Energy Supply

Oil and Gas Exploration, Development and Production

One of CNOOC Limited’s main responsibilities is to ensure the stable supply of crude oil and natural gas. To achieve this goal, the Company has pursued innovation in technology, management and equipment for a long time. The Company consistently overcomes difficulties in exploration, actively drives the integration of exploration and development in order to improve product quality and work efficiency. The Company continuously expands oil and gas reserves and production at a steady pace, and manages for better oil and gas development and production.

Technological Development

CNOOC Limited proactively implemented its “innovation-driven” strategy, deepened the reform of the technology system and mechanism, and kept improving its technological innovation system. Within the reporting period, the Company launched the construction of scientific research platforms such as the Key Laboratory of Geophysics, the Key Laboratory of Enhanced Oil Recovery, the Key Laboratory of Deepwater Engineering, and the Offshore High-temperature and High-pressure Oil and Gas Reservoir Exploration and Development Laboratory. Meanwhile, the “State Key Laboratory of Offshore Oil Exploitation” was assessed as “outstanding” in the evaluation by the Ministry of Science and Technology of China which is hosted once every 5 years. The construction and operation of the laboratory receives national recognition.

Product Service

CNOOC Limited follows international industry practices, benchmarks against peer performance, and complies with international and domestic quality management systems to produce and supply energy products. We provide clients with qualified crude oil and natural gas products in accordance with international standards, national standards jointly published by the State Administration for Market Regulation and the Standardization Administration of China, contractual provisions on natural gas quality agreed with clients, and the latest crude oil standard of GB 36170-2018.

Procurement Management

CNOOC Limited has established and implemented a series of management policies, including the Procurement Management Measures, Supplier Management Methods, and Bidding Management Methods. Based on these policies, the Company carries out supplier management and bidding procurement tasks, avoiding environmental and social risks caused by improper choice of suppliers. Since 2008, CNOOC Limited has continuously optimized supply chain management and implemented a supplier database management system. Upon the end of 2018, the Company had more than 3,500 suppliers, including about 270 overseas ones.