BUSINESS: Aim For Strong Growth In Business Results, And Actively Deliver Returns On Shareholders

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CNOOC Limited Announces its 2022 Business Strategy and Development Plan

HONG KONG, Jan. 11, 2022 /PRNewswire/ — CNOOC Limited (the “Company“, SEHK: 00883) today announces a summary of its business strategy and development plan for the year 2022.

The Company’s targeted net production for 2022 is 600 million to 610 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 69% and 31%, respectively. The Company’s net production for 2021 is expected to be approximately 570 million BOE. The Company’s net production for 2023 and 2024 are estimated to be 640 million to 650 million BOE and 680 million to 690 million BOE, respectively.

The Company’s total capital expenditure for 2022 is budgeted at RMB 90 billion to RMB 100 billion. The capital expenditures for exploration, development, production and others will account for approximately 20%, 57%, 21% and 2% of the total capital expenditure, respectively.

In 2022, the Company plans to drill 227 offshore exploration wells, 132 onshore unconventional exploration wells, and acquire approximately 17 thousand square kilometers 3-Dimensional (3D) seismic data.

In 2022, 13 new projects are expected to come on stream, mainly including Bozhong 29-6 oilfield development, the development of Kenli 6-1 oilfield Block 5-1, 5-2, 6-1, Enping 15-1/10-2/15-2/20-4 oilfields joint development and Shenfu South gas field development in China, Liza Phase II in Guyana and 3M (MDA, MBH, MAC) project in Indonesia.

To ensure shareholders’ return, subject to the approval by the general meeting of shareholders on the proposed dividends for each year, from 2022 to 2024, the expected annual payout ratio of the Company will be no less than 40% and the annual absolute dividend is expected to be no less than HK$ 0. 70/share (tax inclusive). Given that 2021 is the 20th anniversary of the Company’s listing, the Company plans to pay a 20th anniversary special dividend in addition to the 2021 year-end regular dividend. In 2022, the Company will appropriately implement the share buybacks subject to the authorization granted at the general meeting of shareholders.

Mr. Xu Keqiang, CEO of the Company, said, “In 2022, we will continue to give priority to profit generation, strive to increase oil and gas reserves and production and promote the green energy transition initiatives. We will increase our ability to create value and implement a more stable and transparent dividend strategy to share the Company’s achievements with shareholders and ensure they receive reasonable returns. “

– End –

Notes to Editors:

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

This press release includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. These forward-looking statements are identified by the words “expect”, “anticipate”, “continue”, “estimate”, and other similar expressions. These statements are based upon assumptions and analyses that were made by the Company based on its experience and its perceptions of historical trends, current circumstances and expected future developments. The Company cannot guarantee that actual results or developments will be consistent with its expectations. This is due to a variety of uncertainties and risks. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year. These cautionary statements are included in all forward-looking statements contained in this press release. The Company cannot guarantee that any of the anticipated results or developments will occur, or that they will have the desired effect on its business and operations.

For further enquiries, please contact:

Mr. Su Yuchi
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-5897
Fax: +86-10-8452-1441
E-mail: [email protected]

Mr. Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: [email protected]

SOURCE CNOOC Limited

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