CNOOC Limited Released the 2023 Environmental, Social and Governance Report

Rhea-AI Summary

CNOOC released its 2023 ESG Report highlighting its commitment to ESG management, innovation-driven strategies, green principles, and social responsibilities. The Company won several ESG awards and achieved record highs in reserves and production. CNOOC invested in energy-saving projects, launched green initiatives, and contributed to community development. The PR emphasizes the Company's dedication to sustainable development and modern governance under the leadership of Chairman Wang Dongjin.

Positive

• CNOOC won prestigious ESG awards like the 'Gold Award' under The Asset ESG Corporate Award and 'Best ESG' by Institutional Investor.
• The Company achieved record highs in net proved reserves and net production, discovering significant oilfields and a large-scale deep coalbed methane field.
• CNOOC invested in energy-saving projects, reducing carbon emissions and promoting green development.
• The Company actively contributed to community development, creating jobs, participating in maritime rescues, and investing in public welfare projects.
• Chairman Wang Dongjin emphasized the Company's commitment to ESG management, modern governance, energy supply, technological innovation, and sustainable development.

Negative

• None.

HONG KONG, April 2, 2024 /PRNewswire/ -- CNOOC Limited ("the Company", SEHK: 00883 (HKD counter) and 80883 (RMB counter), SSE: 600938) released its 2023 Environmental, Social and Governance (ESG) Report in Hong Kong today.

• Strengthening ESG management to lay a solid foundation for high-quality development
• Adhering to innovation-driven strategies to enhance the quality and efficiency of energy supply
• Upholding green principles to develop low-carbon and clean energy sectors
• Fulfilling social responsibilities to empower communities for better livelihood

CNOOC Limited positions ESG report as an important carrier for disclosing compliance information, strengthening sustainable development, and improving communication among stakeholders. We champion win-win cooperation and actively respond to the concerns of our stakeholders. In 2023, the Company's ESG performance has been widely recognized by the market and won many important ESG awards such as the "Gold Award" under The Asset ESG Corporate Award, "Best ESG" by Institutional Investor. In addition, we have been named in lists such as the "Forbes China Sustainable Development Industrial Enterprises TOP50 Selection" and the "China Listed Company Value Awards ESG100" by Securities Times.

CNOOC Limited continues to reinforce corporate governance, tightens risk management and control, and further consolidates the foundation for sustainable development. The Company established the ESG Leading Group and the ESG Management Office under the Strategy and Sustainability Committee to strengthen ESG management and actively respond to the challenges brought by climate changes. The Company always adheres to honest and legal operation, practices strict corporate governance, upholds high standards of business ethics, and continuously strengthens the compliance system to guarantee a stable operation.

CNOOC Limited implements the innovation-driven development strategy, and promotes the project of increasing reserves and production as well as the project of scientific and technological innovation, thus steadily enhancing the capacity of energy supply. The Company discovered 4 oilfields with proved in-place volume above a hundred million tons respectively, and the first large-scale deep coalbed methane field with proved gas in-place of over 100 billion cubic meters. The net proved reserves and net production of the Company both hit record highs. The Company pushed forward key technology research and empowered business with digital intelligence. Over 100 million cubic meters of commercial gas were produced by China's first deepwater subsea production system which could operate in a water depth of over 500 meters. Qinhuangdao 32-6 intelligent oilfield realized 90% digital coverage of the core business. The Company won a total of 9 science and technology awards at provincial and ministerial levels this year.

CNOOC Limited pursues energy-saving and green production, with a clearer path charted for its clean, low-carbon, and green development. During the year, RMB536 million was invested into over 40 energy-saving renovation projects, which saved 293,000 tons of standard coal and reduced 749,000 tons of carbon dioxide. China's first deep-sea floating wind power platform, "Haiyou Guanlan", has been connected to the power grid of Wenchang oilfields, reducing carbon emissions by 22,000 tons every year, which represented a milestone for China's offshore oil and gas development to enter the "green electricity era". The Bohai onshore power project was fully completed, laying a solid foundation for the construction of an integrated onshore and offshore power supply network by 2025. China's first offshore CCS project with a storage capacity of over a million tons, the Enping 15-1 demonstration project, has been put into operation. The Daya Bay CCS/CCUS cluster research and demonstration project has made solid progress.

CNOOC Limited actively fulfills its corporate responsibility, expands its social contributions, and shares the fruits of development with all stakeholders. The Company regards its employees as the most valuable resources and asset, protects their rights and interests from multiple dimensions, and continues to optimize the potential career paths for employees. CNOOC Limited has implemented the "EMPOWER-Empowering communities, limitless acts of kindness" initiative for community co-development. This initiative covers 7 key aspects including facilitating educational equity, improving medical support, protecting the natural ecosystem, fostering open communication, promoting people's well-being, supporting emergency assistance efforts and contributing to rural revitalization. Through the initiative, CNOOC Limited aims to make contributions to communities and drive development. In 2023, the Company created more than 21,000 jobs around the world, participated in 46 maritime rescues, and invested a total of RMB 158.14 million in donations and public welfare projects.

CNOOC Limited is committed to becoming the leading force of increasing reserves and production, the driving force of green and low-carbon development, and the propelling force of building a harmonious society. Mr. Wang Dongjin, the Chairman of CNOOC Limited, said, "Looking ahead, we will continue to pursue the coordinated development of the economy, environment, and society. We will constantly refine our ESG management, and enhance our capabilities in modern governance, energy supply, technological innovation, and value creation. As we accelerate the construction of a world-class energy company and vigorously promote the sustainable development of the economy and society, we are poised to achieve new milestones."

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Notes to Editors:

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

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This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, environmental responsibility and compliance requirements, the Company's price forecast, the exploration and development activities, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

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For further enquiries, please contact:

Ms. Cui Liu
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6641
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn 

Mr. Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com 

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SOURCE CNOOC Limited

FAQ

What awards did CNOOC win for its ESG performance in 2023?

CNOOC won the 'Gold Award' under The Asset ESG Corporate Award and 'Best ESG' by Institutional Investor.

What achievements did CNOOC reach in reserves and production in 2023?

CNOOC achieved record highs in net proved reserves and net production, discovering significant oilfields and a large-scale deep coalbed methane field.

How did CNOOC contribute to energy-saving and green production?

CNOOC invested in energy-saving projects, reducing carbon emissions and promoting green development.

What community initiatives did CNOOC undertake in 2023?

CNOOC actively contributed to community development, creating jobs, participating in maritime rescues, and investing in public welfare projects.

Who is the Chairman of CNOOC and what is his vision for the Company?

Mr. Wang Dongjin, the Chairman of CNOOC , emphasized the Company's commitment to ESG management, modern governance, energy supply, technological innovation, and sustainable development.