中国海洋石油有限公司 chairman‘s statement-凯发在线

chairman‘s statement

dear shareholders, 

in spite of the sluggish global economic recovery and geopolitical turbulence during 2022, cnooc limited was resolved to increase reserves and production amid rising oil prices. from our efforts, we delivered the best operating results in history for our shareholders.

in 2022, we listed on the main board of the shanghai stock exchange and became the largest ipo in a decade from china’s energy industry. the ipo gives us access to china’s dynamic capital market and unfolds a new horizon for our future development.

during 2022, we remained committed to increasing oil and gas production, and the net production reached 624 million boe, hitting another record high.

we also stepped up our exploration efforts and made 18 commercial discoveries in the year. our oil and gas exploration was fruitful as it yielded a reserve replacement ratio of 182% and the reserve life remained above 10 years.

we efficiently pushed forward the construction of major projects, 9 projects were brought on stream and more than 40 projects were under construction throughout the year. these projects will be an important driver of our future development.

we implemented an innovation-driven development strategy, and achieved multiple breakthroughs in technological innovation. digitalization and the use of artificial intelligence were accelerated, and science and technology systems were further improved.

we diligently advanced our green and low-carbon transition, and actively promoted green and clean production of oil and gas. leveraging offshore advantages, we steadily developed the new energy business and opened a new chapter of resources acquisition.

we have fully utilized our strengths to maintain our cost competitiveness over the years and create better value. in 2022, our net profit amounted to rmb141.7 billion, which is another record high. to share the development results with shareholders, the board of directors has recommended the payment of a final dividend of hk$0.75 per share (tax inclusive) for 2022.

we were, are and will be committed to becoming a first-class energy supplier, a creator of superior value and a pioneer in high-quality development. to fulfill our corporate social responsibilities, we remained active in marine conservation, rural revitalization, community development and employee care.

looking ahead to 2023, we will capitalize on our strengths to enhance our value-creation capabilities and elevate our international competitiveness.

we will continue to increase our reserves and production. in doing so, we will look for mid-to-large-sized oil and gas fields to consolidate the reserve base and expand our production capacity construction to enlarge our production scale.

we will continue to enhance quality and efficiency, as well as reduce cost. we will also improve our managerial performance to achieve high-quality development of the company.

we will continue to promote technological innovation. we will work hard to support high-quality development with technological breakthroughs and innovation.

we will continue to strive for green development. we will cultivate green and low-carbon sectors and support the integration of the oil and gas sector with new energy sector.

in 2022, mr. xu keqiang resigned as ceo of the company, and was re-designated as a non-executive director of the company. mr. zhou xinhuai was appointed as an executive director and the ceo. mr. lin boqiang was appointed as an independent non-executive director. on behalf of the board of directors, i would like to thank mr. xu keqiang for his contributions to the company during his term of office as the ceo and welcome mr. zhou xinhuai and mr. lin boqiang. going forward, all directors will remain dedicated to their duties and work hard for the sound and sustainable development the company.

headwinds are no stranger to sailors, who will ride the tides to pursue glories. greater efforts are required to tackle challenges along the long journey. dear shareholders, let’s join hands to build cnooc limited into a world-class energy company and achieve better results for the future.


wang dongjin    
chairman
hong kong, 29 march 2023


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