Breaking News

tvmarketpulse.com
cnooc limited charts a sustainable future with impressive 2023 esg report 27

Business

CNOOC Limited Charts a Sustainable Future with Impressive 2023 ESG Report

reading

Benjamin Hughes

April 2, 2024 - 08:58 am

reading

CNOOC Limited Unveils 2023 ESG Report, Emphasizing High-Quality Development and Community Empowerment

HONG KONG, April 2, 2024 /PRNewswire/ -- In a significant development today, CNOOC Limited, a leading global energy company, made public its comprehensive 2023 Environmental, Social, and Governance (ESG) Report. The report was released in Hong Kong, reflecting the company's commitment to transparency and sustainability. As detailed in the ESG report, CNOOC Limited primarily focuses on four strategic areas to ensure sustainable growth while adhering to its corporate social responsibilities.

Strengthening ESG Management

The importance of a robust ESG framework cannot be overemphasized in today's corporate world. CNOOC Limited recognizes this imperative, having positioned their ESG report as a crucial tool for disclosing compliance-related information and reinforcing sustainable development. It serves as a bridge to facilitate clearer communication with stakeholders, demonstrating the company's commitment to mutual benefit and cooperation.

The company’s initiatives and performance in the ESG domain did not go unnoticed. In 2023, CNOOC Limited received remarkable recognition reflected in prestigious awards such as the "Gold Award" at The Asset ESG Corporate Award, and "Best ESG" title by Institutional Investor. Moreover, the company found its name on illustrious rosters like "Forbes China Sustainable Development Industrial Enterprises TOP50 Selection" and "China Listed Company Value Awards ESG100" by Securities Times.

Corporate Governance and Risk Management

A company's longevity is largely dependent on the effectiveness of its governance and risk management frameworks. In alignment with this belief, CNOOC Limited has continually enhanced its corporate governance, emphasizing legal operations and adherence to high ethical standards. To ensure rigorous risk control and management, the company established the ESG Leading Group and an ESG Management Office beneath the Strategy and Sustainability Committee. This organizational structure enables the company to address climate change and associated challenges proactively.

Innovation-Driven Energy Supply Enhancement

Evolving in line with the changing energy landscape, CNOOC Limited has adopted an innovation-driven strategy that focuses on increasing reserves and advancing scientific and technological growth. 2023 saw the company making remarkable discoveries, including four significant oilfields and a sizeable deep coalbed methane field, which have raised net proved reserves and production to unprecedented levels.

Technological innovation remains central to the company's successes, with key research projects bolstering the energy supply chain. One such achievement is the production from China’s first operational deepwater subsea system designed for depths surpassing 500 meters. The digital transformation of core business operations also saw significant advancements, with Qinhuangdao 32-6 oilfield achieving a 90% digital coverage milestone. Recognition of these efforts came in the form of nine provincial and ministerial-level science and technology awards.

Path to Clean and Low-Carbon Development

In its pursuit of sustainable energy production, CNOOC Limited has charted a clear course towards a clean, low-carbon future. Through investments exceeding RMB 536 million in energy conservation projects, the company has significantly reduced its carbon footprint by saving nearly 293,000 tons of standard coal and decreasing carbon dioxide emissions by 749,000 tons.

China’s maritime energy landscape marked a transformative leap forward with the "Haiyou Guanlan," the country’s first offshore floating wind power platform. This project, integrated with Wenchang oilfields' grid, exemplifies a major step towards green electricity for offshore oil and gas operations by offsetting 22,000 tons of carbon annually. The Bohai onshore power project's completion lays the groundwork for a comprehensive onshore-offshore power supply network targeted for 2025.

Adding to these achievements is the inauguration of China's pioneering offshore Carbon Capture and Storage (CCS) project at Enping 15-1, which boasts a storage volume capacity over one million tons. The company has also made considerable progress with the Daya Bay CCS/CCUS cluster research and demonstration project.

Empowerment through Social Responsibility

True to its advocacy for social responsibility, CNOOC Limited has been vigorously expanding its philanthropic efforts, ensuring the fruits of its progress are equitably shared. The company's steadfast belief in the value of its workforce has led to concerted efforts in safeguarding employee rights and interests. Staff career development opportunities are also continuously cultivated and optimized.

Under the banner of the "EMPOWER" initiative, CNOOC Limited actively engages in community co-development. This initiative encompasses seven key areas: facilitating educational equity, enhancing medical support, ecological conservation, fostering communication, promoting well-being, supporting emergency assistance, and contributing to rural revitalization. These efforts stand as testament to CNOOC Limited's commitment to societal contributions, with the company creating over 21,000 jobs globally, participating in 46 maritime rescues, and channeling RMB 158.14 million towards donations and public welfare in 2023.

Looking Ahead with Determination

CNOOC Limited remains resolved to be a leading entity in the energy sector, championing reserve augmentation, advocating green and low-carbon initiatives, and constructing a harmonious society. The Chairman of CNOOC Limited, Mr. Wang Dongjin, reiterated the resolve stating, "We will continue to seek progress in the integrated development of the economy, environment, and society. By refining our ESG approach and fortifying our governance, energy supply, innovation, and value creation capabilities, we aspire to build a world-class energy company and actively promote the peerless development of the economy and society."

Notes to Editors:

For more information about CNOOC Limited, visit the corporate website at www.cnoocltd.com.

Forward-Looking Information Disclosure

This news release includes forward-looking statements that offer a gaze into the potential future developments of CNOOC Limited and its subsidiaries. Predicted future events, business prospects, and financial outcomes are subject to a variety of interpretations and indications, such as "expect," "anticipate," "continue," and other expressions of similar nature. These forward-looking assertions derive from current assumptions and analyses based on the company's experiences, historical trends, and expectancy of future development, influenced by various relevant factors the company deems appropriate.

However, it is important to recognize that actual results may diverge from these expectations, due to an array of influencing factors, such as oil and natural gas price volatility, macro-political and economic shifts, and changes in tax regulations within host countries. The competitive nature of the oil and gas industry, environmental responsibilities, compliance obligations, forecasted prices, exploration activities, corporate transactions, and adjustments in laws concerning corporate governance are additionally influential.

Thus, CNOOC Limited extends a cautionary note that any forward-looking statements made may not accurately reflect actual results or their anticipated impact on the company's operations or business endeavors.

Media and Contact Information

For additional information or any further inquiries, please contact: Ms. Cui Liu Media & Public Relations CNOOC Limited Tel: +86-10-8452-6641 Fax: +86-10-8452-1441 Email: [email protected]

Mr. Bunny Lee Porda Havas International Finance Communications Group Tel: +852 3150 6707 Fax: +852 3150 6728 Email: [email protected]

CNOOC Limited at a Glance

CNOOC Limited stands tall as an industry behemoth, with its enviable portfolio of assets and an unwavering dedication to pushing the boundaries of energy innovation. As registered on the Stock Exchange of Hong Kong (SEHK: 00883 for the HKD counter and 80883 for the RMB counter) and Shanghai Stock Exchange (SSE: 600938), the company represents a formidable force in the global energy markets.

The ESG Report reinforces CNOOC Limited's position as a forward-thinking organization that prioritizes not only business success but also the sustainable development of communities and environments worldwide.

Closing Statements

In conclusion, CNOOC Limited continues to be a paragon of corporate responsibility, unwavering in its dedication to a sustainable future. With the unveiling of its 2023 ESG Report in Hong Kong, the company showcases its drive for excellence in every facet of its operations, from pursuing energy efficiency to empowering communities and maintaining transparent communication with stakeholders. It is clear that CNOOC Limited is set to forge ahead on its journey, continually challenging itself to set new standards in the energy sector and contribute positively to the global society.

— End —