CNOOC : 2022 First Quarter Review

2022 First Quarter Review

April 28, 2022

Disclaimer

This presentation 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 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.

Macro-environment

•  International oil prices rose sharply amid fluctuation，the average price of Brent crude oil was US$97.9 per barrel

•  China's national economy made a stable start, GDP grew by 4.8% year-on-year

OverviewKey Exploration Results

•  In the first quarter of 2022, 4 new discoveries and 13 successful appraisal wells were made

•  Bozhong 26-6

  •  Located in Bonan lower uplift, with an average water depth of ~22 meters

  •  BZ26-6-2 completed at hole depth of ~4,480 meters, which encountered 308.9 meters oil pay zone and 2.6 meters condensate gas pay zone

  •  Expected to be a mid-to-large size oilfield

•  Bozhong 19-2

  •  Located in Bozhong sag, with an average water depth of ~23 meters

  •  4 appraisal wells were drilled in the first quarter

  •  The average hole depth of the appraisal wells was ~1,819 meters, and the average thickness of oil pay zones encountered was ~23 meters

  •  Expected to be a mid-to-large size oilfield

According to the Regulation of Offshore Petroleum Reserves Estimation of China, a midium-size oil field is defined as a field with technically recoverable resources of ≥2,500～＜25,000 thousand cubic meters and a large-size oil field is defined as a field with technically recoverable resources of ≥25,000～＜250,000 thousand cubic meters.