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CNOOC 2016 Annual Report CNOOC Office for Policy Research Address: CNOOC Building, No. 25 Chaoyangmenbei Dajie, Dongcheng District, Beijing 100010, P. R. China E-mail: [email protected] BV-COC-010509 Website: www.cnooc.com.cn WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 REPORT DESCRIPTIONS CNOOC Annual Report Contents Reporting Scope: 2016 The entire China National Offshore Oil Corporation (CNOOC) group of companies. BUSINESS Reporting Period: January 1 – December 31, 2016. Considering the consistency and comparability of the disclosed 02 Oil and Gas Exploration and Development 30 information, part of the information was extended with its disclosure time brought forward or CHAIRMAN’S LETTER Engineering and Technical Services 33 backward. PRESIDENT’S LETTER 04 Refining and Marketing 36 Principles of Preparation: MAIN ACHIEVEMENTS 06 Natural Gas and Power Generation 39 To meet the needs of stakeholders and the general public, by disclosing key information on the ABOUT US 08 Financial Services 42 Company in a true, objective, timely and comprehensive manner. Internationalization 44 Alternative Reference: China National Offshore Oil Corporation is hereinafter also referred to as CNOOC, the Company, CORPORATE GOVERNANCE MANAGEMENT the Corporation, “we”, “our” or “us”. Resumes of the Board Members 12 Technology Innovation 50 Data Used in the Report: Operation of the Board 14 Management Innovation 53 All disclosed financial data or information related to the Company is the final accounting data audited by third parties. Unless otherwise specified, all amounts are expressed in Renminbi (RMB). Risk Management 16 QHSE 54 Resumes of other Senior Executives 17 Informatization Progress 62 Information Sources: Human Resource Management 63 The Company’s official documents, statistical reports and our subsidiaries’ fulfilment of Corporate Culture 67 responsibilities. All information has been reviewed by our management, supervision department Corporate Citizenship 69 and the various subsidiaries. Language: PERFORMANCE OVERVIEW This report is published in both Chinese and English. In case of discrepancies, the Chinese version shall prevail. Auditors’ Report 22 MILESTONES 2016 72 Consolidated Income Statement 23 Accessibility: GLOSSARY 75 Consolidated Balance Sheet 24 This report is available in print and electronic formats. The digital version can be downloaded from AGENCY DIRECTORY 78 the Company’s website at www.cnooc.com.cn. To obtain a print version of the report, please email Consolidated Cash Flows Statement 26 FEEDBACK 80 [email protected]. Notes to the Financial Statements 27 ABOUT THE COVER “Ya 13-1” Gasfield production platform WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 CNOOC 2016 ANNUAL REPORT MAIN ACHIEVEMENTS MAIN ACHIEVEMENTS Total Assets （Unit: RMB 100 million） Operating Revenue （Unit: RMB 100 million） 2016 11,578 2016 4,377 2015 11,624 2015 4,261 2014 11,194 2014 6,116 Total Profit （Unit: RMB 100 million） Net Assets （Unit: RMB 100 million） 2016 105 2016 6,750 2015 451 2015 6,692 2014 1,052 2014 6,439 Capital Investment （Unit: RMB 100 million） Taxes & Bonuses （Unit: RMB 100 million） 2016 811 2016 741 2015 1,057 2015 821 2014 1,550 2014 1,143 1.3% Total Profit in 2016 （Unit: RMB 1 billion） 20 14.1% 7.5% 15 17.06 23.6% 10 10.5% Total Operating Assets 49.1% Revenue in 5 in 2016 2016 3.24 0 26.3% 67.6% -5 -5.62 -9.23 -10 Upstream Upstream Upstream Mid-and downstream Mid-and downstream Mid-and downstream Engineering technologies and services Engineering technologies and services Engineering technologies and services Others Others Others 06 07 WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 CNOOC 2016 ANNUAL REPORT PRESIDENT’S LETTER Our Vision Development Goals ABOUT US Energy for All International first class energy company with chinese characteristics China National Offshore Oil Corporation (“CNOOC”), the largest offshore oil & gas producer in China, is a mega state-owned company operating directly under the State-owned Assets Supervision and Administration Commission of the State Council of the People’s Republic of China (herein referred to as “SASAC” in the Report). The Company was founded in 1982 and is headquartered in Beijing. After 30 years of reform and development, CNOOC has become an international energy company with promising primary businesses and a complete industrial chain, and business Development Principles covers more than 40 countries and regions. The Company has formed oil & gas exploration and development, engineering and technical services, refining and marketing, natural gas and power generation, financial services—five main business segments, Cooperation, steadiness, and differentiation and its sustainable development capacity has been significantly improved. In 2016, it was ranked 109th in Fortune Global 500 and 30th in Petroleum Intelligence Weekly (PIW)’s World’s Top 50 Oil Companies, respectively down by 37 slots and up by 2 from the previous year. By the end of 2016, Moody’s and Standard & Poor’s rated the Company with credit ratings of Aa3 and A+. Core Development Strategies Main Business Corporate Philosophy Synergetic development strategy Oil & Gas Exploration Technology-driven strategy and Development People-oriented, responsibilities, Talent development strategy ◆ Exploration win-win benefits, credibility, ◆ Development Cost-Priority strategy innovation ◆ Production Low-carbon green strategy Financial Services ◆ Finance Company Engineering & ◆ Trust Technical Services ◆ Insurance ◆ Oilfield Services ◆ Financial and Strategic ◆ Offshore Oil Investment China National Engineering Services ◆ Finance Leasing Offshore Oil ◆ Professional Services Corporation (CNOOC) Natural Gas and Power Generation ◆ LNG Receiving Terminals ◆ Natural Gas Pipelines ◆ Natural Gas-fired Power Generation Refining and Marketing ◆ Urban Gas Supply ◆ Oil Refining ◆ Vehicle/Vessel Gas ◆ Petrochemistry ◆ Natural Gas Liquefaction and ◆ Chemical Fertilizer Distribution ◆ Business Development & Marketing 08 09 WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 CNOOC 2016 ANNUAL REPORT CORPORATE GOVERNANCE Resumes of the Board Members Zhang Chengjie Outside Director Born in June 1953, Mr. Zhang Chengjie had served as Vice Party Committee Secretary of the CPC of North China Electric Yang Hua Power College, Vice President of North China Electric Power University (NCEPU), Party Committee Secretary of CPC of NCEPU Chairman and Party Leadership Group Secretary Baoding, Vice Party Committee Secretary of the CPC and Secretary of Commission for Discipline of NCEPU. Mr. Zhang was Born in May 1961, Mr. Yang Hua graduated from China University of Petroleum (the former East China Petroleum Institute) with a then appointed as Deputy Director and Party Branch Secretary of HR Department of China Guodian Corporation, Director of HR Bachelor of Science degree in Petroleum Engineering in August 1982. He received an MBA degree from Massachusetts Institute Department, Assistant President, Vice President and Party Leadership Group Member of China Guodian Corporation. Mr. Zhang of Technology in May 2004. He is a Sloan Fellow of MIT and professor-level senior economist. Mr. Yang joined CNOOC in August was appointed as outside director of CNOOC in April 2014. 1982 and had served in a number of positions including Manager of Field Development Department of CNOOC Research Center, Deputy Chief Geologist and Deputy Director of Overseas Development Department of CNOOC, President of Overseas Oil & Gas Corporation Ltd., and Senior Vice President, Chief Financial Officer and EVP, President, CEO, Vice Chairman of Xia Dawei Outside Director CNOOC Ltd., and Assistant President of CNOOC. In April 2010, Mr. Yang served as Vice President and Party Leadership Group Member of CNOOC. In August 2011, he served as CNOOC Director, President and Party Leadership Group Member. In April Born in 1953, Mr. Xia Dawei graduated from Changchun University of Technology with a Bachelor of Science degree in 2015, he took positions of Chairman of the Board of CNOOC and Party Leadership Group Secretary. In May 2015, he served Engineering Management in 1982 and received Master’s degree in Industrial Economics from Shanghai University of Finance as Chairman of CNOOC. He served as the CEO of CNOOC in June 2016, and the Chairman of Board of Nexen Energy ULC. in and Economics in 1985. Mr. Xia started his career in 1969, and had been a visiting researcher at Osaka City University, Dean October 2016. of the School of International Business Administration, Assistant President, Vice President and Executive Vice President of Shanghai University of Finance and Economics successively. Mr. Xia is currently President and Party Committee Secretary of Shanghai National Accounting Institute. He is a professor and an instructor for doctoral candidates Shanghai National Liu Jian Accounting Institute and an honorary professor of the Chinese University of Hong Kong. Mr. Xia also holds posts including Vice Director, President, Vice Secretary of Party Leadership Group President of Chinese Industrial Economic Association, consultant of China Accounting Standards Committee of the Ministry of Born in March 1958, Mr. Liu graduated from Huazhong University of Science and Technology with a Bachelor of Science degree Finance, member of the Corporate Internal Control Standards Committee of the Ministry of Finance and member of the Expert
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