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CNOOC Limited Environmental, Social and Governance Report Report Information Contents Name of Organization: China National Offshore Oil Corporation Limited (the “CNOOC Limited”, “Company” or “We”) Reporting Period: 04 About Us 22 Safety and Environmental From January 1, 2017 to December 31, 2017. The report may include information beyond the Protection reporting period in order to keep the information consistent. 06 Chairman’s Statement 24 HSE Philosophy Scope of the Report: 25 HSE Management System 08 Vision and Commitments 26 Production Safety CNOOC Limited and its subsidiaries 08 Sustainable Development Strategy 29 Equipment and Facility Integrity Management Contents of the Report: 08 CSR Vision 30 Enhance Emergency Response Vision and commitment of the Company’s Corporate Social Responsibility (“CSR”), common 09 Stakeholders Capability practices, and other key achievements in the course of performing CSR. 33 Environmental Protection 10 Data Specification: Energy Supply 38 Response to Climate Change Oil and Gas Exploration, The data in the report is derived from CNOOC Limited’s internal statistical reports, company 10 Development and Production 42 Care of Employees documents and reports, third-party surveys and interviews. 11 Technological Advancements 44 Employment Policies Reporting Language: 12 Product Quality 46 Employee Rights and Interests 13 Purchasing Management English and Chinese (should there be any discrepancies, please refer to the Chinese version.) 47 Employee Development Reference: 14 Corporate Governance 54 Employee Health Governance Standards 56 Staff Care This report refers to the "Environmental, Social and Governance Reporting Guide" issued by 16 Code of Ethics the Stock Exchange of Hong Kong Limited, the 10 Principles of UN Global Compact and the 18 58 Social Contributions 19 Risk Management and Internal Control "Sustainability Reporting Standards" issued by the Global Reporting Initiative (GRI). 60 Economic Contribution 20 Audit and Supervision Report Verification Method: 60 Marine Rescue 21 Anti-corruption Practice 62 Public Welfare An independent limited assurance engagement was conducted against this report by Deloitte Touche Tohmatsu Certified Public Accountants LLP. 64 Employee Volunteers An electronic version of this report is available on the Company’s website at www.cnoocltd.com 66 Prospects and a hard copy is available upon request. 68 Key Performance Data Investor Relations Department of CNOOC Limited 69 Independent Assurance Report Address: 25 Chaoyangmenbei Dajie, Dongcheng District, 70 ESG Reporting Guideline Beijing, People’s Republic of China Index Postcode:10010 Email: [email protected] Scan this QR code to read or download Company website: www.cnoocltd.com CNOOC ESG reports 04 AboutAbout Us Us 05 About Us CNOOC Limited, incorporated in the Hong Kong Special Administrative Region in August 1999, was listed on the New York Stock Exchange (code: CEO) and The Stock Exchange of Hong Kong limited (code: 00883) on February 27 and 28, 2001, respectively. The Company was included as a constituent stock of the Hang Seng Index in July 2001. The Company’s American Depositary Receipts (“ADRs”) was listed on the Toronto Stock Exchange (code: CNU) on September 18, 2013. New York Stock Exchange The Company is the largest producer of offshore crude oil and Code: CEO natural gas in China and one of the largest independent oil The Stock Exchange of Hong Kong and gas exploration and production companies in the world. Limited The Company mainly engages in exploration, development, production and sale of crude oil and natural gas. Code: 00883 The Company’s core operation areas are Bohai, Western South Toronto Stock Exchange China Sea, Eastern South China Sea and East China Sea in offshore China. The Company has oil and gas assets in Asia, Code: CNU Africa, North America, South America, Oceania and Europe. As at December 31, 2017, the Company has net proved reserves of approximately 4.84 billion BOE (barrels of oil equivalent, similarly hereinafter), and its average daily net production was 1,288,128 BOE1. The Company had total assets of approximately RMB617.2 billion. 1,288,128 BOE Average daily net production was 1,228,128 BOE Billion RMB Scan the QR code 617.2 for more corporate Total assets of approximately information RMB617. 2 billion 1. Unless otherwise stated, all amounts of reserve and production in this report include our interests in equity method investees. 06 Chairman’s Statement 07 The year of 2017 was full of strike a balance between economic development of oil and gas reserves monitored the emission of pollutants marine rescues, and encouraged our Chairman’s challenges and opportunities. growth, environmental protection and in the future. in the sea and maintained marine staff to participate in charity events, The oil market struggled to regain social progress on topics which our ecology. We introduced an energy- thus contributing to society. Statement momentum after wild volatility, with stakeholders focused on. We view operational safety as conservation management system oil prices eventually stabilizing and the foundation and core value of into the Company’s risk control system In 2017, we continued to follow rebounding.The oil and gas industry In 2017, we fulfilled our production sustainable development, and we and ensured that project energy exceptional and transparent corporate also showed signs of recovery. and operation tasks, ensured stable upheld the value concepts of “Safety consumption is minimized at the governance practices, for which we In 2017, CNOOC Limited grasped and reliable energy supply, met the First, Environment Paramount, institutional level. The Company also won a number of awards from the opportunities and recorded stable market’s need for energy, and made Focus on People, and Equipment conducted thorough carbon verifications marketplace. The Company was once growth in operational performance, great efforts in providing clean Integrity”. We improved the safety and steadily promoted research on again awarded the “Asian Excellence with all the Company’s operations and quality energy. Furthermore, management system, strengthened carbon emission reduction technologies Award” by Corporate Governance running smoothly. We stepped up our following an innovation-driven safety production inspections and in response to people’s concerns on Asia, and we won the “Corporate efforts in sustainable development, strategy, we played a key role in the emergency response capabilities, climate change issues. Awards – Platinum” by The Asset adhering to the Ten Principles of the development of the industry through and paid attention to compliance, for the sixth straight year. Winning UN Global Compact in the areas of technological innovation, and identification and elimination We adhered to the philosophy of these awards demonstrates our human rights, labor, environment and achieved numerous key technical of potential risks and special “human-oriented management” and management capability in areas such anti-corruption. We also proactively breakthroughs. We improved our rectification. All of these measures regarded talents as the Company’s as shareholders’ rights protection, responded to the 17 Sustainable management and control systems eliminated potential risks, enhanced most precious resources. We information disclosure, investor Development Goals of 2030 set out through innovation and established safety management at grassroots endeavored to establish an equal relations, corporate governance and by the United Nations. We strive to a long-term mechanism for level, improved safety awareness and just employment mechanism, social responsibility. It also proves enhancing quality and efficiency, across all staff and cultivated a perfected the scientific and fair talent that we are now a leading-industry thus boosting our sustainable characteristic culture of safety. In evaluation system, ensured a smooth model. development. The Company 2017, situation of CNOOC Limited’s employees’ career development path, achieved and exceeded its oil and production safety remained stable. created an atmosphere to respect We will never forget where we have gas production target, with our net talents, valued the guarantee of come from. In 2018, CNOOC Limited oil and gas production reaching Meanwhile, we have always placed employees’ rights, cared for their will stay true to its original aspirations 470.2 million BOE for the year. As great emphasis on energy conservation, physical and mental health, and and keep our mission as an enterprise at the end of 2017, our reserve life emission reduction and environmental contributed to making them have a citizen firmly in mind. We will put rose back over 10 years, laying a protection as ways to transform the sense of happiness and gain. sustainable development into practice, solid foundation for the sustainable mode of development and enhance pursue the harmonious development of social responsibility. Last year, we We proactively embraced social the economy, environment and society, established a clean, low-carbon and responsibility and pursued improve compliance operations, safe energy-efficient system, strictly benefits for society. In pace with continuously optimize industry continuous business expansion and structure, and facilitate green economic development, we were committed development. We will adhere to eco- to providing more local employment friendly principles and endeavor to opportunities. We also took part in maintain a balanced ecosystem. We will adhere