2021 Third Quarter Review

2021 Third Quarter Review

Financial and Operating Highlights

for the Quarter Ended September 30, 2021

October 28, 2021

Disclaimer

This presentation includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements

regarding expected future events, business prospectus 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 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 believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company's expectations, including but not limited to the company and its controlling shareholder being listed in the list of the U.S. for sanction against companies with alleged ties to the Chinese military, 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. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.

Consequently, all of the forward-looking statements made in this presentation 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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Overview of The First Three Quarters

Operation Highlights

Financial

Results

Net Production

422.2

mmboe

Oil and Gas

Sales Revenue

158.65

bn RMB

New Discoveries

18

Capex

56.96

bn RMB

Successful Appraised	New Projects
Oil and Gas Structures	Commenced Production

27 10

Average Realised	Average Realised
Oil Price	Gas Price

65.09	6.77
US$/bbl	US$/mcf

中国海洋石油有限公司

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Production Summary (The Third Quarter)

		2021 Q3			2020 Q3
	Crude and Liquids	Natural Gas	Total	Crude and Liquids	Natural Gas	Total
	(mm bbls)	(bcf)	(mm boe)	(mm bbls)	(bcf)	(mm boe)
China
Bohai	45.5	14.8	48.0	42.3	13.0	44.5
Western South China Sea	10.3	50.0	19.0	10.4	43.0	17.9
Eastern South China Sea	23.4	31.0	28.5	17.1	36.0	23.1
East China Sea	0.6	6.5	1.6	0.6	6.0	1.6
Onshore	-	17.6	2.9	-	9.0	1.5
Subtotal	79.8	119.8	100.1	70.4	107.0	88.6
Overseas
Asia (Ex. China)	5.7	14.1	8.2	4.9	13.8	7.3
Oceania	0.5	14.2	3.3	0.5	13.1	3.1
Africa	7.5	-	7.5	8.5	-	8.5
North America (Ex. Canada)	5.1	9.8	6.7	6.2	11.4	8.1
Canada	5.7	-	5.7	4.5	-	4.5
South America	5.7	13.1	8.0	4.0	13.4	6.4
Europe	4.6	0.5	4.7	4.6	0.5	4.7
Subtotal	34.7	51.6	43.9	33.2	52.3	42.6
Total*	114.4	171.5	144.1	103.6	159.4	131.2

*Including our interest in equity-accounted investees, which is approximately 4.2 mm boe in 2021 Q3 and 4.9 mm boe in 2020 Q3 In 2021 Q3, production percentage of China and overseas was 69% v.s. 31%; crude liquids and natural gas was 79% v.s. 21%

中国海洋石油有限公司

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Production Summary (The First Three Quarters)

		2021 YTD			2020 YTD
	Crude and Liquids	Natural Gas	Total	Crude and Liquids	Natural Gas	Total
	(mm bbls)	(bcf)	(mm boe)	(mm bbls)	(bcf)	(mm boe)
China
Bohai	133.3	45.5	140.9	124.5	41.3	131.4
Western South China Sea	29.5	130.7	52.3	30.4	119.3	51.1
Eastern South China Sea	69.4	102.7	86.5	53.3	109.2	71.5
East China Sea	1.7	19.6	5.0	1.7	16.4	4.4
Onshore	-	49.5	8.2	-	25.0	4.2
Subtotal	233.9	348.0	292.9	209.8	311.3	262.6
Overseas
Asia (Ex. China)	17.6	41.4	25.0	12.6	40.8	19.9
Oceania	1.2	33.2	7.7	1.3	35.0	8.2
Africa	23.5	-	23.5	25.8	-	25.8
North America (Ex. Canada)	16.9	31.8	22.2	17.9	35.8	23.8
Canada	16.9	-	16.9	14.1	0.05	14.1
South America	15.6	39.2	22.3	12.6	38.9	19.3
Europe	11.6	1.1	11.7	15.0	2.1	15.4
Subtotal	103.2	146.7	129.3	99.3	152.7	126.5
Total	337.1	494.6	422.2	309.1	463.9	389.1

For the first three quarters, net production was 422.2 million boe,

which is in line with the annual production target.

中国海洋石油有限公司

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