou Xinhuai
Secretary to the Board of the Company:
Name	Xu Yugao
Contact address	No. 25 Chaoyangmen Beidajie, Dongcheng District, Beijing
Telephone	(8610) 8452 0883
E-mail	[e-mail]

4 CNOOC Limited Interim Report 2023