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CNOOC Annual Report 2007 Worldreginfo - 43009851-495F-4E19-A950-868Bff4f6f29 Contents

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CNOOC Annual Report 2007 Worldreginfo - 43009851-495F-4E19-A950-868Bff4f6f29 Contents CNOOC Annual Report 2007 WorldReginfo - 43009851-495f-4e19-a950-868bff4f6f29 Contents 02 COMPANY PROFILE 04 LETTER FROM THE PRESIDENT 07 GROUP ORGANIZATION 09 OPERATION HIGHLIGHTS 21 HARMONIOUS DEVELOPMENT 22 1.Health, Safety and the Environment 27 2.Energy Conservation and Emission Reduction 31 3.Corporate Citizenship 34 4.Harmonious Communities 39 BUSINESS REVIEW 40 1.Upstream 44 2.Mid and Downstream 52 3.Technical Services 58 4.Financial Services 62 5.Alternative Energy 65 HUMAN RESOURCES 70 RESEARCH AND DEVELOPMENT 75 MANAGEMENT 80 MANAGEMENT TEAM 82 MAJOR EVENTS 84 COMPANY HONORS 85 AFFILIATES WorldReginfo - 43009851-495f-4e19-a950-868bff4f6f29 CNOOC Annual Report 2007 CNOOC Annual Report 2007 COMPANY PROFILE China National Offshore Oil Corporation (CNOOC) In recent years, the Company has implemented is one of the largest state-owned oil companies, effective measures for corporate restructuring, capital and the largest offshore oil and gas producer in operation, overseas acquisition and expansion China. Established in 1982, the Company has its into mid and downstream businesses. We have headquarters in Beijing. It now has 53,000 employees experienced a boom period with improved overall and registered capital of RMB 94.9 billion. Born with competitiveness in conjunction with an outstanding China’s reform and open door policies, CNOOC has reputation as an efficient international oil company. grown up in its cooperation with foreign partners and is now a new force in the world oil industry. CNOOC continues its commitment to harmonious and inclusive development for its employees, CNOOC has maintained rapid growth and a reputation the Company, society at large and the natural for quality since its incorporation. It has evolved from an environment. During the Eleventh Five-year Plan upstream company into an integrated energy company, period, CNOOC will continue its focus on scientific possessing high performance core business and other growth, synergetic and cost efficient development, related businesses along the value chain. The Company cultivation of a strong workforce, and competitiveness is built upon synergetic business portfolios including: in Research and Development. Through sustainable upstream (oil and gas exploration, development, growth and innovation, the Company aims to become production and sales); mid and downstream (gas and a world-class international energy company. power, chemicals, refinery, fertilizers); technical services (oilfield services, offshore oil and gas engineering and CNOOC is the parent company of a group of subsidiaries and affiliates. “We”, “the Group” and “the Company” in this report all refer to construction, logistics services); financial services; and CNOOC. alternative energy. WorldReginfo - 43009851-495f-4e19-a950-868bff4f6f29 CNOOC Annual Report 2007 CNOOC Annual Report 2007 It is our priority to increase the capability for sustainable 4 5 LETTER FROM THE PRESIDENT development in order to become a world-class energy company. To be specific, we will continue to strengthen our capacities in six key areas: strategic planning and management, continual improvement, technological innovation, resource integration, risk Dear friends, We are committed management and culture cultivation. 2007 was another outstanding year for our company. to scientifi c and We have maintained the momentum for efficiency The consistent application of the Scientific Concept and quality on the path of scientific development. harmonious of Development has improved the corporate structure During 2007, we strengthened the Company's overall development of the Company, increased the motivation of our staff, competitiveness and we are now moving swiftly and strengthened the unity of the whole company. towards becoming a world-class energy company, While employing the Scientifi c Concept of Development, with an extensive exploration and production portfolio, we have been dedicated to maintaining both internal and strong management performance, and innovative external harmony. In terms of the external environment, strategic operations. We are determined to remain competitive by means we will pursue a balance between the Company, the For the year of 2007, the Company realized a total of a higher level of harmonious development. We environment and wider society. As a responsible revenue of RMB 162 billion, with an increase of have established a synergetic business portfolio corporate citizen, we will initially concern ourselves Fu Chengyu, and have achieved harmonious development for the with the social responsibilities such as environmental 22.1%, and a total profit of RMB 56.5 billion, an CNOOC President increase of 15.2%. Total assets reached RMB whole company through: integration of upstream protection. Inside the Company, we have put an added 309 billion, and net assets were RMB 167.6 billion, and downstream businesses; comprehensive growth emphasis upon the harmony between our business increasing by 23.3% and 22.3% respectively over of the economy, technology and human resources; and our personnel, by establishing a relationship the previous year. Oil and gas production of the year and enhancement of both the core business and which allows employees and the Company to grow reached 40.47 million tons of oil equivalent. supplementary businesses. together. We have also fostered harmony between different business sectors of the Company by “Scientific and harmonious development”is an Putting people fi rst is both the starting point and fi nal balancing the development rate, economic revenue accurate summary of CNOOC's growth in 2007. It is destination of our development. After many years of and interest distribution. our target as well as our long-held belief. reform and development, we firmly believe that our staff is our most valuable resource; hence employees Scientific and harmonious development was the The Scientifi c Concept of Development has been the are the subject rather than object of reform. Therefore, theme for CNOOC in 2007; we will maintain our guiding principle for CNOOC for years. This means the cost of reform has been undertaken by the commitment to accomplishing this mission. putting people first, and aiming at comprehensive, Company while the benefi ts are shared by our people, coordinated and sustainable development. including retired employees. WorldReginfo - 43009851-495f-4e19-a950-868bff4f6f29 CNOOC Annual Report 2007 CNOOC Annual Report 2007 GROUP ORGANIZATION Upstream CNOOC Ltd. CNOOC Research Center China BlueChemical Ltd. China Offshore Oil & Gas Development & Utilization Company CNOOC Gas & Power Ltd. Mid and CNOOC Oil & Petrochemicals Co., Ltd. downstream China National Chemical Construction Corp. China National Chemical Supply & Sales (Group) Corp. CNOOC-Shell Petrochemicals Co., Ltd. China Oilfield Services Limited CNOOC Technical Offshore Oil Engineering Co., Ltd. services CNOOC Oil Base Group Ltd. CNOOC Finance Co., Ltd. Zhonghai Trust Co., Ltd. Financial CNOOC Insurance Ltd. services CNOOC Investment Co., Ltd. Aegon-CNOOC Life Insurance Co., Ltd. CNOOC Petrochemicals Import & Export Co., Ltd. China Ocean Offshore Oilfields Service (Hong Kong) Ltd. China Offshore Oil Press CNOOC (Beijing) Energy Investment Co., Ltd. Others CNOOC Bohai Corporation CNOOC Nanhai West Corporation CNOOC Nanhai East Corporation CNOOC Donghai Corporation CNOOC Enterprises Corporation WorldReginfo - 43009851-495f-4e19-a950-868bff4f6f29 CNOOC Annual Report 2007 CNOOC Annual Report 2007 OPERATION HIGHLIGHTS Sales Income （RMB billion） （RMB billion） 70.9 88.9 132.7 162.0 24.2 38.8 49.0 56.5 04 05 06 07 04 05 06 07 CAGR 31.7% CAGR 32.6% Total assets Net assets （RMB billion） （RMB billion） 153.3 191.4 250.7 309.0 83.1 105.5 137.1 167.6 04 05 06 07 04 05 06 07 CAGR 26.3% CAGR 26.3% CAGR: Compound Annual Growth Rate WorldReginfo - 43009851-495f-4e19-a950-868bff4f6f29 CNOOC Annual Report 2007 CNOOC Annual Report 2007 Financial Data Production Volume 10 2004 2005 2006 2007 2004 2005 2006 2007 11 Sales growth 31.7% 25.4% 48.9% 22.1% Oil & gas (million tons of oil equivalent) 36.48 39.00 40.33 40.47 Income growth 61.7% 60.1% 26.3% 15.2% Domestic (%) 83 86 86 85 Net profit growth 61.8% 62.3% 25.5% 15.1% Overseas (%) 17 14 14 15 Assets growth 27.9% 24.9% 31.0% 23.3% Petroleum liquids (million tons) 29.70 31.97 31.54 30.55 Return on equity 15.5% 20.3% 19.8% 18.1% Domestic (%) 83 87 88 88 Return on assets 18.2% 23.1% 22.4% 20.8% Overseas (%) 17 13 12 12 Gross margin 37.9% 47.5% 40.3% 36.8% Natural gas (billion cubic meters) 6.78 7.03 8.79 9.92 Debt to assets ratio 32.6% 31.3% 27.9% 26.2% Domestic (%) 81 82 79 75 Accumulated ratio of capital 21.3% 27.0% 30.0% 22.3% Overseas (%) 19 18 21 25 Mid & downstream (million tons) Urea 1.42 1.36 1.93 1.85 Methanol - - 0.27 0.71 Ethylene - - 0.65 0.83 Bitumen 1.53 1.56 1.77 1.47 Fuel oil 4.33 5.65 6.26 6.58 Electricity (billion kwhs) 2.76 2.66 3.52 5.24 LNG - - 0.75 2.98 Capital Expenditure (RMB billion) 2004 2005 2006 2007 Capital expenditure 32.39 32.65 63.10 49.23 Exploration & development 21.50 19.18 47.07 30.15 WorldReginfo - 43009851-495f-4e19-a950-868bff4f6f29 CNOOC Annual Report 2007 CNOOC Annual Report 2007 Sales 2004 2007 Payment to Government (2007) 1 （RMB million） 1 57.6% 41.2% 15,000 22.6% 42.9% 9.2% 6.9% 9.8% 7.0% 12,000 0.7% 2.0% 9,000 6,000 Income 3,000 85.7% 74.7% 6.7% 10.8% 0 5.4% 7.1% Income tax VAT Royalty Sales tax Employee Other tax Special oil Gov. share State-owned 1.1% 1.7% income tax gain levy oil capital gains 13,572 9,208 796 724 510 1,659 6,738 4,085 1,037 1.1% 5.7% Assets Payment to Government （1982-2007） （RMB billion） 51.0% 49.4% 40 17.0% 22.3% 38.3 7.6% 9.8% 32.1 7.9% 7.5% 30 16.6% 11.0% 20 17.4 12.0 Exploration & production 10 5.2 6.7 Mid & downstream Technical services Logistics & alternative energy 0 Financial services WorldReginfo - 43009851-495f-4e19-a950-868bff4f6f29 CNOOC Annual Report 2007 CNOOC Annual Report 2007 AUDITOR’S REPORT ZhongRui YueHua Audit Zi [2008] No.
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