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1、Interim Report 2023中期報告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：600938Registered Office65/F,Bank of China Tower,1 Garden Road,Hong Kong,ChinaTel :(852)2213 2500Fax :(852)2525 9322Beijing OfficeCNOOC Tower,No.25 Chaoyangmen Beidajie,Dongcheng District,Beijing,ChinaZip Code :100010Website :Inve

2、stor RelationsBeijingTel :(8610)8452 0883Fax :(8610)8452 1441Hong KongTel:(852)2213 2502Fax :(852)2525 9322E-mail :Media/Public RelationsTel:(8610)8452 6832Fax:(8610)8452 1441E-mail:註冊辦公室中國香港花園道1號中銀大廈65層電話：(852)2213 2500傳真：(852)2525 9322北京辦公室中國北京東城區朝陽門北大街25號郵編：100010公司網址:投資者關係北京電話：(8610)8452 0883傳真：

3、(8610)8452 1441香港電話：(852)2213 2502傳真：(852)2525 9322電子郵件:媒體/公共關係電話：(8610)8452 6832傳真：(8610)8452 1441電子郵件:2023INTERIM REPORT中期報告ContentsInterim Report 2023 CNOOC Limited12 IMPORTANT NOTICE4 COMPANY PROFILE8 FINANCIAL SUMMARY9 CHAIRMANS STATEMENT11 BUSINESS OVERVIEW19 RISK MANAGEMENT AND INTERNAL CONTR

4、OL26 CORPORATE GOVERNANCE REPORT32 MANAGEMENTS DISCUSSION AND ANALYSIS39 FINANCIAL REPORT2Important NoticeCNOOC Limited Interim Report 2023The board of directors(the“Board”or“Board of Directors”),directors and senior management of CNOOC Limited(the“Company”or“CNOOC Limited”)warrant the truthfulness,

5、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 mee

6、ting 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 r

7、eport 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

8、 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 Companys 2022 annual general meeting,the Board has resolved

9、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

10、announced by the Peoples 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 Companys controlling shareholder or its related parties has occurred.The Company did not provi

11、de external guarantees in violation of the stipulated decision-making procedures.Important NoticeInterim Report 2023 CNOOC Limited3This interim report includes forward-looking information,including statements regarding the likely future developments in the business of the Company and its subsidiarie

12、s,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 statem

13、ents 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.H

14、owever,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 Companys expectations,including but not limited to those associated with macro-political and

15、 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 Companys price forecast,mergers,acquisitions and divestments activities,HSSE and insurance policies and changes in anti-cor

16、ruption,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 i

17、f 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.4Company ProfileCNOOC Limited Interim Report 2023CNOOC Limited,incorporated in the Hong Kong Special Administrat

18、ion 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 Companys RMB shares(“A shares”)were listed on the main boa

19、rd 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 expl

20、oration and production companies in the world.The Company mainly engages in exploration,development,production and sale of crude oil and natural gas.The Companys core operation areas are Bohai,the Western South China Sea,the Eastern South China Sea and the East China Sea in offshore China.The Compan

21、y 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 CompanyCNOOC LimitedChief Executive Officer of the CompanyZhou Xinhuai

22、Secretary to the Board of the Company:NameXu YugaoContact addressNo.25 Chaoyangmen Beidajie,Dongcheng District,BeijingTelephone(8610)8452 0883E-Company ProfileInterim Report 2023 CNOOC Limited5Place of registration,office address and contact information:Registered address of the Company65/F,Bank of

23、China Tower,1 Garden Road,Hong KongDomestic office of the CompanyNo.25 Chaoyangmen Beidajie,Dongcheng District,BeijingPostal code for domestic office of the Company100010Overseas office of the Company65/F,Bank of China Tower,1 Garden Road,Hong KongPostal code for overseas office of the Company999077

24、Website of the CE-Changes in the places for information disclosure and reference:The Companys designated press media for A shares information disclosureChina Securities Journal,Shanghai Securities News,Securities Times,Securities DailyDesignated stock exchange website for the interim www.hkexnews.hk

25、The interim report of the Company is available atA shares:12/F,No.25 Chaoyangmen Beidajie,Dongcheng District,BeijingHong Kong shares:65/F,Bank of China Tower,1 Garden Road Hong KongStock exchange where the shares are listed,stock abbreviation and stock code:Hong Kong shares:The Stock Exchange of Hon

26、g Kong LimitedStock Codes:00883(HKD counter)and 80883(RMB counter)A shares:Shanghai Stock ExchangeStock Abbreviation:中國海油Stock Code:6009386Definition and GlossaryCNOOC Limited Interim Report 2023DEFINITION OF TERMSWildcatA well drilled on any rock formation for the purpose of searching for petroleum

27、 accumulations,including a well drilled to obtain geological and geophysical parametresAppraisal wellAn exploratory well drilled for the purpose of evaluating the commerciality of a geological trap in which petroleum has been discoveredExploration wellsWildcat and appraisal wellsUpstream businessOil

28、 and gas exploration,development,production and salesProved reservesBased on geological and engineering data,estimates of oil or natural gas quantities reasonably thought to be recoverable from known oil and gas reservoirs under existing economic,operating conditions and regulations in future yearsR

29、eserve replacement ratioFor a given year,total additions to proved reserves divided by production during the yearSeismic explorationA geophysical exploration method based on the difference in elasticity and density of underground medium to generate wave impedance,which is received and processed to r

30、eflect and infer the attribute and state of underground rock strataProved in-place volumeThe geological reserves that have been proved economically recoverable by appraisal drilling during the Reservoir Appraisal phase.The volumes are estimated with a high level of confidenceUnconventional oil and g

31、asOil and gas resources that cannot be obtained for natural industrial output using traditional development technologies,which can be economically exploited,continuously or quasi-continuously accumulated,only through the use of novel technologies which improve reservoir permeability or fluid viscosi

32、ty,including tight oil and gas,shale oil and gas,coalbed methane,and natural gas hydratesDefinition and GlossaryInterim Report 2023 CNOOC Limited7GLOSSARYBblBarrelBcfBillion cubic feetBOEBarrel of oil equivalentMbblsThousand barrelsMboeThousand barrels of oil equivalentMcfThousand cubic feetMmboeMil

33、lion barrels of oil equivalentMmbblsMillion barrelsMmcfMillion cubic feetCONVERSIONFor crude oil,1 tonne is about 7.21 barrelsFor natural gas,1 cubic meter is about 35.26 cubic feet8Financial SummaryCNOOC Limited Interim Report 2023KEY FINANCIAL DATAKey Financial DataThis reporting period(From Janua

34、ry to June)The same period of last yearIncrease/decrease as compared with the same period of last year(%)(RMB million)(RMB million)Revenue192,064202,355(5)Net profit attributable to equity shareholders of the Company63,76171,887(11)Net profit after deducting non-recurring profit items attributable t

35、o equity shareholders of the Company62,32470,910(12)Net cash flows from operating activities99,618102,227(3)At the end of this reporting periodAt the end of last yearIncrease/decrease at the end of the reporting period compared with the end of last year(%)Equity attributable to equity shareholders o

36、f the Company636,537597,1827Total assets999,074929,0318 KEY FINANCIAL INDICATORSKey Financial IndicatorsThis reporting period(From January to June)The same period of last yearIncrease/decrease as compared with the same period of last year(%)Basic earnings per share(RMB/share)1.341.57(15)Diluted earn

37、ings per share(RMB/share)1.341.57(15)Basic earnings per share,net of non-recurring profit(RMB/share)1.311.55(15)Weighted average return on net assets(%)10.1613.70Decreased by 3.54 percentage pointsWeighted average return on net assets,net of non-recurring profit(%)9.9313.52Decreased by 3.59 percenta

38、ge points Chairmans StatementInterim Report 2023 CNOOC Limited9Dear shareholders,In the first half of 2023,macroeconomy stayed complex and volatile,while international oil prices saw fluctuations in a downward trend.In the face of uncertainties,we took resolute and proactive actions for various prod

39、uction and operation tasks,and delivered satisfactory results.We have actively pursued value-driven exploration and steadily expanded oil and gas resources base.In offshore China,several new discoveries were made,including Panyu 10-6 and Kaiping 18-1.Mid-to-large sized oil and gas structures such as

40、 Qinhuangdao 27-3 were successfully appraised.For onshore China,we efficiently advanced the exploration and appraisal of deep coalbed methane play to enhance recovery potential.Overseas,solid progress was made in the exploration of the Stabroek block in Guyana,with new discovery made in medium-to-de

41、ep plays.We remained committed to our annual production target and strived to increase oil and gas production.In the first half of the year,the Company achieved significant growth in oil and gas production in both China and overseas,with daily net production hitting a record high.The Company vigorou

42、sly implemented effective measures such as adjustment wells to boost production,and the natural decline rate of the producing oilfields was brought to a record low.New projects such as the Buzios5 oilfield in Brazil successfully commenced production,bringing new growth in production.The key new proj

43、ects progressed as scheduled,laying a solid foundation for future production growth.We focused on enhancement of quality and efficiency,and achieved stable improvement.All-in cost decreased year-over-year,which further strengthened our cost competitiveness.The Company maintained strong profitability

44、,with net profit attributable to equity shareholders of RMB63.76 billion and the earnings per share of RMB1.34.In order to actively reward our shareholders,the Board of Directors has decided to declare an interim dividend of HK$0.59 per share(tax inclusive)for the first half of 2023.We dedicated gre

45、at efforts and achieved significant results in technological innovation.The Company focused on research of core technologies such as exploration and development of deepwater and deep play reservoirs,efficient development of the low-permeable,marginal or heavy oilfields,which effectively supported th

46、e growth of oil and gas reserves.We continued with the construction of unmanned offshore platforms and smart oilfields.“Shenhai-1”has become the worlds first super-large deepwater platform with capability of remote control production operation.10Chairmans StatementCNOOC Limited Interim Report 2023In

47、 the first half of the year,the Company adhered to green development and made great progress in new energy business.“Haiyou Guanlan”and Wenchang deep-sea floating wind power demonstration project were successfully connected to the grid for power generation,which blazed the trail for wind power devel

48、opment from shallow waters into deep seas.The successful commissioning of the CCS demonstration project in the Enping 15-1 oilfield has filled the gap in Chinas offshore carbon dioxide storage technology.In order to provide more investment flexibility to our shareholders and potential investors,the

49、Company has proactively applied for the launch of a RMB counter on the HKSE,and became one of the first listed companies included in the“HKD-RMB Dual Counter Model”.In the first half of the year,Mr.Lawrence J.Lau and Mr.Tse Hau Yin,Aloysius retired as Independent Non-executive Directors of the Compa

50、ny.Ms.Li Shuk Yin Edwina was appointed as an Independent Non-executive Director.Mr.Xia Qinglong resigned as an Executive Director and President of the Company.Mr.Zhou Xinhuai,an Executive Director and CEO,concurrently served as the President of the Company.On behalf of the Board of Directors,I would

51、 like to express my gratitude to Mr.Lawrence J.Lau,Mr.Tse Hau Yin,Aloysius and Mr.Xia Qinglong for their contributions to the Company during their tenure and welcome Ms.Li Shuk Yin Edwina.In the future,all Directors will continue to make unremitting efforts in an honest,responsible and diligent mann

52、er to facilitate healthy development of the Company.Looking forward to the second half of the year,we will adhere to safety and compliance requirements in our operations.We will exert our best efforts in reserves and production growth,quality and efficiency enhancement,and technological innovation t

53、o reach our annual targets and create greater value for the shareholders.Wang DongjinChairmanHong Kong,17 August 2023Business OverviewInterim Report 2023 CNOOC Limited11OVERVIEWThe Company is an upstream company specializing in oil and natural gas exploration,development and production,and remains t

54、he dominant oil and natural gas producer in offshore China.In terms of reserves and production,it is also one of the largest independent oil and natural gas exploration and development companies in the world.In the first half of 2023,approximately 70%of the Companys net production was from China.In

55、China,the Company engages in oil and natural gas exploration,development and production in Bohai,Western South China Sea,Eastern South China Sea and East China Sea,as well as onshore unconventional oil and natural gas exploration,development and production,primarily through independent operations an

56、d cooperation projects.In terms of independent operations,we serve as the operator holding 100%interests and increase reserves and production by independent exploration and development.In terms of cooperation projects,we cooperate with partners through product sharing contracts(“PSCs”)in oil and nat

57、ural gas exploration and development.In the first half of 2023,oil and gas fields in China under independent operations and cooperation projects accounted for approximately 86%and 14%of the net production,respectively.In overseas,the Company has a diversified and high-quality portfolio.It holds inte

58、rests in various world-class oil and gas projects and has become a world-leading player in the industry.Currently,the Companys assets are located in more than 20 countries and regions around the globe,including Indonesia,Australia,Nigeria,Iraq,Uganda,Argentina,the U.S.,Canada,the U.K.,Brazil,Guyana,

59、Russia and the United Arab Emirates.For the first half of 2023,net production in overseas accounted for approximately 30%of the total net production.During the reporting period,the recovery of global economy was sluggish while Chinas economy continued to recover.International oil prices swung down a

60、nd average Brent oil price decreased by 24%on a year-on-year basis.The Company proactively responded to external challenges,continuously increased reserves and production and promoted technology innovation and green development,enhanced quality and efficiency to reduce costs,maintained a stable heal

61、th,safety and environmental protection situation and achieved excellent production and operating results.12Business OverviewCNOOC Limited Interim Report 2023In the first half of 2023,the Company achieved a net oil and gas production of 331.8 million BOE,a year-on-year increase of 8.9%;oil and gas sa

62、les revenue of RMB151.69 billion,a year-on-year decrease of 14.1%;and net profit attributable to equity shareholders of the Company of RMB63.76 billion,a year-on-year decrease of 11.3%,far better than the performance of international oil prices during the same period.On 19 June 2023,the Company laun

63、ched RMB counter for trading of Hong Kong shares(stock code:80883)on the HKSE to provide more investment flexibility to shareholders and potential investors and to enhance the liquidity and depth of the offshore RMB market.ExplorationIn the first half of 2023,the Company adhered to the value-driven

64、exploration philosophy,increased venture exploration efforts and made major breakthroughs in new areas,new fields and new layers,laying a solid reserves foundation.In China,the Company actively explored deep and ultra-deep layers,expanded mature areas,explored ultra-shallow layers,and efficiently pr

65、omoted the exploration of deep-play coalbed methane.In overseas,with focus on strategic core areas,the Company continuously promoted mid-to-deep play exploration of the Stabroek block in Guyana.In offshore China,the Company made 5 new discoveries,including Panyu 10-6,Kaiping 18-1,Xijiang 24-2,Qinhua

66、ngdao 32-6 East and Huizhou 26-6 North,and successfully appraised 14 oil and gas bearing structures.Among them,new discoveries of Panyu 10-6 and Kaiping 18-1,both have a proved in-place volume of over 20 million tons,demonstrating the exploration potential of mid-to-deep play in the Pearl River Mout

67、h Basin.Qinhuangdao 27-3 large and medium-sized oil and gas bearing structures were successfully appraised with a proved in-place volume of over 50 million tons,expanding the exploration potential of large-scale lithologic reservoirs in shallow-play in Bohai.Significant progress was made in onshore

68、unconventional gas exploration,and we efficiently promoted the exploration and appraisal of deep-play coalbed methane in Shenfu to further enhance the resource recovery potential.In overseas,mid-to-deep play exploration of the Stabroek block in Guyana made positive progress with a new discovery,Lanc

69、etfish,and Fangtooth-1 DST test confirmed productivity for the layers in the 6,000m depth.Business OverviewInterim Report 2023 CNOOC Limited13The Company drilled 181 exploration wells and acquired 6,391 square kilometres of 3D seismic data in the first half of the year.Major exploration activities a

70、re set out in the table below:TypeExploration WellsSeismic Data 3D (km2)WildcatAppraisal Wells Offshore China(Independent)39646,191Offshore China(PSC)1Onshore China(Unconventional)4723200Overseas61 Total93886,391 Engineering construction,development and productionIn the first half of the year,the Co

71、mpany strengthened its production organisation and efficiently accelerated the construction of production capacity.Among the new projects planned to commence production during the year,the Buzios5 project in Brazil has commenced production as scheduled,seven new projects,including Bozhong 19-6 conde

72、nsate gas field Phase I,are under installation,and the construction of other new projects are advancing steadily.The Company strengthened the streamlined management of production and implemented measures such as adjustment wells to increase production and explored the potential of production growth.

73、As such,the natural decline rate of oilfields reduced to the best level in history,and remarkable results were made in maintaining and increasing production of producing oil and gas fields.Meanwhile,the Company strengthened the coordination of resources and promoted the early commissioning of key ne

74、w projects to provide strong support for the rapid growth of production.In the first half of the year,the net oil and gas production reached 331.8 million BOE,a record high for the same period,representing a year-on-year increase of 8.9%.By regions,the net oil and gas production from China was 231.2

75、 million BOE,representing a year-on-year increase of 6.6%,mainly due to the production growth from oilfields such as Kenli 6-1 and Lufeng 15-1.The net oil and gas production from overseas was 100.7 million BOE,representing a year-on-year increase of 14.4%,mainly due to the production contribution fr

76、om Liza Phase II in Guyana and Buzios oilfield in Brazil.In the first half of the year,the production of crude liquids and natural gas of the Company accounted for 78%and 22%,respectively.Oil production grew by 8.3%year on year,mainly because of newly commissioned oilfields including Kenli 6-1;natur

77、al gas production grew by 10.9%year on year,mainly due to the production contribution from 3M gas field in Southeast Asia and the production growth of onshore China unconventional natural gas.14Business OverviewCNOOC Limited Interim Report 2023Production SummaryFirst half of 2023First half of 2022Cr

78、ude and liquids (million barrels)Natural gas(bcf)Total oil and gas (million BOE)Crude and liquids (million barrels)Natural gas(bcf)Total oil and gas (million BOE)ChinaBohai102.334.3108.096.032.3101.4Western South China Sea19.4123.240.818.8116.138.9Eastern South China Sea56.572.168.553.473.365.6East

79、China Sea1.126.75.51.313.73.6Onshore0.0249.88.343.77.3 Subtotal179.3306.0231.2169.5279.1216.8 OverseasAsia(excluding China)10.932.116.78.624.813.0Oceania0.926.16.00.720.64.8Africa8.03.48.614.13.014.6North America (excluding Canada)9.819.613.010.920.314.3Canada15.015.011.311.3South America30.627.635.

80、417.425.721.9Europe5.80.65.97.91.28.1 Subtotal81.1109.4100.771.095.788.0 Total*260.4415.5331.8240.5374.7304.8 *Including our interests in equity-accounted investees,which are approximately 10.2 million BOE for the first half of 2023 and approximately 10.0 million BOE for the first half of 2022.Busin

81、ess OverviewInterim Report 2023 CNOOC Limited15Scientific and Technological InnovationThe Company continued to strengthen the key technology system and enhance its self-innovation capabilities.In the first half of the year,the Company continued to improve the reliability of intelligent water injecti

82、on technology,which contributed to the further decrease of the natural decline rate of offshore oil fields.Meanwhile,the Company accelerated the innovative application of heavy oil thermal recovery development technology,which enabled significant production growth from offshore heavy oil thermal rec

83、overy.The Company achieved remarkable results in construction of intelligent production.We steadily promoted the construction and optimization of unmanned platform and initially completed the formulation of standard system for smart oil fields.“Shenhai-1”smart gas field has been equipped with remote

84、 control production capacity,which is a crucial step towards the full-scale construction of the ultra-deepwater smart gas field.Green DevelopmentThe Company accelerated the integrated development of new energy and oil and gas business.In the first half of the year,the worlds first semi-submersible“D

85、ouble Hundred”deep-sea floating wind power project was successfully connected to the grid for power generation in the Wenchang Oilfield in the South China Sea.“Haiyou Guanlan”,the main production facility,has an installed capacity of 7.25 MW,which is expected to reduce approximately 22,000 tons of C

86、O2 emissions per year.The first offshore CCS demonstration project has been successfully put into use in the Enping 15-1 oilfield,and a preliminary system of offshore carbon dioxide capture,injection,storage,and monitoring technology and equipment has been established,filling the gap in Chinas offsh

87、ore carbon dioxide storage technology.The Company accelerated the construction of a green and low-carbon production system.We further expanded the scope of application of onshore power projects and continued to reduce energy consumption and carbon emission intensity across the development process of

88、 oil and gas fields.The Company actively expanded the scale of green electricity usage in offshore oil and gas fields and expected to consume 500 million kWh of green electricity within the year,equivalent to a carbon reduction of approximately 440,000 tons.Meanwhile,the gradual advancement of key p

89、rojects such as flare gas recycling and utilization will help the Company effectively manage and control the carbon emission intensity in the future.RURAL REVITALIZATIONIn the first half of 2023,the Company made new progress in rural revitalization and agricultural modernization.In Wuzhishan City an

90、d Baoting County of Hainan Province and Nyima County of Tibet,we invested RMB62 million into 23 projects,covering industrial revitalization,educational assistance and infrastructure construction.Reassuring results have been achieved from these diversified projects.We have bred new industries,increas

91、ed farmers income,and significantly improved the living conditions of local communities.16Business OverviewCNOOC Limited Interim Report 2023ENVIRONMENTAL INFORMATIONEnvironmental protection information of the Company and its principal subsidiaries on the watch list of key pollutant discharging units

92、 published by the environmental protection authority(1)Key pollutant discharge information of key pollutant discharging unitsDuring the reporting period,7 affiliated entities of the Company were identified as key pollutant discharging units(hereinafter referred to as“key pollutant discharging units”

93、)by the local competent ecological and environmental protection authorities,which were located in Tianjin,Huludao,Beihai,Chengmai,Dongfang and Sanya,respectively.Among the main pollutants discharged by key pollutant discharging units during the reporting period,waste water mainly includes COD and am

94、monia nitrogen,etc;waste gas mainly includes SO2,NOX and soot.In addition,solid waste generated by key units mainly includes domestic garbage,general industrial solid waste,and hazardous waste.For the main pollutants,key pollutant discharging units utilize environmental pollution prevention and cont

95、rol facilities such as production sewage treatment systems,air pollution emission control devices,VOCs recovery and treatment facilities and sedimentation pond,and adopt techniques such as flotation,biochemical treatment,biodegradation,catalytic oxidation by RCO furnace,catalytic oxidation by conden

96、sation and adsorption,sedimentation,and efficient combustion to meet processing standards before they discharge pollutants through designated discharge outlet.During the reporting period,the above-mentioned environmental pollution prevention and control facilities were in normal operation.There are

97、a total of 5 wastewater discharge outlets in key pollutant discharging units,mainly distributed in production and domestic sewage discharge outlets;there are 48 waste gas emission outlets,mainly distributed in heat medium boilers,hot water boilers,heat medium furnaces,direct-fired furnaces,steam boi

98、lers and flare stacks.The emission standards adopted by the key pollutant discharging units include Integrated Wastewater Discharge Standard(污水綜合排放標準)(GB8978-1996),Wastewater Comprehensive Discharge Standard(污水綜合排放標準)(DB12/356-2018),the Integrated Wastewater Discharge Standard of Liaoning Province(遼

99、寧省污水綜合排放標準)(DB21/1627-2008),Integrated Emission Standard of Air Pollutants(大氣污染物綜合排放標準)(GB16297-1996),Boiler Air Pollutant Emission Standard(鍋爐大氣污染物排放標準)(GB 13271-2014),Emission Standard of Air Pollutants from Boilers(鍋爐大氣污染物排放標準)(DB12/151-2020)and Emission Standard of Air Pollutants for Thermal Pow

100、er Plants(火電廠大氣污染物排放標準)(GB 13223-2011).Business OverviewInterim Report 2023 CNOOC Limited17During the reporting period,the emission information on the above major pollutants discharged by key pollutant discharging units include:COD emissions of 33.96 tonnes,ammonia nitrogen emissions of 0.92 tonnes,

101、SO2 emissions of 14.97 tonnes,NOX emissions of 91.20 tonnes,soot emissions of 0.07 tonnes and particulate matter emissions of 1.42 tonnes,all of which did not exceed the applicable 2023 semi-annual approved emissions.In addition,some key pollutant discharging units used domestic sewage as gardening

102、water in factories in accordance with the standard of gardening water stipulated in the Reuse of Urban Recycling Water Water Quality Standard for Urban Miscellaneous Use(城市污水再生利用城市雜用水水質)(GB/T18920-2020).In accordance with the Law of the PRC on the Prevention and Control of Environmental Pollution by

103、 Solid Waste(中華人民共和國固體廢物污染環境防治法),the Measures for the Management of Hazardous Waste Transfer(危險廢物轉移管理辦法)and other relevant provisions,key pollutant discharging units temporarily stored domestic garbage,general industrial solid waste,hazardous waste and other waste,and then pass them to disposal unit

104、s with corresponding qualifications after sorting.(2)Construction and operation of pollution prevention and control facilitiesAdhering to the principle of“developing in protection and protecting in development”,the Company considers conservation of ecological environment as the foundation of sustain

105、able development,strictly complies with relevant laws and regulations and standards on environmental protection and further enhances the environmental protection management of the whole process of construction projects.It has invested about RMB321 million in environmental protection management and e

106、ngineering in the first half of 2023.The Company established pollution prevention and control facilities for waste gas,wastewater,solid waste and noise in accordance with the standards and requirements of national and local regulations on environmental protection and pollutant prevention and control

107、,and prepared and improved self-monitoring programs to ensure their effective and stable operation.The Company strengthened whole-process management of construction projects in terms of environmental protection,and strictly implemented the management requirements of environmental impact assessment,c

108、ompletion acceptance,operation and other aspects of construction projects.(3)Environmental impact assessment of construction projects and other administrative licenses for environmental protectionDuring the reporting period,the key pollutant discharging units implemented“three-simultaneous”system un

109、der which environmental protection facilities and main works are designed,constructed and put into operation at the same time.We carried out environmental impact assessment and environmental protection acceptance for construction projects in accordance with requirements and laws.As requested by comp

110、etent ecological and environmental protection authorities under the government,the key pollutant discharging units have obtained and retained licenses such as Pollutant Discharge License and Radiation Safety License,and have completed formalities such as online filing of hazardous wastes and registr

111、ation of pollutant discharge from stationary sources in accordance with the relevant applicable regulations on environmental protection.18Business OverviewCNOOC Limited Interim Report 2023(4)Contingency plan for environmental incidents and environmental self-monitoring planDuring the reporting perio

112、d,the Company have made relevant efforts in line with the national contingency plan and management requirements on environmental incidents.The key pollutant discharging units prepared contingency plans for environmental incidents and environmental self-monitoring plans based on their own situations,

113、and filed contingency plans for environmental incidents with their local competent environmental protection authorities as well as uploaded the environmental surveillance data to the platforms of the competent environmental protection authorities in a timely manner.(5)Any administrative penalties ca

114、used by environmental issues during the reporting periodDuring the reporting period,the key pollutant discharging units of the Company were not subject to any administrative penalties regarding environmental protection due to environment issues.During the reporting period,subsidiaries other than the

115、 key pollutant discharging units of the Company pushed forward environmental protection and fulfilled environmental protection responsibilities in accordance with the unified requirements of the Company,identified potential problems related to of environmental protection in a timely manner,maintaine

116、d environmental pollution control facilities and minimized the impact from production and operation activities on the environment.For details of the environmental administrative penalties imposed on other subsidiaries of the Company,please refer to the information published on the websites of the go

117、vernments competent ecological and environmental authorities.Risk Management and Internal ControlInterim Report 2023 CNOOC Limited19Since its establishment,the Company has treated risk management,internal control and compliance management system as a top priority.The Company recognizes that it is th

118、e duty and obligation of its management to establish and maintain a risk management,internal control and compliance management system which serves the Companys strategic objectives and meets the Companys business practice.The Board ensures that the Company establishes and maintains appropriate and e

119、ffective risk management and internal control systems,strengthens the construction of compliance system on this basis,and regularly reviews their effectiveness.Such systems are designed to manage the risks a company may face in achieving its business objectives.The Board receives a report on risk ma

120、nagement,internal control and compliance management systems from executives twice a year.All major risks are reported to the Board which also evaluates the risks and their response plan.Appropriate and effective risk management and internal control system can help the company reasonably reduce the p

121、ossible loss caused by the occurrence of risks.The Companys Risk Management,Internal Control and Compliance Management Committee(RMICC Committee)is authorised by the Board to organise and carry out the Companys overall risk management and internal control.Its responsibilities include developing risk

122、 management and internal control systems,standardizing institutional framework,authorisation,responsibilities,processes and methods for the systems,continuously monitoring the operation of the systems,and regularly reporting the construction and compliance management of the systems to the Audit Comm

123、ittee and the Board.20Risk Management and Internal ControlCNOOC Limited Interim Report 2023RISK FACTORSAlthough we have established the risk management system to identify,analyze,evaluate and respond to risks,our business activities may subject to the following risks.MACRO ECONOMY AND POLICY RISKS(1

124、)Macro economy riskThe industry in which the Company operates is closely linked to the macro economy.The global economy lacks momentum and liquidity continues to tighten.Global services and manufacturing continue to recover.Chinas economy is driven by pro-consumption policies,service consumption acc

125、elerated release,and consumption is expected to recover moderately.Macro economy changes will affect the supply and downstream demand for oil and gas,which adversely may affect the Companys performance.(2)Risk of changing international political and economic factorsThe international political and ec

126、onomic situation is complex and changeable.The conflict between Russia and Ukraine has accelerated the profound changes in the world landscape and triggered violent shocks in the international energy market.If some of the countries in which we operate may be considered politically and economically u

127、nstable,our financial condition and operating results could be adversely affected.The Arctic LNG 2 project in Russia,in which the Company has a 10%interest,has been adversely affected by sanctions stemming from the military conflict.Save that,as of the date of this report,other overseas projects of

128、the company are not affected by the military conflict between Russia and Ukraine,and the production and operation situation is normal.(3)Risk of industry policy changesThe ongoing oil and gas system reform in China may have certain impacts on the Companys business in China.In the future,the Company

129、may face competition and challenges from a variety of competitors in the industry to obtain and retain exploration rights in oil and gas fields.Risk Management and Internal ControlInterim Report 2023 CNOOC Limited21(4)Risk of climate change and environmental policy changesWith the coming into force

130、of the Paris Agreement and the continuing growth of the publics awareness of climate change problems,China has put forward timeline target for“Carbon peak and Carbon neutrality”.It is expected that the CO2 emissions will increase as our production grows.CO2 emissions arising from the burning of foss

131、il fuels in oil and gas fields will continue to increase without a mature and reliable CO2 reduction technologies in place.The Company expects to be supervised by relevant agencies and organizations in the future,we may experience additional costs,and our reputation may be adversely affected.Our off

132、shore operating platforms and exploration and development activities will generate sewage and solid wastes.If they are not properly handled,they may not meet the standard of discharge or the disposal process is not in compliance,which will damage our reputation and operations and increase costs,and

133、even expose us to lawsuits and penalties.MARKET RISKS(1)Risk arising from volatility in oil and gas pricesPrices for crude oil and natural gas may fluctuate widely in response to relative changes in the supply and demand for crude oil and natural gas,market uncertainty and various other factors beyo

134、nd our control.Volatility in oil and gas prices may impact our business,cash flows and profits fluctuate.(2)Risk arising from increasing market competitionThe new round of scientific and technological revolution and industrial transformation has a profound impact on the development of the energy ind

135、ustry.We compete in the PRC and other countries in which we operate with national oil companies,major integrated oil and gas companies and various other independent oil and gas companies for access to oil and gas resources,products,alternative energy,customers,capital financing,technology and equipm

136、ent,talents and business opportunities.This could impact our business,financial condition and results of operations.22Risk Management and Internal ControlCNOOC Limited Interim Report 2023BUSINESS RISKS(1)HSSE riskGiven the geographical area,operational diversity and technical complexity of our opera

137、tions,every aspect of our daily operations exposes us to potential health,safety,security and environment(HSSE)risk.If a major HSSE risk materialises,it could result in casualties,environmental damage,disruption to business activities and material impact on our reputation,exclusion from bidding or e

138、ventually loss of our license to operate.In addition,the Companys oil and gas transportation involves marine,land and pipeline transportation,which are subject to hazards such as capsizing,collision,acts of piracy and damage or loss from severe weather conditions,explosions and oil and gas spills an

139、d leakages.These hazards could result in serious personal injury or loss of human life,significant damage to property and equipment,environmental pollution,operating loss,risk of financial loss and reputational harm.We may not be able to arrange insurance coverage for all of these risks,and uninsure

140、d losses and liabilities arising from these hazards may have a material and adverse effect on our business,financial condition and results of operations.(2)Risk of deviation between forward-looking judgments of oil and gas prices and the actualityThe Company will review the oil and natural gas price

141、 predictions on a periodic basis.Although we believe our current forward-looking predictions on long-term price range are prudent,if such predictions deviated in the future,it could have a material and adverse effect on us.(3)Risk that the anticipated benefits from mergers and acquisitions and dispo

142、sals may not be realizedPart of the Companys oil and gas assets are acquired through mergers and acquisitions.In mergers and acquisitions practice,mergers and acquisitions may not succeed due to various reasons.In the case of asset disposals,we may be held liable for past acts,or failures to act or

143、perform obligations,and we may also be subject to liabilities if a purchaser fails to fulfill its commitments.These risks may result in an increase in our costs and inability to achieve our business goals.(4)Risk of limited control over our investments in joint ventures and our joint operation with

144、partnersOur limited ability to influence and control the operation or future development of such joint ventures could affect the realization of our target returns on capital investment and lead to unexpected future costs.Risk Management and Internal ControlInterim Report 2023 CNOOC Limited23(5)Risk

145、of high concentration of customersDuring the reporting period,sales to major customers of the Company accounted for a relatively high proportion.If any of our major customers reduces its crude oil or natural gas purchases from us significantly,and the Company fails to find alternative customers in t

146、ime,our results would be adversely affected.(6)Risk of high supplier concentrationDuring the reporting period,procurement from the Companys major suppliers accounted for a relatively high proportion.Services procurement is our main procurement.We maintain a good working relationship with our major s

147、uppliers,and actively explore new suppliers to ensure supply adequacy and foster competition.However,if the major suppliers fail to continue to provide services to the Company due to accidental factors,and the Company fails to find suitable alternative suppliers,its operating activities may be disru

148、pted and the performance would be adversely affected.(7)Risk from irrealizable undeveloped reservesThere are various risks in developing reserves.Failure to develop these reserves in a timely and cost-effective manner could adversely affect the Companys results.The reliability of reserve estimates d

149、epends on a number of factors.The factors,assumptions and variables involved in estimating reserves are beyond our control and may be proved to be incorrect over time.That may result in volatility of our initial reserve data.(8)Technology development and deployment riskTechnology and innovation are

150、vital for us to enhance the Companys competitiveness in a competitive environment and exploration and development challenges.We strive to rely on technologies and innovations to realize our strategy and enhance our competitiveness and operation capacity.If our core technology reserves are insufficie

151、nt,it may have a negative impact on the Companys reserves and production targets and cost control targets.(9)Network security and IT infrastructure damage riskMalicious attacks on our cyber system,negligence in the management of our cyber security and IT system and other factors may cause damage or

152、breakdown to our IT infrastructure,which may disrupt our operations,result in loss or misuse of data or sensitive information,cause injuries,environmental harm or damages in assets,violate laws or regulations and result in potential legal liability.These actions could result in significant increase

153、in costs or damage to our reputation.24Risk Management and Internal ControlCNOOC Limited Interim Report 2023(10)Risks to business and operations in CanadaTransportation and export infrastructure in Canada is limited,and without the construction of new transportation and export infrastructure,realiza

154、tion of our full oil and natural gas production capability may be affected.Furthermore,First Nations in Canada have aboriginal land claims,including claims to certain mineral resources,in a substantial portion of western Canada.As a result,negotiations with First Nations prior to commencing future p

155、rojects(including surface activities necessary to conduct mineral extraction)are prudent.Failure to successfully negotiate with affected First Nations may result in timing uncertainties or delays of future development activities.FINANCIAL RISKS(1)Exchange rate riskThe Companys oil and gas sales are

156、substantially denominated in Renminbi and U.S.dollars.The Company may have exchange rate risk.When there is a capital gap in overseas capital expenditure,the Company needs to remit overseas payment by converting domestic RMB into USD,and the exchange rate fluctuation of RMB against USD brings certai

157、n exchange rate risks.(2)Risk of foreign exchange controlCertain restrictions on dividend distribution imposed by the laws of the countries in which we operate may adversely affect our cash flows.(3)Risk of related party transactionsWe regularly enter into connected transactions with CNOOC Group and

158、 its affiliates.Certain connected transactions require a review by the regulatory authorities of the place where the shares are listed and are subject to prior approvals by our independent shareholders.If these transactions are not approved,the Company may not be able to proceed with these transacti

159、ons as planned.MANAGEMENT RISKRisk caused by the actual controllers influence on the CompanyCNOOC Group directly and indirectly owns or controls our shares.As a result,CNOOC Group can have an impact on the election of our Board members,our dividend payments and other decisions.Under current PRC laws

160、,CNOOC Group has the exclusive right to enter into PSCs with foreign enterprises for petroleum resources exploitation in offshore China.Although CNOOC Group has undertaken to transfer all of its rights and obligations(except for those relating to administrative functions as a state-owned company)und

161、er any new PSCs that it enters into to us(save for certain exceptions),our strategies,results of operations and financial position may be adversely affected in the event CNOOC Group takes actions that favor its own interests over ours.Risk Management and Internal ControlInterim Report 2023 CNOOC Lim

162、ited25LEGAL RISKS(1)Risk of violating anti-corruption,fraud,money laundering,corporate governance and other laws and regulationsLaws and regulations of the countries or regions in which we operate,such as laws on anti-corruption,anti-fraud,anti-money laundering and corporate governance,are constantl

163、y changing and becoming more comprehensive.If the Company,our directors,executives or employees fail to comply with any of such laws and regulations,it may expose us to prosecution or punishment,damage to our reputation and image,and our ability to obtain new resources and/or access to the capital m

164、arkets,and it may even expose us to civil or criminal liabilities.(2)Risk of violating laws and regulations related to data securityAs a company with operations in various countries and regions,we are subject to data privacy and security laws in numerous jurisdictions as a result of having access to

165、 and processing confidential,personal or sensitive data in the course of our business.Therefore,compliance with the various data privacy regulations around the world may require significant expenditures.RISK OF U.S.SANCTIONSDifferent levels of the U.S.federal,state or local government may impose eco

166、nomic sanctions of varying severity against certain countries or regions and their residents or designated governments,individuals,and entities.It is impossible to predict whether the business of the Company or its affiliates,the countries/regions where the business is conducted or its partners will

167、 be affected by the U.S.sanctions regime in the future due to changes in the U.S.sanctions regime.If this happens,the Company may not be able to continue to carry out relevant business,or it may not be able to continue to carry out business in the affected countries or regions or with the affected p

168、artners,thus affecting investors perception of the Company and investment in the Company,and harming the Companys opportunity or ability to obtain new business.OVERALL RISK RESPONSE MEASURESThe Company has continued to improve the risk management and internal control management systems,coordinate re

169、sponses to major risks,and form a whole-process risk management mechanism of“pre-prevention,in-process control and post-evaluation”.26Corporate Governance ReportCNOOC Limited Interim Report 2023BRIEF INTRODUCTION OF THE GENERAL MEETINGMeeting sessionDate of conventionWebsites designated for disclosu

170、re of resolutionsResolutions disclosing dateResolutions 2022 annual general meeting31 May 2023The HKSEs website(http:/www.hkexnews.hk)The SSEs website(http:/)The Companys website(https:/)31 May 2023(The HKSEs and the Companys website)/1 June 2023(The SSEs website)All total of the 11 resolutions prop

171、osed were duly passed at the meeting.No resolutions were voted against.For details,please refer to the Companys announcement published on the HKSEs website,the SSEs website and the Companys website.DIRECTORS INTERESTSAs at 30 June 2023,the interests and short positions of the Director and chief exec

172、utive of the Company(current and resigned/retired during the reporting period)in the shares,underlying shares or debt securities of the Company or any associated corporations(within the meaning of the Securities and Futures Ordinance(“SFO”)which were required(i)to be notified to the Company and the

173、HKSE pursuant to Divisions 7 and 8 of Part XV of the SFO(including interests and short positions which they are taken or deemed to have under such provisions of the SFO),(ii)pursuant to section 352 of the SFO,to be entered in the register referred to therein,(iii)pursuant to the Model Code for Secur

174、ities Transactions by Directors of Listed Issuers(the“Model Code”),to be notified to the Company and the HKSE,or the interests which were required to be disclosed in accordance with the relevant regulations of the China Securities Regulatory Commission(the“CSRC”)and the SSE,were as follows:Name of D

175、irectorNature of interestOrdinary Hong Kong shares heldApproximate percentage of total issued Hong Kong sharesOrdinary A shares heldApproximate percentage of total issued A sharesApproximate percentage of total issued shares Chiu Sung HongBeneficial interest1,650,0000.004%0.003%Lawrence J.Lau(1)Bene

176、ficial interest400,0000.000%0.000%Note:(1)Mr.Lawrence J.Lau retired as an Independent Non-executive Director and a member of the Audit Committee,the Nomination Committee and the Strategy and Sustainability Committee of the Company with effect from 31 May 2023,the number of Hong Kong shares disclosed

177、 above is as at 31 May 2023.Corporate Governance ReportInterim Report 2023 CNOOC Limited27All the interests stated above represent long positions.As at 30 June 2023,save as disclosed above,none of the Directors and chief executive of the Company(current and resigned/retired during the reporting peri

178、od)had any interests or short positions in the shares,underlying shares or debt securities of the Company or any associated corporations(within the meaning of the SFO)which were required(i)to be notified to the Company and the HKSE pursuant to Divisions 7 and 8 of Part XV of the SFO(including intere

179、sts and short positions which they are taken or deemed to have under such provisions of the SFO),(ii)pursuant to section 352 of the SFO,to be entered in the register referred to therein,(iii)pursuant to the Model Code,to be notified to the Company and the HKSE or had any interests which were require

180、d to be disclosed in accordance with the relevant regulations of the CSRC and the SSE.During the six months ended 30 June 2023,no right to subscribe for shares,underlying shares or debt securities of the Company has been granted by the Company to,nor have any such rights been exercised by,any other

181、person.SUBSTANTIAL SHAREHOLDERS INTERESTSAs at 30 June 2023,so far as was known to the Directors and chief executive of the Company,the persons,other than a Director or chief executive of the Company,who had an interest or a short position in the shares and underlying shares which would fall to be d

182、isclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO were as follows:Ordinary Hong Kong shares heldApproximate percentage of total issued Hong Kong sharesOrdinary A shares heldApproximate percentage of total issued A sharesApproximate percentage of total issued sha

183、res (i)CNOOC(BVI)Limited(1)28,772,727,26864.55%60.49%(ii)Overseas Oil&Gas Corporation,Ltd.(“OOGC”)28,772,727,27364.55%60.49%(iii)CNOOC Group29,508,353,27366.20%62.04%Note:(1)CNOOC(BVI)Limited is a direct wholly-owned subsidiary of OOGC,which is a direct wholly-owned subsidiary of CNOOC Group.Accordi

184、ngly,CNOOC(BVI)Limiteds interests are recorded as the interests of OOGC and CNOOC Group.28Corporate Governance ReportCNOOC Limited Interim Report 2023All the interests stated above represent long positions.As at 30 June 2023,save as disclosed above,the Directors and chief executive of the Company ar

185、e not aware of any other person having interests or short positions(other than the Directors and chief executives of the Company)in the shares and underlying shares which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO,or who is,directly or i

186、ndirectly,interested in 10%or more of the nominal value of any class of share capital carrying rights to vote in all circumstances at general meetings of any other member of the Company.AUDIT COMMITTEEThe Audit Committee of the Board of the Company has reviewed together with the management the accou

187、nting principles and practices adopted by the Company and its subsidiaries and discussed the risk management,internal control and financial reporting matters.The interim results for the six months ended 30 June 2023 are unaudited,but have been reviewed by Ernst&Young in accordance with Hong Kong Sta

188、ndard on Review Engagements 2410“Review of Interim Financial Information Performed by the Independent Auditor of the Entity”,issued by the Hong Kong Institute of Certified Public Accountants.The interim report for the six months ended 30 June 2023 has been reviewed by the Audit Committee.PURCHASE,SA

189、LE OR REDEMPTION OF LISTED SECURITIESFor the six months ended 30 June 2023,CNOOC Petroleum North America ULC(“CPNA”,an indirect wholly-owned subsidiary of the Company)repurchased and cancelled the following bonds issued by it as issuer in the over-the-counter market:IssuerMaturity DateCoupon RateFac

190、e Amount(USD)Face Amount Repurchased(USD)Percentage of RepurchaseOutstanding Amount as at 30 June 2023 (USD)CPNA15 March 20327.875%431,456,00027,824,0006.45%403,632,000CPNA10 March 20355.875%732,246,0004,000,0000.55%728,246,000CPNA30 July 20397.500%696,000,0005,800,0000.83%690,200,000None of the abo

191、ve bonds was listed on HKSE or SSE.Save as disclosed in this interim report,there was no purchase,sale or redemption by the Company,or any of its subsidiaries,of its listed securities during the six months ended 30 June 2023.COMPLIANCE WITH THE CORPORATE GOVERNANCE CODEFor the six months ended 30 Ju

192、ne 2023,the Company has complied with all code provisions set out in Part 2 of Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(the“Listing Rules of Stock Exchange”).Corporate Governance ReportInterim Report 2023 CNOOC Limited29PROVISIONS FOR SE

193、CURITIES TRANSACTIONS BY DIRECTORSThe Company has adopted a Code of Ethics for Directors and Senior Management(“Code of Ethics”)incorporating the provisions for securities transactions by directors of listed issuers of the Model Code as set out in Appendix 10 to the Listing Rules of Stock Exchange,t

194、he Securities Law of the Peoples Republic of China and the Listing Rules of SSE.All Directors have confirmed that they have complied,during the six months ended 30 June 2023,with the Companys Code of Ethics and the required standards set out in the Model Code.CHANGES IN INFORMATION OF DIRECTORSPursu

195、ant to Rule 13.51B of the Listing Rules of Stock Exchange and the relevant regulations of the CSRC and the SSE,the changes in information of Directors subsequent to the date of the latest annual report of the Company and up to the date of this interim report are set out below:Name of DirectorDetails

196、 of Changes Lawrence J.LauRetired as an Independent Non-executive Director and a member of the Audit Committee,the Nomination Committee and the Strategy and Sustainability Committee of the Company with effect from 31 May 2023Tse Hau Yin,AloysiusRetired as an Independent Non-executive Director,the Ch

197、airman of the Audit Committee and a member of the Remuneration Committee of the Company with effect from 31 May 2023Li Shuk Yin EdwinaAppointed as an Independent Non-executive Director,the Chairman of the Audit Committee and a member of the Remuneration Committee of the Company with effect from 31 M

198、ay 2023Lin BoqiangAppointed as a member of the Nomination Committee of the Company with effect from 31 May 2023Xia QinglongResigned as an Executive Director and the President of the Company due to work commitments with effect from 30 June 2023Zhou XinhuaiAppointed as the President of the Company wit

199、h effect from 30 June 2023MISCELLANEOUSThe Directors are of the opinion that there have been no material changes to the information published in the Companys annual report for the year ended 31 December 2022,other than those disclosed in this interim report.30Corporate Governance ReportCNOOC Limited

200、 Interim Report 2023INTERIM DIVIDEND DISTRIBUTION PLAN AND CLOSURE OF HONG KONG REGISTER OF MEMBERSAt the Companys 2022 annual general meeting held on 31 May 2023,the Board was authorized to decide the Companys 2023 interim dividend distribution plan.In overall consideration of situations such as th

201、e operating results,financial position and cash flow of the Company,to provide returns to our shareholders,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,divide

202、nd 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 Peoples Bank of China in the week before the Board declared the interim dividend;dividend for Hong Kong shares will be paid in HKD.The register of member

203、s of the Hong Kong shares of the Company(the“Register of Members”)will be closed from 11 September 2023(Monday)to 15 September 2023(Friday)(both days inclusive)during which no transfer of the Hong Kong shares of the Company can be registered.In order to qualify for the interim dividend,holders of Ho

204、ng Kong shares are reminded to ensure that all instruments of transfer of the Hong Kong shares accompanied by the relevant share certificate(s)must be lodged with the Companys Hong Kong share registrar,Hong Kong Registrars Limited,Shops 1712-1716,17th Floor,Hopewell Centre,183 Queens Road East,Wanch

205、ai,Hong Kong,not later than 4:30 p.m.on 8 September 2023(Friday).The interim dividend will be paid on or around 18 October 2023(Wednesday)to shareholders whose names appear on the Register of Members of the Company on 15 September 2023(Friday).For holders of A shares of the Company,please refer to t

206、he Companys announcement in relation to the 2023 interim dividend distribution plan published on the websites of the Shanghai Stock Exchange and the Company.WITHHOLDING AND PAYMENT OF ENTERPRISE INCOME TAX FOR NON-RESIDENT ENTERPRISES IN RESPECT OF 2023 INTERIM DIVIDENDPursuant to the“Enterprise Inc

207、ome Tax Law of the Peoples Republic of China”,the“Regulations on the Implementation of the Enterprise Income Tax Law of the Peoples Republic of China”and the“Notice of the State Administration of Taxation on Issues about the Determination of Chinese-Controlled Enterprises Registered Abroad as Reside

208、nt Enterprises on the Basis of Their Body of Actual Management”,the Company has been confirmed as a resident enterprise of the Peoples Republic of China(the“PRC”)and the withholding and payment obligation lies with the Company.The Company is required to withhold and pay 10%enterprise income tax when

209、 it distributes the 2023 interim dividend to its non-resident enterprise(as defined in the“Enterprise Income Tax Law of the Peoples Republic of China”)holders of Hong Kong shares.In respect of all holders of Hong Kong shares whose names appear on the Register of Members of the Company as at 15 Septe

210、mber 2023 who are not individual natural person(including HKSCC Nominees Limited,corporate nominees or trustees such as securities companies and banks,and other entities or organisations,which are all considered as non-resident enterprise holders of Hong Kong shares),the Company will distribute the

211、2023 interim dividend after deducting enterprise income tax of 10%.The Company will not withhold and pay the income tax in respect of the 2023 interim dividend Corporate Governance ReportInterim Report 2023 CNOOC Limited31payable to any natural person holders of Hong Kong shares whose names appear o

212、n the Register of Members of the Company as at 15 September 2023.Investors who invest in the shares of the Company listed on the Main Board of the HKSE through the Shanghai Stock Exchange(the“Shanghai-Hong Kong Stock Connect investors”),and investors who invest in the shares in the Company listed on

213、 the Main Board of the HKSE through the Shenzhen Stock Exchange(the“Shenzhen-Hong Kong Stock Connect investors”),are investors who hold Hong Kong shares through HKSCC Nominees Limited,and in accordance with the above requirements,the Company will pay to HKSCC Nominees Limited the amount of the 2023

214、interim dividend after withholding for payment the 10%enterprise income tax.If any resident enterprise(as defined in the“Enterprise Income Tax Law of the Peoples Republic of China”)listed on the Register of Members of the Company which is duly incorporated in the PRC or under the laws of a foreign c

215、ountry(or a region)but with a PRC-based de facto management body,or any non-resident enterprise holders of Hong Kong shares who is subject to a withholding tax rate of less than 10%pursuant to any tax treaty between the country of residence of such holders of Hong Kong shares and the PRC or tax arra

216、ngements between mainland China and Hong Kong or Macau,or any other non-resident enterprise holders of Hong Kong shares who may be entitled to a deduction or exemption of enterprise income tax in accordance with the applicable PRC rules,does not desire to have the Company withhold and pay the total

217、amount of the said 10%enterprise income tax,it shall lodge with Hong Kong Registrars Limited documents from its governing tax authority confirming its PRC resident enterprise status,or the documents in support that a withholding tax of less than 10%is required to be paid pursuant to the above-mentio

218、ned tax treaty or arrangements,or the documents confirming its entitlement to a deduction or exemption of enterprise income tax in accordance with the applicable PRC rules at or before 4:30 p.m.on 8 September 2023(Friday).If anyone would like to change the identity of the holders of Hong Kong shares

219、,please enquire about the relevant procedures with the nominees or trustees.The Company will withhold and pay the enterprise income tax for its non-resident enterprise holders of Hong Kong shares strictly in accordance with the relevant laws and requirements of the relevant government departments an

220、d adhere strictly to the information set out in the Register of Members of the Company on 15 September 2023.The Company assumes no liability whatsoever in respect of and will not entertain any claims arising from any delay in,or inaccurate determination of,the status of holders of Hong Kong shares a

221、t the aforesaid date or any disputes over the mechanism of withholding.By Order of the BoardXu YugaoJoint Company SecretaryHong Kong,17 August 202332Managements Discussion and AnalysisCNOOC Limited Interim Report 2023ANALYSIS ON CORE COMPETITIVENESSAbundant oil and gas resources with leading product

222、ion growth capacity in the industryThe Company has abundant resources and maintains a steady growth momentum in production.The reserve replacement ratio has been maintained at over 130%for consecutive years,and the reserve life has remained above 10 years,laying a resource foundation for increasing

223、reserves and production.The Company continues to increase its development and production efforts,and its oil and gas production has maintained rapid growth for 5 consecutive years with a growth rate leading its peer companies.Leading exploration and development activities in offshore China with obvi

224、ous advantages in regional developmentThe exploration in offshore China is in a relatively early stage,with huge potential of oil and gas resources exploration.The Company is the dominant producer of oil and natural gas in offshore China with extensive experiences in oil and gas exploration and deve

225、lopment and high exploration success rate in offshore China.At present,with over 120 oil and gas fields in production,we have established offshore production facilities and subsea piping systems which will provide strong support to regional exploration and development in the future.In possession of

226、a complete set of technical system for offshore oil and gas exploration and developmentThe Company has established a complete technology system for offshore oil and gas exploration,development and production.Breakthroughs have been made for ultra-deepwater oil and gas field development engineering i

227、n water depth of over 1,500 meters.The Company has made positive progress in key technical fields such as exploration in medium to deep play,enhanced recovery rate in producing oil and gas fields,subsea production system,and effective development of large-scale thermal recovery of heavy oil,which al

228、l provide strong support to the sustainable development of offshore oil and gas business.Managements Discussion and AnalysisInterim Report 2023 CNOOC Limited33Effective cost control and healthy financial performanceThe Company has a complete cost control system,industry-leading cost competitive adva

229、ntage and profitability.Over the years,the Company has maintained a sound ability to generate cash flow,and its financial condition remained at high level in the industry.The Company has a steady financial position with a low gearing ratio and strong financing ability.In possession of a diversified

230、asset portfolioThe Company has a diversified asset portfolio that possesses oil and gas assets worldwide.It holds interests in many world-class oil and gas projects,including Stabroek in Guyana and Buzios in Brazil.Its assets are distributed in more than 20 countries and regions around the world,whi

231、ch fully demonstrate the Companys strong capacity of globalized operation and management.Pursuing green and low-carbon development conceptThe Company adheres to the concept of green and low-carbon development,fully relies on the capability advantages in marine resource development,actively expanded

232、business in new energy sector and accelerates the development of offshore wind power.Focusing on onshore power project and smart oilfield construction,it promoted the construction of a green and low-carbon management and control system.It also vigorously accelerated CCS/CCUS research,and strive to b

233、uild a carbon reduction industrial chain.34Managements Discussion and AnalysisCNOOC Limited Interim Report 2023OPERATING RESULTSRevenueRevenue of the Company decreased by 5%to RMB192,064 million from RMB202,355 million in the same period of last year,primarily due to the impacts of higher oil and ga

234、s sales volume and marketing sales volume and lower oil prices in the international market.Our oil and gas sales,realised prices and sales volume are as follows:ChangeFirst halfof 2023First halfof 2022Amount%Oil and gas sales(RMB million)151,686 176,681(24,995)(14)Crude and liquids129,933 158,572(28

235、,639)(18)Natural gas21,753 18,109 3,644 20Sales volume(million BOE)*320.6295.325.39Crude and liquids(million barrels)254.3235.918.48Natural gas(bcf)385.9346.639.311Realised pricesCrude and liquids(US$/barrel)73.57103.85(30.28)(29)Natural gas(US$/mcf)8.128.070.051 *Excluding our interest in equity-ac

236、counted investees.Operating expensesOperating expenses of the Company increased by 9%to RMB16,103 million from RMB14,820 million in the same period of last year,primarily due to increase of production driven by oil and gas fields commencement.Our operating expenses per BOE was US$7.16 per BOE,repres

237、enting a decrease of 8%as compared to US$7.77 per BOE for the same period of last year.Exploration expensesExploration expenses of the Company decreased by 47%to RMB3,901 million from RMB7,405 million in the same period of last year,mainly due to the optimisation of exploration deployment and the im

238、provement of exploration efficacy in the first half of the year.Managements Discussion and AnalysisInterim Report 2023 CNOOC Limited35Depreciation,depletion and amortisationDepreciation,depletion and amortisation of the Company increased by 14%to RMB33,738 million from RMB29,507 million in the same

239、period of last year,mainly due to the increase of production as a result of oil and gas field commencement.The total amount of depreciation,depletion and amortisation(excluding the dismantling costs)increased by 14%to RMB31,577 million from RMB27,696 million.Our depreciation,depletion and amortisati

240、on per BOE(excluding the dismantling costs)decreased by 3%to US$14.14 per BOE from US$14.52 per BOE.The total amount of dismantlement provision-related depreciation,depletion and amortisation increased by 19%to RMB2,161 million from RMB1,811 million.Our dismantlement cost per BOE was US$0.96 per BOE

241、,in line with US$0.95 for the same period of last year.Selling and administrative expensesSelling and administrative expenses of the Company increased by 14%to RMB4,990 million from RMB4,378 million in the same period of last year,primarily due to the increased costs associated with increased oil an

242、d gas sales volume.Selling and administrative expenses per BOE decreased by 4%to US$2.19 per BOE from US$2.29 per BOE.Interest incomeInterest income of the Company increased by 106%to RMB2,300 million from RMB1,115 million in the same period of last year,mainly due to the growth in deposit interest

243、rate of USD.Income tax expenseIncome tax expense of the Company decreased by 12%to RMB22,874 million from RMB26,015 million in the same period of last year,mainly due to the decline in the Companys overall profit before tax resulted from the decline in international oil price.Net profitNet profit of

244、 the Company decreased by 11%to RMB63,748 million from RMB71,883 million in the same period of last year,mainly due to the Companys continuous efforts in increasing reserves and production as well as enhancing quality and efficiency,which effectively resisted the adverse impact of the decline in int

245、ernational oil price.36Managements Discussion and AnalysisCNOOC Limited Interim Report 2023Assets,liabilities and equityItems30 June 202331 December 2022Change(%)(RMB Million)(RMB Million)Current assets270,289 264,679 2Non-current assets728,785 664,352 10Total assets999,074 929,031 8Current liabilit

246、ies152,289 113,391 34Non-current liabilities209,059 217,257(4)Total liabilities361,348 330,648 9Equity attributable to equity shareholders of the Company636,537 597,182 7Non-controlling interests1,189 1,201(1)Total equity637,726 598,383 7 The Companys financial position continued to maintain solid.A

247、s of 30 June 2023,our total assets and total liabilities reached RMB999,074 million and RMB361,348 million,respectively.In particular:Current assets amounted to RMB270,289 million,an increase of 2%from RMB264,679 million at the end of 2022,mainly due to the increase in cash and cash equivalents.Non-

248、current assets amounted to RMB728,785 million,an increase of 10%from RMB664,352 million at the end of 2022,mainly due to the increase in property,plant and equipment,other non-current assets and other non-current financial assets.Current liabilities amounted to RMB152,289 million,an increase of 34%f

249、rom RMB113,391 million at the end of 2022,mainly due to the increase in dividends payable.Non-current liabilities amounted to RMB209,059 million,a decrease of 4%from RMB217,257 million at the end of 2022,mainly due to the decrease in loans and borrowings.Managements Discussion and AnalysisInterim Re

250、port 2023 CNOOC Limited37Cash flowItemAmount for the periodAmount for the same period of last yearChange(%)(RMB Million)(RMB Million)Net cash flows from operating activities99,618 102,227(3)Net cash flows used in investing activities(50,244)(34,205)47Net cash flows(used in)/from financing activities

251、(21,796)18,128(220)In the first half of 2023,the Company continued to maintain healthy cash flow position.Net cash flows from operating activities reached RMB99,618 million,representing a year-on-year decrease of 3%,mainly due to the decrease in cash flow from oil and gas sales resulted from the dec

252、line of international oil price.Net cash flows used in investing activities reached RMB50,244 million,representing a year-on-year increase of 47%,mainly due to the increase in cash outflow from investment in oil and gas assets resulted from the increase in reserves and production.Net cash flows used

253、 in financing activities reached RMB21,796 million,representing a year-on-year change of 220%,mainly due to the year-on-year increase in the repayment of financial notes due in the current period and cash received from the listing of the Companys A shares at the same period of last year.Capital expe

254、nditureIn the first half of the year,the capital expenditure budget of the Company was well implemented,which provided strong support for increasing reserves and production.Capital expenditure reached RMB56,514 million in total,representing an increase of 36%compared with the same period of last yea

255、r.The changes are as follows:ChangeFirst half of 2023First half of 2022Amount%(RMB Million)(RMB Million)(RMB Million)Exploration9,8158,6741,14113Development35,50021,86713,63362Production Capitalization10,69010,4222683Others509609(100)(16)Total56,51441,57114,94336 *Above amounts exclude capitalized i

256、nterest of RMB937 million and RMB1,254 million in first half of 2022 and first half of 2023 respectively.38Managements Discussion and AnalysisCNOOC Limited Interim Report 2023Gearing ratioAs of 30 June 2023,the Company and its subsidiaries gearing ratio was 15.98%,representing a decrease of 2.36 per

257、centage points from the end of last year.The gearing ratio is calculated by dividing interest-bearing liabilities by total capital(the total of shareholders equity and interest-bearing liabilities).Pledge of assetsFor the pledged assets of the Company as of 30 June 2023,please refer to note 9 to the

258、 unaudited interim condensed consolidated financial statements of this interim report.WORK PLAN FOR THE SECOND HALF OF THE YEARIn the second half of the year,the Company will insist on value exploration,focus on key exploration areas and continue to increase reserves and production.We will promote p

259、roduction capacity construction in an efficient manner under the principle of safety production to ensure that we reach the annual goals of production and operation successfully.We will continue to strengthen refined management,maintain our cost competitiveness and improve our capabilities of value

260、creation.DESCRIPTION OF CHANGE IN SHARES AND USE OF LISTING PROCEEDSOn 21 April 2023,the strategic placement restricted shares of RMB ordinary share(A share)issued by the Company at the initial public offering began their circulation and trading.The number of restricted shares in circulation was 1,0

261、91,666,663 shares,and the number of the circulating shares in circulation which are not subject to selling restrictions increased accordingly.This matter did not lead to any change in the total share capital of the Company.Proceeds from the initial public offering of RMB ordinary shares are applied

262、to the following projects:Planned use of proceedsCommitted investment amountUnaudited utilised proceeds as of 30 June 2023Unaudited unutilised proceeds as of 30 June 2023Expected timetable for use of the unutilised proceeds(RMB million)(RMB million)(RMB million)Payara oil field development in Guyana

263、 5,200.003,841.821,358.18 Expected to be used up by 31 December 2026Liuhua 11-1/4-1 oil field secondary development6,500.002,462.994,037.01Liza oil field phase II in Guyana2,200.002,153.9846.02Lufeng oil fields development 3,500.002,610.18889.82Lingshui 17-2 gas field development 3,000.002,806.97193

264、.03Lufeng 12-3 oil field development1,000.001,000.00Qinhuangdao 32-6/Caofeidian 11-1 oil fields onshore power application construction project1,000.00825.78174.22Luda 6-2 oil field development500.00500.00Replenishment of working capital9,199.099,162.8436.25 Total 32,099.0925,364.576,734.52 Interim C

265、ondensed Consolidated Statement of Profit or Loss and Other Comprehensive Income(unaudited)For the six months ended 30 June 2023(All amounts expressed in millions of Renminbi,except per share data)Interim Report 2023 CNOOC Limited39Six months ended 30 JuneNotes20232022 REVENUERevenue recognised from

266、 contracts with customersOil and gas sales3151,686176,681Marketing revenues335,56421,527Other revenue4,8144,147 192,064202,355 EXPENSESOperating expenses(16,103)(14,820)Taxes other than income tax6(ii)(8,369)(9,220)Exploration expenses(3,901)(7,405)Depreciation,depletion and amortisation(33,738)(29,

267、507)Special oil gain levy6(iii)(3,052)(14,778)Impairment and provision recognised,net(302)(102)Expected credit losses reversal/(losses)2(1)Crude oil and product purchases(32,626)(20,619)Selling and administrative expenses(4,990)(4,378)Others(4,712)(4,461)(107,791)(105,291)PROFIT FROM OPERATING ACTIV

268、ITIES84,27397,064Interest income2,3001,115Finance costs5(2,800)(3,105)Exchange(losses)/gains,net(294)484Investment income1,9781,404Share of profits of associates423302Profit attributable to a joint venture424563Other income,net31871 PROFIT BEFORE TAX86,62297,898Income tax expense6(i)(22,874)(26,015)

269、PROFIT FOR THE PERIOD63,74871,883 Attributable to:Equity shareholders of the Company63,76171,887Non-controlling interests(13)(4)63,74871,883 40CNOOC Limited Interim Report 2023Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income(unaudited)(continued)For the six m

270、onths ended 30 June 2023(All amounts expressed in millions of Renminbi,except per share data)Six months ended 30 JuneNotes20232022 OTHER COMPREHENSIVE INCOME/(EXPENSE)Items that may be subsequently reclassified to profit or lossExchange differences on translation of foreign operations7,50610,016Shar

271、e of other comprehensive income of associates32Cash flow hedge reserves(11)(44)Other items that will not be reclassified to profit or lossFair value change on equity investments designated as at fair value through other comprehensive(expense)/income(128)1,188Share of other comprehensive income of as

272、sociates28-OTHER COMPREHENSIVE INCOME FOR THE PERIOD,NET OF TAX7,39811,162 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 71,14683,045 Attributable to:Equity shareholders of the Company71,15983,049Non-controlling interests(13)(4)71,14683,045 EARNINGS PER SHARE FOR THE PERIOD ATTRIBUTABLE TO EQUITY SHAREH

273、OLDERS OF THE COMPANYBasic(RMB Yuan)71.341.57Diluted(RMB Yuan)71.341.57 Details of the interim dividends declared for the period are disclosed in note 8 to the interim condensed consolidated financial statements.Interim Condensed Consolidated Statement of Financial Position(unaudited)30 June 2023(Al

274、l amounts expressed in millions of Renminbi)Interim Report 2023 CNOOC Limited41Notes30 June 202331 December 2022 NON-CURRENT ASSETSProperty,plant and equipment9565,649532,719Right-of-use assets910,97110,465Intangible assets1017,07116,600Investments in associates28,55627,942Investment in a joint vent

275、ure22,13220,985Debt investment7,1545,975Equity investments179821,075Deferred tax assets31,18929,885Other non-current assets32,89512,680Other non-current financial assets1712,1866,026 Total non-current assets728,785664,352 CURRENT ASSETSInventories and supplies6,0656,239Trade receivables1137,05637,99

276、2Other financial assets1782,96688,209Derivative financial instruments17130Other current assets11,21010,822Time deposits with maturity over three months but within one year18,92635,754Cash and cash equivalents114,06585,633 Total current assets270,289264,679 CURRENT LIABILITIESLoans and borrowings1322

277、,04822,817Trade and accrued payables1263,52059,789Lease liabilities2,2801,873Contract liabilities2,3391,691Other payables and accrued liabilities10,61610,676Derivative financial instruments1532Dividends payable32,406-Taxes payable19,06516,513 Total current liabilities152,289113,391 NET CURRENT ASSET

278、S118,000151,288 TOTAL ASSETS LESS CURRENT LIABILITIES846,785815,640 42CNOOC Limited Interim Report 2023Interim Condensed Consolidated Statement of Financial Position(unaudited)(continued)30 June 2023(All amounts expressed in millions of Renminbi)Notes30 June 202331 December 2022 NON-CURRENT LIABILIT

279、IESLoans and borrowings1390,252103,145Lease liabilities6,7256,561Provision for dismantlement90,61587,042Deferred tax liabilities10,80910,271Other non-current liabilities10,65810,238 Total non-current liabilities209,059217,257 NET ASSETS637,726598,383 EQUITYIssued capital1475,18075,180Reserves561,357

280、522,002 Equity attributable to equity shareholders of the Company636,537597,182 Non-controlling interests1,1891,201 TOTAL EQUITY637,726598,383 Interim Condensed Consolidated Statement of Changes in Equity(unaudited)For the six months ended 30 June 2023(All amounts expressed in millions of Renminbi)I

281、nterim Report 2023 CNOOC Limited43Attributable to equity shareholders of the CompanyNon-controlling interestsTotal equity Issued capitalCumulative translation reservesStatutory and non-distributable reservesOther reservesRetained earningsProposed final dividendTotal Balance at 1 January 202243,081(1

282、7,712)70,0001,180384,363480,9121,064481,976Profit/(loss)for the period71,88771,887(4)71,883Other comprehensive income,net of tax10,0161,14611,16211,162 Total comprehensive income/(expense)10,0161,14671,88783,049(4)83,045Special dividend(47,372)(47,372)(47,372)Issue of shares,net of transaction costs

283、32,09932,09932,099Capital contributions from non-controlling interests of subsidiaries6262Transfer of fair value reserve upon the disposal of equity investments(113)113Others333 Balance at 30 June 202275,180(7,696)70,0002,217408,990548,6911,122549,813 Balance at 1 January 202375,18023270,0002,785417

284、,37531,610597,1821,201598,383Profit/(loss)for the period63,76163,761(13)63,748Other comprehensive income/(expense),net of tax7,506(108)7,3987,398 Total comprehensive income/(expense)7,506(108)63,76171,159(13)71,1462022 final dividend(204)(31,610)(31,814)(31,814)Others1010111 Balance at 30 June 20237

285、5,1807,73870,0002,687480,932636,5371,189637,726 44CNOOC Limited Interim Report 2023Interim Condensed Consolidated Statement of Cash Flows(unaudited)For the six months ended 30 June 2023(All amounts expressed in millions of Renminbi)Six months ended 30 June20232022 CASH FLOWS FROM OPERATING ACTIVITIE

286、SCash generated from operations119,302125,889Income taxes paid(19,684)(23,662)Net cash flows from operating activities99,618102,227 CASH FLOWS FROM INVESTING ACTIVITIESCapital expenditure(49,226)(31,804)Additions to investments in associates(1,676)(330)(Increase)/decrease in time deposits with matur

287、ity over three months(3,186)4,954Dividends received from associates148199Dividends received from a joint venture13645Interest received3,3021,136Investment income received1,061843Purchase of other financial assets(33,807)(45,896)Proceeds from sale of other financial assets33,00036,586Proceeds from di

288、sposal of property,plant and equipment462 Net cash flows used in investing activities(50,244)(34,205)CASH FLOWS FROM FINANCING ACTIVITIESProceeds from issue of shares32,099Repayment of guaranteed notes(17,374)(9,726)Repayments of lease liabilities(1,743)(903)Proceeds from bank loans10789Repayment of

289、 bank loans(157)(923)Interest paid(2,629)(2,570)Others62 Net cash flows(used in)/from financing activities(21,796)18,128 NET INCREASE IN CASH AND CASH EQUIVALENTS27,57886,150Cash and cash equivalents at beginning of the period85,63341,432Effect of foreign exchange rate changes,net8541,990 CASH AND C

290、ASH EQUIVALENTS AT END OF THE PERIOD114,065129,572 Notes to unaudited Interim Condensed Consolidated Financial Statements30 June 2023(All amounts expressed in millions of Renminbi,except number of shares and unless otherwise stated)Interim Report 2023 CNOOC Limited451.ORGANISATION AND PRINCIPAL ACTI

291、VITIESCNOOC Limited(the“Company”)was incorporated in the Hong Kong Special Administrative Region(“Hong Kong”)of the Peoples Republic of China(the“PRC”)on 20 August 1999 to hold the interests in certain entities thereby creating a group comprising the Company and its subsidiaries.The Company and its

292、subsidiaries are principally engaged in the exploration,development,production and sales of crude oil and natural gas.The registered office address of the Company is 65/F,Bank of China Tower,1 Garden Road,Hong Kong.In the opinion of directors of the Company(the“Directors”),the ultimate holding compa

293、ny of the Company is China National Offshore Oil Corporation(“CNOOC Group”),a company established in the PRC.As at 30 June 2023,the Company had direct or indirect interests in the following principal subsidiaries,joint venture and associates:Name of entityPlace of establishmentNominal value of ordin

294、ary shares issued and paid-up/registered capitalPercentage of equity attributable to the Company and its subsidiariesPrincipal activities Directly held subsidiaries:CNOOC China Limited(1)Tianjin,PRCRMB48 billion100%Offshore petroleum and natural gas exploration,development,production and sales,and s

295、hale gas exploration in the PRCCNOOC International Trading Co.,Ltd.(1)Hainan,PRCRMB400 million100%Sales and trading of petroleum and natural gasCNOOC International LimitedBritish Virgin IslandsUS$24,000,000,002100%Investment holding46CNOOC Limited Interim Report 2023Notes to unaudited Interim Conden

296、sed Consolidated Financial Statements30 June 2023(All amounts expressed in millions of Renminbi,except number of shares and unless otherwise stated)Name of entityPlace of establishmentNominal value of ordinary shares issued and paid-up/registered capitalPercentage of equity attributable to the Compa

297、ny and its subsidiariesPrincipal activities Indirectly held subsidiaries(2):CNOOC Exploration&Production Nigeria LimitedNigeriaNGN10 million100%Petroleum and natural gas exploration,development and production in AfricaCNOOC Petroleum North America ULCCanada13,671,421,700 common shares without a par

298、value100%Petroleum and natural gas exploration,development and production in CanadaCNOOC Canada Energy Ltd.Canada100 common shares without a par value100%Oil sands exploration,development and production in Canada103,000 preferred shares without a par valueCNOOC Petroleum Europe LimitedEngland and Wa

299、lesGBP98,009,131100%Petroleum and natural gas exploration,development and production in the UKCNOOC Energy U.S.A.LLCUSAN/A100%Petroleum and natural gas exploration,development and production in the USACNOOC Petroleum Offshore U.S.A.Inc.USAUS$15,830100%Petroleum and natural gas exploration,developmen

300、t and production in the USACNOOC PETROLEUM BRASIL LTDA.BrazilR$7,830,661,300100%Petroleum and natural gas exploration,development and production in BrazilCNOOC Petroleum Guyana LimitedBarbadosUS$200,100100%Petroleum and natural gas exploration,development and production in Guyana1.ORGANISATION AND P

301、RINCIPAL ACTIVITIES(CONTINUED)As at 30 June 2023,the Company had direct or indirect interests in the following principal subsidiaries,joint venture and associates:(continued)Notes to unaudited Interim Condensed Consolidated Financial Statements30 June 2023(All amounts expressed in millions of Renmin

302、bi,except number of shares and unless otherwise stated)Interim Report 2023 CNOOC Limited47Name of entityPlace of establishmentNominal value of ordinary shares issued and paid-up/registered capitalPercentage of equity attributable to the Company and its subsidiariesPrincipal activities Joint venture:

303、BC ENERGY INVESTMENTS CORP.British Virgin IslandsUS$102,325,58250%Investment holdingAssociates:CNOOC Finance Corporation Limited(3)Beijing,PRCRMB4 billion31.8%Provision of deposit,transfer,settlement,loan,discounting and other financing services to CNOOC Group and its member entitiesArctic LNG 2 LLC

304、Russian FederationRUB15,976 million10%Exploration and development of natural gas and production and marketing of liquefied natural gas in Russia(1)Registered as a wholly foreign owned enterprise under the PRC law.(2)All subsidiaries are indirectly held through CNOOC International Limited.(3)Register

305、ed as limited liability company under the PRC law.The above table lists the subsidiaries,joint venture and associates of the Company which,in the opinion of the Directors,principally affected the results for the period or formed a substantial portion of the total assets of the Company and its subsid

306、iaries.To give details of other subsidiaries and associates would,in the opinion of the Directors,result in particulars of excessive length.1.ORGANISATION AND PRINCIPAL ACTIVITIES(CONTINUED)As at 30 June 2023,the Company had direct or indirect interests in the following principal subsidiaries,joint

307、venture and associates:(continued)48CNOOC Limited Interim Report 2023Notes to unaudited Interim Condensed Consolidated Financial Statements30 June 2023(All amounts expressed in millions of Renminbi,except number of shares and unless otherwise stated)2.BASIS OF PREPARATION AND ACCOUNTING POLICIESBasi

308、s of preparationThe interim condensed consolidated financial statements for the six months ended 30 June 2023 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting and Hong Kong Accounting Standard 34 Interim Financial Reporting as well as the Rules G

309、overning the Listing of Securities on The Stock Exchange of Hong Kong Limited(the“Listing Rules of Stock Exchange”).The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements,and should be read in conjunction

310、 with the Company and its subsidiaries annual financial statements for the year ended 31 December 2022.The financial information relating to the year ended 31 December 2022 that is included in this interim report as comparative information does not constitute the Companys statutory annual consolidat

311、ed financial statements for that year but is derived from those consolidated financial statements.Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Companies Ordinance(Chapter 622 of the Laws of Hong Kong)(the“Companie

312、s Ordinance”)is as follows:The Company has delivered the consolidated financial statements for the year ended 31 December 2022 to the Registrar of Companies as required by section 662(3)of,and Part 3 of Schedule 6 to,the Companies Ordinance.The Companys auditor has reported on those consolidated fin

313、ancial statements.The auditors report was unqualified;did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its reports;and did not contain a statement under sections 406(2),407(2)or(3)of the Companies Ordinance.Changes in accounting pol

314、iciesThe accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the Company and its subsidiaries annual consolidated financial statements for the year ended 31 December 2022,except for the ado

315、ption of the following new and revised International Financial Reporting Standards(“IFRSs”)/Hong Kong Financial Reporting Standards(“HKFRSs”)for the first time for the current periods financial information.Notes to unaudited Interim Condensed Consolidated Financial Statements30 June 2023(All amounts

316、 expressed in millions of Renminbi,except number of shares and unless otherwise stated)Interim Report 2023 CNOOC Limited492.BASIS OF PREPARATION AND ACCOUNTING POLICIES(CONTINUED)Changes in accounting policies(continued)IFRS 17/HKFRS 17Insurance ContractsAmendments to IFRS 17/HKFRS 17Insurance Contr

317、actsAmendments to IFRS 17/HKFRS 17Initial Application of IFRS 17/HKFRS 17 and IFRS 9/HKFRS 9 Comparative InformationAmendments to IAS 1/HKAS 1 and IFRS/HKFRS Practice Statement 2Disclosure of Accounting PoliciesAmendments to IAS 8/HKAS 8Definition of Accounting EstimatesAmendments to IAS 12/HKAS 12D

318、eferred Tax related to Assets and Liabilities arising from a Single TransactionAmendments to IAS 12/HKAS 12International Tax Reform Pillar Two Model Rules*The Company and its subsidiaries are currently assessing the exposure to amendments to IAS12/HKAS 12 International Tax Reform Pillar Two Model Ru

319、les.Besides the above mentioned amendments,the application of the new and amendments to IFRSs/HKFRSs in the current year has had no material impact on the accounting policies,the disclosures or the amounts recognised in the interim condensed consolidated financial statements of the Company and its s

320、ubsidiaries.*The amendments to IAS 12 have been issued in May 2023,and the similar amendments to HKAS 12 have been issued in July 2023.3.OIL AND GAS SALES AND MARKETING REVENUESOil and gas sales represent the sales of oil and gas,net of royalties and obligations to government and other mineral inter

321、est owners.Revenue from the sales of oil and gas is recognised at a point in time when oil and gas has been delivered to the customer,which is when the customer obtains the control of oil and gas,and the Company and its subsidiaries have present right to payment and collection of the consideration i

322、s probable.Marketing revenues principally represent the sales of oil and gas belonging to the foreign partners under the production sharing contracts and revenues from the trading of oil and gas through the Companys subsidiaries,which is recognised at a point in time when oil and gas has been delive

323、red to the customer,which is when the customer obtains the control of oil and gas,and the Company and its subsidiaries have present right to payment and collection of the consideration is probable.The cost of the oil and gas sold is included in“Crude oil and product purchases”in the interim condense

324、d consolidated statement of profit or loss and other comprehensive income.50CNOOC Limited Interim Report 2023Notes to unaudited Interim Condensed Consolidated Financial Statements30 June 2023(All amounts expressed in millions of Renminbi,except number of shares and unless otherwise stated)4.SEGMENT

325、INFORMATIONThe Company and its subsidiaries are engaged worldwide in the upstream operating activities of the conventional oil and gas,shale oil and gas,oil sands and other unconventional oil and gas business.The Company and its subsidiaries report the business through three operating and reporting

326、segments:exploration and production(“E&P”),trading business and corporate.The division of these operating segments is made because the Companys chief operating decision makers make decisions on resource allocation and performance evaluation by reviewing the financial information of these operating s

327、egments.The following table presents revenue,profit or loss,assets and liabilities information for the Company and its subsidiaries operating segments.E&PTrading businessCorporateEliminationsConsolidatedSix months ended 30 JuneSix months ended 30 JuneSix months ended 30 JuneSix months ended 30 JuneS

328、ix months ended 30 June2023202220232022202320222023202220232022 External revenue43,99349,473147,844152,658227224192,064202,355Intersegment revenue*112,693131,147(112,274)(131,147)441(463)(1)Total revenue*156,686180,62035,57021,511271225(463)(1)192,064202,355 Segment profit/(loss)for the period61,004

329、70,3322,4056273,2061,090(2,867)(166)63,74871,883 E&PTrading businessCorporateEliminationsConsolidated30 June 202331 December 202230 June 202331 December 202230 June 202331 December 202230 June 202331 December 202230 June 202331 December 2022 Other segment informationSegment assets632,400553,84237,36

330、234,702532,193546,570(202,881)(206,083)999,074929,031 Segment liabilities(335,530)(339,134)(27,524)(27,625)(219,248)(188,591)220,954224,702(361,348)(330,648)*Certain oil and gas produced by the E&P segment are sold via the trading business segment.For the Companys chief operating decision makers ass

331、essment of segment performance,these revenues are reclassified back to E&P segment.*62%(six months ended 30 June 2022:69%)of the Company and its subsidiaries revenues recognised in the interim condensed consolidated statement of profit or loss and other comprehensive income are generated from the PR

332、C customers,and revenues generated from customers in other locations are individually less than 10%.Notes to unaudited Interim Condensed Consolidated Financial Statements30 June 2023(All amounts expressed in millions of Renminbi,except number of shares and unless otherwise stated)Interim Report 2023

333、 CNOOC Limited515.FINANCE COSTSAccretion expenses of approximately RMB1,428 million(six months ended 30 June 2022:approximately RMB1,419 million)relating to the provision for dismantlement liabilities have been recognised in the interim condensed consolidated statement of profit or loss and other comprehensive income for the six months ended 30 June 2023.6.TAX(i)Income taxThe Company and its subsi