Alternative Reference: China National Offshore Oil Corporation is herein also referred to as CNOOC, the company, the corporation, we, our or us.

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2 REPORT DESCRIPTIONS Reporting Scope: The entire China National Offshore Oil Corporation (CNOOC) group of companies Reporting Period: 1 January December 2013 Principles of Preparation: To meet the needs of stakeholders and the general public, by disclosing key information on the company in a true, objective, timely and comprehensive manner. Alternative Reference: China National Offshore Oil Corporation is herein also referred to as CNOOC, the company, the corporation, we, our or us. Data Used in the Report: All disclosed financial data or information related to the company are the final accounting data audited by third parties. Unless otherwise specified, all amounts are expressed in Renminbi (RMB). Information Sources: The company s official documents, statistical reports and our subsidiaries fulfilment of responsibilities. All information has been reviewed by our management, supervision department and the various subsidiaries. Language: This report is published in both Chinese and English. In case of discrepancies, the Chinese version shall prevail. Accessibility: This report is available in print and electronic formats. The digital version can be downloaded from the company s website at To obtain a print version of the report, please COVER DESCRIPTIONS The first large-scale deepwater gas field in China - Liwan 3-1 in South China Sea

3 TABLE OF CONTENTS 02 CHAIRMAN S LETTER 04 PRESIDENT S LETTER 06 MAIN ACHIEVEMENTS 08 ABOUT US 10 CORPORATE GOVERNANCE 10 Members of the Board of Directors and Their Resumes 14 Management of the Board of Directors 16 Other Senior Executives and Their Resumes 20 PERFORMANCE OVERVIEW 20 Report of Independent Public Accountants 21 Consolidated Income Statement 22 Consolidated Balance Sheet 24 Consolidated Cash Flow Statement 25 Notes to Annual Financial Statements 26 BUSINESS 28 Oil & Gas Exploration and Development 28 Oil & Gas Exploration 29 Development & Production 30 Unconventional Natural Gas 32 Engineering & Technical Service 32 Oilfield Service 32 Offshore Oil Engineering Services 33 Professional Service 34 Refining and Marketing 34 Refining and Petrochemistry 36 Marketing 37 Gas & Power 40 Financial Services 42 Internationalization 42 Overseas Business 45 International Trade 46 MANAGEMENT 48 Technology Innovation 48 Technology Platform 48 Technology Transformation 48 Technology Projects 49 Technology Achievements 50 Management Innovation 50 Management Improvement 51 Achievements of Management Innovation 52 QHSE 52 Quality Management 53 Occupational Health 53 Operational Safety 57 Environmental Protection 60 Informatization Progress 60 Basic Management 60 Information Security 61 Informatization for Production 61 Overseas Informatization 62 Human Resource Management 62 Salary and Benefits Management 63 Career Development 63 Professional Expertise 64 Employee Training 65 Corporate Culture 65 Culture Promotion 66 Brand Promotion 67 Cultural & Sports Activities 68 Corporate Citizenship 68 Humanitarian Engagement 69 Volunteer Services 70 Construction of Harmonious Mining Community 70 Community Engagement Overseas 72 LOOKING AHEAD TO MILESTONE EVENTS 78 INTERPRETATIONS TO WORDS 82 AGENCY DIRECTORY 86 FEEDBACK FORM

4 ANNUAL REPORT CHAIRMAN S LETTER Chairman of China National Offshore Oil Corporation (CNOOC) Wang Yilin Dear all, Let me, on behalf of all the employees of CNOOC, express our heartfelt gratitude to all who have cared for and supported us all these years was a crucial year for steadily promoting the Company s development. All members of the Company moved forward in solidarity and proactively tackled with various difficulties and challenges. Great breakthrough has been made in oil & gas exploration and objective of oil & gas production in domestic sea areas has been successfully completed, which maintaining continuous enhancement in engineering & technical service capacity. Production & management capacity in downstream sectors has been further strengthened and management efficiency in businesses of finance and trade has been continuously improved. We achieved total operating

5 CHAIRMAN S LETTER 03 revenue of RMB billion Yuan yearly, of which RMB billion Yuan for total profit, RMB 72.0 billion Yuan for net profits and RMB billion Yuan for tax fees payment. 50 Mtoe for domestic oil & gas production has been completed for four consecutive years and achievement of over RMB 100 billion Yuan in total profits has been made for three consecutive years. Operating revenue has been over RMB 500 billion Yuan for two consecutive years, based on which breakthrough of RMB 1,000 billion Yuan was firstly made in the Company s total assets at the end of CNOOC s ranking among Fortune Global 500 rose to the top 93rd and it ranked the 10th in the list of 2013 China s Top 500 Enterprises. As a result, CNOOC s comprehensive strength and social influence have been further enhanced. Over the past year, we further regulated operation of the Board of Directors, gradually perfected operation mechanism for Board of Directors. Based on successful acquisition for the Nexen Company, we actively promoted integration and operation work. For nearly one year, the Nexen Company has maintained a stable operation and preliminary benefits have been achieved in integration, which has laid the foundation for building it into Chinese enterprise model with international operation. A Petroleum Administration in the Bohai Sea and a Petroleum Administration in the western South China Sea were established, which further straightened out management system in two main mining areas and enhanced the overall coordination ability of regional resources and driving force of regional industries. In the year of 2014, the Company will be confronted with more complicated and severe development situations, and more arduous development tasks. We intend to put reinforcement on cost decrease and benefit increase, acquire benefit from technological advancement and management innovation, and improve the Company s production & operation efficiency. We will continuously increase security & environmental protection investments, actively set up a more perfect production safety system, proactively implement safety & environmental protection responsibilities, and build up an ecological-civilizationoriented and environmental friendly energy enterprise. We plan to further advance integration for the Nexen Company, lead the Company s overseas business in overall development and improve her international operation capacity by taking advantage of the development platform of the Nexen Company. Reform and innovation are crucial magic weapons for CNOOC to maintain vigor and vitality. We will focus on strengthening enterprise vitality, deepen reform and innovation, improve development quality and efficiency of the Company in the further, and proactively advance its construction into a world-class energy company. Dear friends, let us join together to continuously work for marine economic development, fight for building China into a maritime power, and make greater contributions to ensuring national energy security and promoting national economic development. April 25, 2014

6 ANNUAL REPORT PRESIDENT S LETTER President of China National Offshore Oil Corporation (CNOOC) Yang Hua Dear all, Over the past year of 2013, CNOOC continued to maintain a sound growth momentum. In the context of global economic slow recovery and increasingly fierce competitions, we make efforts to improve development quality and efficiency. Thus, sound results have been achieved in every business. We have made a production of million tonnes of crude oil and 19.6 billion cubic metres of natural gas billion tonnes of coalbed methane (CBM) utilization, million tonnes of crude oil processing, 8.11 million tonnes of refined oil production and million tonnes of liquefied natural gas import have been completed. Better results can be seen in major business indicators than expectations and sound fruits were achieved in energy conservation, emission reduction and obligatory targets. Substantial increases have been

7 PRESIDENT S LETTER 05 made in indicators of total assets and operating revenue. Total profits of RMB billion Yuan have been completed. As a result, comprehensive strength and sustainability of the Company have been obviously enhanced. In 2013, we constantly emphasized primary business development and obtained significant effects in oil & gas exploration & development. Breakthrough was achieved in unconventional natural gas exploration. Oil & gas output maintained sound increase and comprehensive energy security ability was boosted. We proactively tackled with market changes and continuously developed new businesses and new market. We improved communication & coordination with stakeholders and steadily pushed forward construction of major projects. By the successful installation of deepwater project Liwan 3-1 central platform the Asian biggest floating supporting block with 30,000 tonnes, and completion of a group of oilfields and midstream & downstream projects, technical capacity for major equipment has been constantly improved. We conscientiously carried out management promotion activities and make significant breakthroughs in bottleneck problems and weak links concerning production & operation management. In a period of future time, energy industrial development will go through profound transformation and increasingly complex will be posed to management environment of the Company. We should take comprehensively deepening reforms as the Company s key task; constantly strengthen institutional mechanism reforms and release production & management vitality. We must continuously enlarge exploration & development; positively seek for large-medium-scale quality oilfields; elaborately organize development & production and painstakingly increase reserves & output to a new level. Attention shall be paid to cost decrease & benefit increase, establishment of a long-term cost decrease & benefit increase mechanism. Thus, we can constantly improve the Company s management efficiency. Efforts should be taken to make innovations in overseas business management and enhance profitability of overseas assets. We should firmly establish Safety First awareness, guarantee safety development and clean production for the Company, reinforce comprehensive security ability construction in production & management, and further improve production & management efficiency will be not only the beginning of comprehensively deepening reforms, but also a crucial year for realizing objectives of the 12th Five-Year Plan. We should take reform & innovation deepening as a leading priority to firmly consolidate oil & gas business foundation, push forward industry structural adjustment, coordinate international and domestic development, complete annual production & management objectives, and forge a new chapter for offshore oil industry development. April 25, 2014

8 ANNUAL REPORT MAIN ACHIEVEMENTS

9 MAIN ACHIEVEMENTS 07 Total Assets Unit: RMB hundred million Yuan Operating Revenue Unit: RMB hundred million Yuan Total Profit Unit: RMB hundred million Yuan Net Assets Unit: RMB hundred million Yuan Capital Investment Unit: RMB hundred million Yuan Taxes & Bonuses Unit: RMB hundred million Yuan % 8.49% 0.71% 11.76% 1.73% 11.87% 29.68% 14.63% Total Assets in 2013 Operating Revenue in 2013 Total Profit in % 53.85% 61.12% 71.88% Upstream Mid and downstream Engineering technologies and services Other Upstream Mid and downstream Engineering technologies and services Other Upstream Mid and downstream Engineering technologies and services Other

10 ANNUAL REPORT ABOUT US China National Offshore Oil Corporation ( CNOOC ), the largest offshore oil & gas producer in China, is a mega stateowned company operating directly under the State-owned Assets Supervision and Administration Commission of the State Council of the People s Republic of China (herein referred to as SASAC in the Report). Headquartered in Beijing, CNOOC has, since our founding in 1982, maintained a sound growth momentum, evolving a purely upstream oil & gas exploitation company to an international energy company with promising primary businesses and a complete industrial chain. In 2013, our overseas businesses covered more than 40 countries and regions, with overseas assets proportion up to 40%, overseas revenue proportion up to 30% and localization rate of overseas employees up to 82%. These transnational indexes made it move forward for a world-class company. The Company s rankings in the Fortune Global 500 rose to 93rd, which were 8 higher than that in Standard & Poor s and Moody s continue to rate the Company with credit ratings of AA- and Aa3, the highest for a Chinese corporation. Firmly seizing on new opportunity brought by the Maritime Power construction, CNOOC has proactively figured out challenges and difficulties in development. Keeping in line with the Second Leap Forward Development Programme, we have been accelerating on transformation of economic development pattern, advancing industry structural adjustment and continuously improve development quality & efficiency. Now, businesses covering the main segments of oil & gas exploration and development, engineering & technical services, refining and marketing, natural gas and power generation, and financial services etc. have been set up, which laid a solid foundation for building the Company into a world-class energy company as soon as possible. Primary Businesses Oil & Gas Exploration and Development Exploration Development Production Financial Services Finance Company Trust Insurance Financial Investment & Strategic Investment China National Offshore Oil Corporation (CNOOC) Engineering & Technical Services Oilfield Services Offshore Oil Engineering Services Professional Services Natural Gas & Power Generation LNG Receiving Terminals Natural Gas Pipelines Natural Gas-fired Power Generation Urban Gas Supply Vehicle/Vessel Gas Natural Gas Liquefaction and Distribution Refining & Marketing Oil Refining Petrochemistry Chemical Fertilizer Business Development & Marketing

11 ABOUT US 09 Our Vision Energy for all Corporate Spirit Be dedicated, effective and innovative Development Principles Cooperation, sustainable growth, and differentiation Corporate Philosophy People-orientation, responsibilities, win-win benefits, credibility, innovation Development Goals Develop into a world class energy company by 2020 Develop into a global leading energy company by 2030 Core Development Strategies Synergetic development strategy Technology-driven strategy Talent development strategy Cost effective strategy Low-carbon green strategy

12 ANNUAL REPORT CORPORATE GOVERNANCE Members of the Board of Directors and Their Resumes Wang Yilin Chairman of the Board of Directors, Party Leadership Group Secretary Yang Hua Director of the Board, President, Party Leadership Group Member Zhang Jianwei Director of the Board, Party Leadership Group Member, Chief Compliance Officer Wang Kaiyuan Outside Director Boon Swan Foo Outside Director He Gong Outside Director Xia Dawei Outside Director Xie Zhongyu Outside Director Chen Wei Worker Director

13 CORPORATE GOVERNANCE 11 Wang Yilin Born in September 1956, Mr. Wang Yilin graduated from China University of Petroleum with a Bachelor of Science degree in Petroleum Geology and Exploration in He also received a Doctorate degree in Mineral Prospecting and Exploration from China University of Petroleum in Mr. Wang started his career in 1982, and had served as Vice Director and Director of Exploration and Development Research Center of Xinjiang Petroleum Administration, Vice Director, Chief Exploration Geologist and Vice Party Secretary of Xinjiang Petroleum Administration, and General Manager and Party Secretary of Xinjiang Oilfield Company of China National Petroleum Corporation (CNPC). He successively assumed the positions of Party Secretary of Xinjiang Petroleum Administration, Director and Party Secretary of Karamay Municipal People s Congress Standing Committee, First Party Secretary of Karamay Military Sub-district, and Assistant President of CNPC. In December 2003, he became a Vice President and a Party Leadership Group Member of CNPC. Mr. Wang assumed Chairman and Party Leadership Group Secretary of CNOOC in April Yang Hua Born in May 1961, Mr. Yang Hua graduated from China University of Petroleum with a Bachelor of Science degree in Petroleum Engineering in August He also received an MBA degree from Massachusetts Institute of Technology in May Mr. Yang joined CNOOC in August 1982 and had served in a number of positions including Manager of Field Development Department of CNOOC Research Center, Deputy Chief Geologist and Deputy Director of Overseas Development Department of CNOOC, President of Overseas Oil & Gas Corporation Ltd., and Senior Vice President, Chief Financial Officer and President of CNOOC Limited, and an Assistant President of CNOOC. Mr. Yang also served as a Vice President and a Party Leadership Group Member of CNOOC, Vice Chairman and Chief Executive Officer of CNOOC Limited. Mr. Yang assumed Director and President of CNOOC in August Zhang Jianwei Born in November 1957, Mr. Zhang Jianwei assumed the position of Director, Party Leadership Group Member and Leader of the Discipline Inspection Team of the Party Leadership Group. He received a Bachelor of Arts degree in Philosophy from Xiamen University. Mr. Zhang started his career in 1975 and had served as Deputy Director of General Office of Light Industry Development Strategy Research Center. He successively assumed a number of positions in the Secretarial Bureau of the General Office of the CPC Central Committee, including Deputy Director of Inspection Department, Investigator and Deputy Director of Conference Department (deputy director level), and Deputy Director of Secretarial Bureau (bureau-level). Mr. Zhang was subsequently appointed Deputy Director General of General Office of the General Administration of Quality Supervision, Inspection and Quarantine (bureau-level, preside over work), and Deputy Director General and Party Leadership Group Member of the Standardization Administration. Mr. Zhang assumed Director, Party Leadership Group Member and Chief Compliance Officer of CNOOC in December In January 2014, Mr. Zhang concurrently served as a Non-executive Director of CNOOC Limited.

14 ANNUAL REPORT Wang Kaiyuan Born in 1943, Mr. Wang Kaiyuan started his career in Mr. Wang had served as Director of Political Department and member of the Standing Committee of the Party Committee of Shenyang Administration of Civil Aviation, and Director and Vice Party Secretary of Shenyang Administration of Civil Aviation. He was successively the President and Vice Party Secretary of China Northern Airlines, Deputy Director General and member of the Party Committee of Civil Aviation Administration of China, President and Vice Party Secretary of Air China Limited, President and Vice Party Secretary of China National Aviation Holding Company. Subsequently, Mr. Wang assumed Director of Commercial Aircraft Corporation of China Ltd, Outside Director of China International Travel Service Corporation Limited, and Outside Director of Sinotrans Limited. He has also been member of the Tenth National Committee of Chinese People s Political Consultative Conference. Mr. Wang assumed Outside Director of China National Offshore Oil Corporation (CNOOC) in February Boon Swan Foo Born in 1955, Mr. Boon Swan Foo holds an MBA from the National University of Singapore. He served as CEO of ST Marine & ST Aerospace, CEO & Deputy Chairman of ST Engineering Ltd., Managing Director of Singapore Agency for Science, Technology and Research, Chairman of Exploit Technologies Private Limited, Director of China-Singapore Suzhou Industrial Park Development Co., Ltd., Chairman of Singapore Changi Airport Enterprise Pte Ltd. Mr. Boon is the Chairman of Global Investments Limited and Allgrace Investment Management Private Limited, Director of Shin Corporation Plc, MIH Holdings Limited (South Africa) and Singbridge International Singapore Pte Ltd, Outside Director of Dongfeng Motor Corporation, Senior Advisor to Temasek Holdings (Private) Limited, Advisor to ST Engineering Ltd. Mr. Boon also holds an Adjunct Professorship at the Nanyang Technological University. He assumed Outside Director of China National Offshore Oil Corporation (CNOOC) in February He Gong Born in 1943, Mr. He Gong graduated from Wuhan Polytechnic University with a Bachelor of Science degree in Tractor Design and Manufacture in He started his career in 1966 as well. Mr. He had served as Vice Director and Party Leadership Group Member of Yunnan Electric Power Bureau, Director and Vice Party Secretary of Manwan Hydropower Station Engineering Management Bureau, Vice President and Party Leadership Group Member of State Power Corporation, preparatory group leader of China Huadian Corporation, and President & Party Secretary of China Huadian Corporation. He successively became Outside Director of Dongfang Electric Corporation and Independent Director of China Railway Group Limited. Mr. He assumed Outside Director of China National Offshore Oil Corporation (CNOOC) in February Xia Dawei Born in 1953, Mr. Xia Dawei graduated from Changchun University of Technology with a Bachelor of Science degree in Engineering Management in 1982 and received Master s degree in Industrial Economics from Shanghai University of Finance and Economics in Mr. Xia started his career in 1969, and had been a visiting researcher at Osaka City University, Dean of the School of International Business Administration, Assistant President, Vice President and Executive

15 CORPORATE GOVERNANCE 13 Vice President of Shanghai University of Finance and Economics successively. Mr. Xia is currently President and Party Secretary of Shanghai National Accounting Institute. He is a professor and an instructor for doctoral candidates Shanghai National Accounting Institute and an honorary professor of the Chinese University of Hong Kong. Mr. Xia also holds posts including Vice President of Chinese Industrial Economic Association, consultant of China Accounting Standards Committee of the Ministry of Finance, member of the Corporate Internal Control Standards Committee of the Ministry of Finance and member of the Expert Committee for Listed Companies of Shanghai Stock Exchange. Mr. Xia assumed Outside Director of China National Offshore Oil Corporation (CNOOC) in February Xie Zhongyu Born in 1943, Mr. Xie Zhongyu serves as Outside Director of China National Offshore Oil Corporation (CNOOC) in February He graduated from Beijing University of Chemical Technology with a Bachelor of Science degree in Process Instruments and Automation in Mr. Xie had served in a number of positions in the Ministry of Chemical Industry, including Director of Investigation and Research Department of Investigation and Research Office, Deputy Director General of Investigation and Research Office and Policy Research Office, Deputy Director General and Director General of Department of Policy, Laws and Regulations, and Director General of General Office. He was successively Deputy Director General and Party Leadership Group Member of State Petroleum and Chemical Industry Bureau, Chairman of the Board of Supervisors for Key State Owned Enterprises, and Director of Nuclear Power Technology Corporation. Mr. Xie assumed Outside Director of China National Offshore Oil Corporation (CNOOC) in February Chen Wei Born in January 1958, Mr. Chen Wei is a senior engineer (professor equivalent). He graduated from China University of Petroleum with a Bachelor of Science degree in Petroleum Engineering in 1982 and received an MBA degree from Tsinghua University in Mr. Chen has over thirty years of experience in the offshore oil industry since He successively assumed a number of positions including Vice Director of Development Department, Vice Director of Overseas Department, Vice Director of Information Department at CNOOC Research Center and then Vice Director of CNOOC Research Center, and General Manager of the Human Resources Department of CNOOC. In February 2002, Mr. Chen was appointed Senior Vice President of CNOOC Limited. He also served as General Manager of the Administration Department of CNOOC Limited, General Manager of the Human Resources Department of CNOOC Limited, Director and Party Secretary of CNOOC Research Center, General Manager of the Technology Development Department of CNOOC, President and Party Secretary of CNOOC Research Institute. In February 2012, Mr. Chen assumed Employee Director of CNOOC. Since March 2013, he has served as Assistant President of CNOOC, Executive Vice President of CNOOC Limited, and President of CNOOC Research Institute.

16 ANNUAL REPORT Management of the Board of Directors State-owned Assets Supervision and Administration Commission (SASAC) Board of Supervisors The Board of Directors Strategic Development Committee Nomination Committee Senior Management Remuneration and Assessment Committee Audit Committee Board Meeting In 2013, CNOOC s Board of Directors held six board meetings all together, at which approving 17 proposals, forming 17 resolutions and briefing 11 reports at the meetings. Session Time Approved Proposals The 6th Board Meeting held by the Board of Directors The 7th Board Meeting held by the Board of Directors The 8th Board Meeting held by the Board of Directors The 9th Board Meeting held by the Board of Directors The 10th Board Meeting held by the Board of Directors The 11th Board Meeting held by the Board of Directors January 7, 2013 February 25, 2013 April 24, 2013 July 18, 2013 September 2, 2013 October 24, 2013 It has examined and approved Company s Annual Operation Budget Program in 2013, Company s Planned Budget in Production & Construction in 2013, Company s Five-year Rolling Development Plans in , Company s Annual Tibet Poverty Alleviation & Public Welfare Donation Plans in Two reports concerning employee directors symposium of central enterprises have been heard at the meeting. It has examined and approved A Proposal Concerning Appointing Wang Jiaxiang as Vice President of CNOOC, and A Proposal Concerning Non-reappointing Wu Zhenfang as Vice President of CNOOC. It has examined and approved President s Annual Work Report in 2012, Company s Annual Final Accounts Program in 2012, Company s Annual Profit Distribution Plan in 2012, Proposal Concerning Annual Recruitment for the Financial Audit Institution, Company s Annual Internal Audit Report and Proposal Concerning Donation for Ya an Earthquake in Sichuan. Two reports about acquisition and integration of the Nexen Company have been heard at the meeting. It has examined and approved Proposal on Company s Operation Budget Adjustment, and Proposal on Delivery Amount Financing for BG Curtis Project. 3 reports concerning Company s production operation and management in the first half year have been heard at the meeting. It has examined and approved Proposal Concerning Invest-holding Company s Involvement in CMBC s Rationed Shares. It has examined and approved Proposal Concerning Guarantee Provided for LNG Procurement of Gas-electric Group International Trade Co., Ltd. and Annual Work Plans of Board of Directors in reports concerning Company s production operation and management in the first three quarters have been heard at the meeting.

17 CORPORATE GOVERNANCE 15 Special Committee Meetings In 2013, the Board of Directors Strategic Development Committee held two meetings and the Audit Committee held one meeting. Session Time Approved Proposal The First Meeting held by the Board of Directors Strategic Development Committee in 2013 The First Meeting held by the Audit Committee of the Board of Directors in 2013 The Second Meeting held by the Strategic Development Committee of the Board of Directors January 7, 2013 April 24, 2013 July 18, 2013 It has discussed Company s Annual Operation Budget Program in 2013, Company s Planned Budget in Production & Construction in 2013, and Company s Five-year Rolling Development Plans in Deliberations have been formed and reported to the Board of Directors. It has discussed Company s Annual Final Accounts Program in 2012, Company s Annual Profit Distribution Plan in 2012, and Proposal Concerning Annual Recruitment for the Financial Audit Institution, Company s Annual Internal Audit Report. Deliberations have been formed and reported to the Board of Directors. It has discussed Proposal on Company s Operation Budget Adjustment and Proposal on Delivery Amount Financing for BG Curtis Project. Deliberations have been formed and reported to the Board of Directors. The 6th Meeting of the Board of Directors of CNOOC Risk Management In 2013, CNOOC completed decision-making management methods for Three Major Decisions & One Large Amount of Capital Utilization ; sorted out examination & approval authorities, management interface and decision-making procedures in the Party Leadership Group, the Board of Directors, Management and every business unit, which covering examination & approval matters concerning 16 business categories and 82 business items (268 subitems); produced Authority Manual in line with current institutional systems; put forward Power Lists and made such powers public and transparent during implementation. Efforts were made to wholly renew 32 regulations in the Financial Management System, comprehensively revised 27 procurement regulationss, newly added 295 regulations. We carried out internal control examination & assessment for key fields. 1,008 business procedures and 2,185 key control points have been totally examined. With examination & approval of the Board of Directors, we delivered the Internal Control Assessment Report to the State-owned Assets Supervision and Administration Commission (SASAC). We focused on risk management & cultural construction, well completed special risks prevention and reported to the Audit Committee in a regular manner.

18 ANNUAL REPORT Other Senior Executives and Their Resumes Wu Guangqi Vice President, Party Leadership Group Member Li Hui Vice President, Party Leadership Group Member Lv Bo Vice President, Party Leadership Group Member Liu Jian Vice President, Party Leadership Group Member Li Fanrong Vice President, Party Leadership Group Member Wu Mengfei Chief Financial Officer, Party Leadership Group Member Wang Jiaxiang Vice President, Party Leadership Group Member

19 CORPORATE GOVERNANCE 17 Wu Guangqi Born in August 1957, Mr. Wu Guangqi is a senior economist (professor equivalent) and Certified Senior Enterprise Risk Manager. Mr. Wu graduated with a Bachelor of Science degree from the Ocean University of China and was a graduate student of the 4th Middle and Young Leaders Training Program from the Party School of the Central Committee of CPC. He also holds a Master degree in Management from China University of Petroleum and a Doctor s degree in Management from the China Petroleum University. He serves as a Vice President of CNOOC and a Member of CNOOC Party Leadership Group. Since 1994, Mr. Wu has been in the senior management positions of CNOOC and served as the Party Secretary and Vice President of CNOOC PetroTech Services, Director of the General Office, Assistant President and the Secretary of the Chinese Communist Party Committee, Party Leadership Group Member and the Chief Compliance Officer of CNOOC. In 2002, Mr. Wu was transferred and appointed to a temporary leading position by the Organization Department of the Communist Party of China Central Committee as the Deputy Director of the Engineering and Construction Department of China Three Gorges Project Corporation. Mr. Wu has also served as Director of China Institute of Internal Audit, Director of Asia Association of Risk and Crisis Management, Deputy Director of the China Risk Management Federation, Director of China Soong Ching Ling Foundation, Director of China Women s Development Foundation and Deputy President of China Association of Oceanic Engineering. In December, 2011, he assumed the position of Vice President and Party Committee Member of CNOOC. Li Hui From August 1987 to January 2000, Mr. Li Hui served in a number of positions in China National Metals & Minerals Import & Export Corp., including Deputy General Manager of the trade unit and President of its South American unit. Meanwhile, Mr. Li also served as Deputy General Manager of Beijing Economic-Technological Development Area from September 1998 to January From January 2000 to April 2010, Mr. Li served in Sinochem Group (named China National Chemicals Import & Export Corp. until 2003). From July 2000 to May 2001, he served as Assistant President of China National Chemicals Import & Export Corp. and Vice Director of Sinochem Oil Group. In May 2001, he was appointed as a Vice President and a Party Leadership Group Member of China National Chemicals Import & Export Corp., Director of Sinochem Oil Group and General Manager of Sinochem International Oil Co. In September 2009, he was appointed as a Vice President and a Party Leadership Group Member of Sinochem Group and General Manager of Sinochem Petroleum Exploration & Production Co., Ltd. In May 2010, Mr. Li was appointed as a Vice President and a Party Leadership Group Member of CNOOC. Since July 2011, he has also served as Chairman of the Board of China BlueChemical Ltd. And since November 2013, he assumed the position of Chairman of the Board of China Petrochemical Import & Export Co., Ltd. Lv Bo Born in November 1962, Mr. Lv Bo received a Bachelor of Science degree in Management from China University of Mining and Technology and an MBA degree from China Europe International Business School. Since 1985, he worked in the Ministry of Coal Industry, the Ministry of Energy and the Organization Department of the Communist Party of China Central Committee and served in a number of positions, including a Vice-Director-level official in the Personal and Labor Department of the Ministry of Energy, Vice Director and Director of the First Office of Economic and Technology Officials

20 ANNUAL REPORT Bureau of the Organization Department, Director of the First Office of the Fourth Officials Bureau and Director of the Second Office of the Fifth Officials Bureau of the Organization Department. Mr. Lv joined CNOOC in 2002 and in the year he was appointed Director of the Human Resources Department of CNOOC. In November 2006, Mr. Lv became an Assistant President of CNOOC. In November 2007, he was appointed a Party Leadership Group Member of CNOOC. In April 2010, Mr. Lv was appointed as a Vice President and a Party Leadership Group Member of CNOOC. Since December 2012, he has also served as Chairman of the Board of CNOOC Energy Technology and Services Limited, a subsidiary of CNOOC. In January 2014, he concurrently served as a Non-executive Director of CNOOC Limited. Liu Jian Born in March 1958, Mr. Liu Jian is a senior engineer. Mr. Liu graduated from Huazhong University of Science and Technology with a Bachelor of Science degree in Marine Internal Combustion Design in January 1982 and received his MBA degree in Management from Tianjin University in Mr. Liu joined CNOOC Bohai Corporation in 1982 and successively served as Oil Platform Section Chief, Vice Director of Maintenance Center, Vice Mine Director and Vice Mine Manager. Since January 1994, he served as Vice Manager of Oil Production Company, Director of the Production Department of Bohai Corporation, Manager of Oil Production Company, and General Manager of Oil Production Co., Ltd. In July 1999, he was appointed Deputy General Manager of Tianjin Branch of CNOOC (China) Limited. In May 2001, he was appointed Deputy General Manager of Zhanjiang Branch of CNOOC (China) Limited and later General Manager and Party Secretary of Zhanjiang Branch. Since April 2003, he successively served as a Senior Vice President of CNOOC Limited, General Manager of the Development and Production Department of CNOOC Limited, and an Executive Vice President of CNOOC Limited. In November 2006, Mr. Liu was appointed as an Assistant President of CNOOC. From February 2009 to October 2010, he also served as Vice Chairman of the Board, Chief Executive Officer, and Party Secretary of China Oilfield Services Limited. In May 2010, Mr. Liu was appointed as a Vice President and a Party Leadership Group Member of CNOOC. Since October 2010, Mr. Liu has served as Chairman of the Board of China Oilfield Services Limited and resigned as Chief Executive Officer. Since December 2010, he has also served as Chairman of the Board of China Offshore Oil Engineering Co., Ltd. Li Fanrong Born in October 1963, Mr. Li Fanrong is a senior engineer. He graduated from Jianghan Petroleum University with a Bachelor of Science degree in Oil Production Engineering, and later received an MBA degree with merit from Cardiff Business School in UK. Mr. Li joined CNOOC in From 1984 to 1989, he engaged in well testing in CNOOC Nanhai East Corporation. From 1990 to 1995, he served as a Production Supervisor and a Platform Manager of the ACT (Agip-Chevron-Texaco) Operators Group. From 1995 to 2005, he successively served as Production Department Manager of Liuhua Oilfield Joint Operation Organization, General Manager of Lufeng 22-1 Oilfield Joint Operation Organization, Deputy General Manager of CNOOC (China) Limited-Shenzhen Branch and concurrently the Chinese Chief Representative of CACT (CNOOC-Agip-Chevron-Texaco) Operators Group. In November 2005, he was appointed as General Manager of Development and Production Department of CNOOC Limited. In February 2007, he became the General Manager of CNOOC (China) Limited-Shenzhen Branch. In April 2009, he was appointed as an Assistant President

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