To develop existing natural resources in a safe, efficient, and environmentally responsible manner, and to provide society with a clean, reliable, and stable energy supply to meet reasonable energy demand, is CNOOC Limited’s commitment to sustainable development. The economy, environment, and society are the three cornerstones for the Company to develop energy resource and create value. As our business and economic contributions grow steadily, we will press ahead on the road of environmental protection and social progress. Continued efforts will be made to integrate economic, environmental and social factors to drive the sustainable development of the Company.

The Company believes that sustainable development should not rely solely on the knowledge, beliefs and ideas of the management or individual employees. Instead, it requires integrating sustainability requirements into our corporate management systems and embedding sustainability awareness into our corporate culture.

We constantly assess our performance and make improvements and adjustments to ensure that our operations and management are more environmentally-friendly, efficient and safer, and to achieve balance in the development of the economy, environment and society.

Communication with Stakeholders

CNOOC Limited continues to strengthen its two-way communication mechanisms with stakeholders and actively builds an open, transparent, diversified and ever-improving communication system. We proactively engage in in-depth dialogue with stakeholders on a wide range of ESG-related topics, dynamically identify stakeholders’ core concerns and value expectations, and comprehensively assess the impacts of the Company’s operations on stakeholders, with particular attention to the needs and expectations of vulnerable groups. On this basis, we continue to enhance our ESG management system. We further deepen cooperation with stakeholders by formulating and implementing targeted community engagement plans and social well-being improvement strategies. Through responsible investment and concrete actions, we promote the sustainable development of communities and contribute to improving people’s well-being, social harmony, and prosperity.

Double Materiality Matrix

According to the materiality requirements of the Environmental, Social and Governance Reporting Code issued by the SEHK and in response to the requirements of the Guidance on Self-Regulation of Listed Companies on the Shanghai Stock Exchange No. 14 -- Sustainability Report (Trial), CNOOC Limited has comprehensively met the expectations of shareholders, customers, employees, and other stakeholders. In 2024, the Company completed the identification of double materiality issues1. During the reporting year, building on the 2024 assessment, the Company further adjusted and optimised the prioritisation of ESG issues in terms of both impact materiality and financial materiality, taking into account external trends and the results of internal research.

The materiality analysis results of CNOOC Limited’s ESG issues in 2025 are as follows:

ESG Management

CNOOC Limited continuously improves its ESG framework, establishing a three-tier governance structure comprising the "Governance Level – Management Level – Execution Level." It clarifies the division of responsibilities at each level, and promotes the integration of ESG work into operational levels.

The Company has established a systematic ESG governance and oversight mechanism. The Board of Directors receives two reports annually on risk management and compliance, and receives at least one dedicated report from management on safety and environmental protection each year. The ESG Leading Group and the ESG Management Office convene meetings as needed to ensure the effective implementation and execution of relevant initiatives. In 2025, the Company held two ESG Management Office meetings and over 50 meetings related to the special study on climate change disclosure, and conducted stage reviews of key tasks and the planning of following actions.