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2020 Annual Report

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2020 Annual Report SEHK：00883 NYSE：CEO TSX：CNU ANNUAL 2020 REPORT Annual Report 2020 CNOOC LIMITED www.cnoocltd.com COMPANY PROFILE CNOOC Limited (the “Company” or “CNOOC Limited”, together with its subsidiaries, the “Group” or “we”), incorporated in the Hong Kong Special Administration Region (“Hong Kong”) in August 1999, was listed on the New York Stock Exchange (“NYSE”) (code: CEO) and The Stock Exchange of Hong Kong Limited (code: 00883) on 27 and 28 February 2001, respectively. The Company was admitted as a constituent stock of the Hang Seng Index in July 2001. The Company was listed on the Toronto Stock Exchange (code: CNU) on 18 September 2013. On 26 February 2021, NYSE announced to commence delisting proceedings of American Depositary Shares (“ADSs”) of the Company. On 10 March 2021, the Company requested for review of NYSE’s determination. The Group is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. The Group mainly engages in exploration, development, production and sale of crude oil and natural gas. The Group’s core operation areas are Bohai, the Western South China Sea, the Eastern South China Sea and the East China Sea in offshore China. The Group has oil and gas assets in Asia, Africa, North America, South America, Oceania and Europe. As of 31 December 2020, the Group owned net proved reserves of approximately 5.37 billion BOE, and its average daily net production was 1,443,201 BOE (unless otherwise stated, all amounts of reserve and production in this annual report include reserve and production accounted for by equity method). The Group had total assets of approximately RMB721.3 billion. CONTENT 2 Financial Summary 3 Operating Summary 6 Chairman’s Statement 8 Business Overview 8 Overview 11 Exploration 14 Engineering Construction, Development and Production 15 Overview by Region 22 Sales and Marketing 22 Research and Scientific Development 23 Health, Safety and Environmental Protection 25 Corporate Citizen 25 Human Resources 28 Risk Management and Internal Control 28 Risk Management and Internal Control System 28 Risk Factors 36 Corporate Governance Report 60 Directors and Senior Management 69 Report of the Directors 80 Management’s Discussion and Analysis 85 Independent Auditor’s Report 90 Consolidated Statement of Profit or Loss and Other Comprehensive Income 91 Consolidated Statement of Financial Position 92 Consolidated Statement of Changes in Equity 93 Consolidated Statement of Cash Flows 94 Notes to Consolidated Financial Statements 157 Supplementary Information on Oil and Gas Producing Activities (Unaudited) 171 Notice of Annual General Meeting 179 Glossary 180 Company Information FINANCIAL SUMMARY (All amounts expressed in millions of RMB) Consolidated Statement of Profit or Loss and Other Comprehensive Income (Audited) Year ended 31 December 2016 2017 2018 2019 2020 Total revenues 146,490 186,390 227,711 233,199 155,372 Total expenses (148,902) (149,340) (147,544) (149,004) (118,983) (Finance costs)/interest income, net (5,345) (4,391) (4,364) (4,798) (4,717) Share of (losses)/profits of associates and a joint venture (76) 855 (5,187) 1,002 (632) Investment income 2,774 2,409 3,685 4,632 2,978 (Loss)/profit before tax (5,275) 36,357 75,157 85,649 34,907 Income tax credit/(expense) 5,912 (11,680) (22,482) (24,604) (9,951) Profit for the year 637 24,677 52,675 61,045 24,956 Consolidated Statement of Financial Position (Audited) As of 31 December 2016 2017 2018 2019 2020 Current assets 122,045 138,838 191,151 205,935 163,391 Property, plant and equipment 432,465 395,868 413,383 440,554 446,668 Investments in associates and a joint venture 29,995 29,146 24,701 45,490 42,366 Intangible assets 16,644 15,070 16,073 16,306 15,129 Total assets 637,681 617,219 686,381 757,731 721,275 Current liabilities (67,090) (61,412) (74,157) (91,249) (74,852) Non-current liabilities (188,220) (175,832) (192,314) (218,256) (212,493) Total liabilities (255,310) (237,244) (266,471) (309,505) (287,345) Equity 382,371 379,975 419,910 448,226 433,930 2 CNOOC LIMITED Annual Report 2020 OPERATING SUMMARY Year ended 31 December 2016 2017 2018 2019 2020 Production Net production of crude and liquids (barrels/day) China 739,378 706,955 705,366 726,866 775,161 Bohai 455,002 433,591 433,325 436,173 452,625 Western South China Sea 98,351 96,543 109,381 109,906 110,247 Eastern South China Sea 182,848 173,192 159,312 176,884 206,911 East China Sea 3,177 3,629 3,347 3,902 5,377 Overseas 321,131 335,887 317,224 368,886 341,560 Asia (excluding China) 48,577 57,395 59,240 45,020 49,822 Oceania 4,278 3,691 4,251 3,764 5,131 Africa 80,297 73,625 59,844 120,925 90,750 North America (excluding Canada) 48,078 46,785 53,120 62,749 67,244 Canada 40,304 57,711 64,026 69,947 55,471 Europe 98,672 95,750 73,678 62,544 53,300 South America 926 929 3,066 3,937 19,842 Subtotal 1,060,509 1,042,842 1,022,589 1,095,751 1,116,721 Net production of natural gas (mmcf/day) China 648.7 721.4 834.8 987.9 1,153.1 Bohai 134.3 149.3 165.0 158.3 148.5 Western South China Sea 273.9 273.5 265.2 318.2 441.7 Eastern South China Sea 185.9 238.2 345.4 390.9 400.9 East China Sea 54.6 56.3 49.4 44.9 57.4 Onshore – 4.1 9.9 75.6 104.7 Overseas 472.5 432.8 453.9 388.7 427.3 Asia (excluding China) 150.2 141.4 164.2 145.7 152.1 Oceania 111.4 96.5 111.1 93.0 140.5 North America (excluding Canada) 127.3 130.3 126.4 137.1 127.3 Canada 48.9 38.7 34.5 4.1 0.1 Europe 34.8 25.8 17.6 8.9 7.3 Subtotal 1,121.2 1,154.2 1,288.8 1,376.6 1,580.4 Total net production (BOE/day) China 848,322 827,941 845,171 892,928 970,793 Bohai 477,380 458,473 460,822 462,564 477,374 Western South China Sea 144,835 142,870 154,248 164,352 187,311 Eastern South China Sea 213,835 212,895 216,877 242,026 273,719 East China Sea 12,273 13,016 11,580 11,389 14,948 Onshore – 688 1,644 12,596 17,442 Overseas 405,320 412,832 398,187 437,812 418,750 Asia (excluding China) 75,780 82,958 88,662 70,715 77,017 Oceania 26,107 22,598 26,034 21,987 32,673 Africa 80,297 73,625 59,844 120,925 90,750 North America (excluding Canada) 69,290 68,507 74,184 85,595 88,458 Canada 48,448 64,167 69,783 70,627 55,492 Europe 104,473 100,046 76,615 64,027 54,518 South America 926 929 3,066 3,937 19,842 Total 1,253,643 1,240,773 1,243,357 1,330,740 1,389,543 Net production in equity method investees Crude and liquids (barrels/day) 22,592 22,144 28,159 29,039 28,335 Natural gas (mmcf/day) 155.0 146.4 173.7 161.3 147.0 Subtotal (BOE/day) 49,280 47,355 58,080 56,824 53,658 Total (BOE/day) 1,302,922 1,288,128 1,301,438 1,387,564 1,443,201 CNOOC LIMITED Annual Report 2020 3 OPERATING SUMMARY Year ended 31 December 2016 2017 2018 2019 2020 Reserves at year end* Net proved crude and liquids reserves (million barrels) China 1,445.7 1,627.3 1,783.2 1,899.7 1,952.6 Bohai 903.8 1,050.4 1,104.1 1,161.7 1,236.9 Western South China Sea 168.3 196.5 223.0 223.4 230.4 Eastern South China Sea 363.1 371.9 448.6 500.5 470.7 East China Sea 10.6 8.5 7.5 14.1 14.6 Overseas** 870.2 1,571.9 1,515.1 1,583.8 1,696.4 Asia (excluding China) 77.3 69.9 54.1 56.1 199.1 Oceania 12.0 10.7 8.8 8.6 5.7 Africa 138.0 136.9 113.7 83.6 77.5 North America (excluding Canada) 260.3 282.1 263.4 249.8 165.2 Canada 300.5 904.3 884.4 933.2 890.7 Europe 80.6 88.4 111.2 107.5 71.6 South America 1.5 79.7 79.5 145.0 286.6 Subtotal 2,315.9 3,199.3 3,298.3 3,483.5 3,649.0 Net proved natural gas reserves (bcf) China 5,843.7 5,910.7 6,107.8 6,358.4 6,863.3 Bohai 278.7 305.7 753.4 1,112.3 1,242.0 Western South China Sea 3,896.8 3,880.1 3,715.6 3,602.8 3,603.9 Eastern South China Sea 854.9 970.5 903.7 800.1 732.9 East China Sea 813.3 754.4 735.1 774.9 820.2 Onshore – – – 68.3 464.3*** Overseas 1,642.4 1,632.6 1,519.0 1,468.8 1,093.1 Asia (excluding China) 952.4 885.0 841.6 798.7 714.6 Oceania 333.5 297.2 279.5 260.5 185.5 North America (excluding Canada) 349.6 421.5 390.9 405.3 190.9 Canada – 24.2 0.2 – – Europe 6.9 4.8 6.7 4.4 2.1 Subtotal 7,486.1 7,543.3 7,626.8 7,827.1 7,956.4 Total net proved reserves (million BOE) China 2,420.7 2,613.3 2,804.6 2,964.3 3,108.5 Bohai 950.2 1,101.4 1,229.7 1,347.1 1,443.9 Western South China Sea 818.8 844.1 845.8 828.7 843.0 Eastern South China Sea 505.5 533.7 599.2 633.9 592.9 East China Sea 146.2 134.2 130.0 143.2 151.3 Onshore – – – 11.4 77.4*** Overseas 1,162.7 1,860.8 1,785.4 1,843.6 1,892.7 Asia (excluding China) 245.0 225.4 203.3 196.6 326.9 Oceania 77.4 69.0 63.6 59.6 42.0 Africa 138.0 136.9 113.7 83.6 77.5 North America (excluding Canada) 318.6 352.3 328.6 317.3 197.0 Canada 300.5 908.3 884.4 933.2 890.7 Europe 81.8 89.2 112.3 108.3 72.0 South America 1.5 79.7 79.5 145.0 286.6 Total 3,583.4 4,474.1 4,590.0 4,807.9 5,001.2 Net proved reserves in equity method investees Crude and liquids (million barrels) 195.3 244.8 258.1 269.8 271.0 Natural gas (bcf) 574.0 706.8 661.5 620.3 583.6 Subtotal (million BOE) 294.2 366.7 372.2 376.7 371.6 Total* 3,877.6 4,840.8 4,962.1 5,184.6 5,372.7 4 CNOOC LIMITED Annual Report 2020 OPERATING SUMMARY Year ended 31 December 2016 2017 2018 2019 2020 Others Reserve life (years) 7.8 9.9 10.1 9.9 9.8 Reserve life (years) (including equity method investees) 8.1 10.3 10.5 10.2 10.2 Reserve replacement ratio (%) 6 297 126 145 138 Reserve replacement ratio (%) (including equity method investees) 8 305 126 144 136 Average realised price Crude oil (US$/barrel) 41.40 52.65 67.22 63.34 40.96 Natural gas (US$/mcf) 5.46 5.84 6.41 6.27 6.17 * Approximately 60%, 65%, 69%, 66%, and 62%, respectively, of our net proved reserve estimates in 2016, 2017, 2018, 2019 and 2020 were based on the Company’s internal evaluation and the remaining were made by independent third-party consultants.
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