Net Profit Doubled and Significant Progress Achieved

HONG KONG, March 29, 2023 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, SSE: 600938) today announced its 2022 annual results for the year ended December 31, 2022.

In 2022, despite the complicated and volatile energy conditions and international environment, CNOOC Limited managed to achieve record highs in its performance through increasing reserves and production, technological innovation and low-carbon transition. The Company continued to reduce costs and increase margins, and maximized its profit during the high oil price cycle.

On April 21, the Company was successfully listed on the main board of the Shanghai Stock Exchange, which was the largest A-Share IPO in China's energy sector in the past decade. The listing ushered the Company into the vibrant Chinese capital market, unfolding new horizon for its future development, and will create greater value for shareholders.

During the year, the Company continued to increase its efforts in oil and gas exploration and development. 18 new discoveries were made and 28 oil and gas structures were successfully appraised. New breakthroughs in exploration of new areas, new fields and new types were obtained, further expanding reserve replacement areas. The Company's net proved reserves increased to 6.24 billion BOE, with the reserve replacement ratio standing at 182%, and the reserve life remaining at 10 years, which laid a sound resource base for the Company's future growth.