CNOOC : 2020 Third Quarter Review

2020 Third Quarter Review

Financial and Operating Highlights

for the Quarter Ended September 30, 2020

October 22, 2020

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 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, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks. 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

389.1

mmboe

Oil and Gas

Sales Revenue

101.88

bn RMB

New Discovery

9

Capex

54.03

bn RMB

Successful

Appraisal Wells

59

Average Realised

Oil Price

40.15

US$/boe

New Projects

Commenced Production

8

Average Realised

Gas Price

6.14

US$/mcf

中国海洋石油有限公司

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Production Summary

		2020 Q3			2019 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	42.3	13.0	44.5	39.4	15.1	41.9
Western South China Sea	10.4	43.0	17.9	10.1	33.2	15.5
Eastern South China Sea	17.1	36.0	23.1	15.6	34.5	21.4
East China Sea	0.6	6.0	1.6	0.4	4.2	1.1
Onshore	-	9.0	1.5	-	2.2	0.4
Subtotal	70.4	107.0	88.6	65.5	89.3	80.2
Overseas
Asia (Ex. China)	4.9	13.8	7.3	3.0	14.0	5.5
Oceania	0.5	13.1	3.1	0.4	10.5	2.5
Africa	8.5	-	8.5	11.0	-	11.0
North America (Ex. Canada)	6.2	11.4	8.1	5.9	15.3	8.5
Canada	4.5	-	4.5	6.4	0.1	6.5
South America	4.0	13.4	6.4	2.9	15.1	5.6
Europe	4.6	0.5	4.7	5.1	0.5	5.2
Subtotal	33.2	52.3	42.6	34.8	55.5	44.6
Total*	103.6	159.4	131.2	100.3	144.8	124.8

*Including our interest in equity-accounted investees, which is approximately 4.9 mm boe in 2020 Q3 and 5.3 mm boe in 2019 Q3. In 2020 Q3, production percentage of China and overseas was 68% v.s. 32%; crude liquids and natural gas was 79% v.s. 21%.

中国海洋石油有限公司

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