CNOOC-Annual-Report-2009

ChiefEditor:WuWenlaiCoordinators:XuHuiyuan,LinJiangongEditors:FuRaoli,GaoYiChinaNationalOffshoreOilCorporation2009AnnualReportPresidentHuJintaoVisitsCNOOCFabricationYardinQingdaoOnApril22,2009,HuJintao,ChinesePresidentandGeneralSecretaryoftheCPCCentralCommittee,paidaninspectionvisittoCNOOCQingdaoOffshoreOilEngineeringFabricationYard.PresidentHulistenedtoCNOOCPresidentFuChengyu’sreportonthedevelopmentoftheoffshoredeepwaterexploration,andmetwithmodelworkersandtechnologicalexpertsfromCNOOC.PresidentHuencouragedCNOOCtomakecontinuouseffortsontechnologicalinnovationsforoffshoreoilandgasdevelopmentandmakemorecontributionstothenationaleconomicdevelopment.PoweredbyInnovationPoweredbyInnovationPoweredbyInnovationPoweredbyInnovationContentsCompanyProfileLetterfromthePresidentBusinessStructureOperationHighlightsBusinessReviewUpstreamMidandDownstreamTechnicalandLogisticsServicesFinancialServicesAlternativeEnergyManagementInternalControlEmployeeHealthandSafetyResearchandDevelopmentCorporateCultureHumanResourcesCorporateResponsibilityEnergyConservationandEmissionReductionPublicWelfareManagementTeamMajorEventsCompanyHonorsAffiliates0506091123243036404449505458626671727682848687ChinaNationalOffshoreOilCorporation(CNOOC)isthelargestoffshoreoilandgasproducerinChina.Establishedin1982,theCompanyhasitsheadquartersinBeijing.Itnowhas65,800employeesandregisteredcapitalofRMB94.9billion.CNOOChasmaintainedrapidgrowthandareputationforqualitysinceitsincorporation.Ithasevolvedfromanupstreamcompanyintoanintegratedenergycompany,possessinghighperformancecorebusinessandotherrelatedbusinessesalongthevaluechain.TheCompanyisbuiltuponsynergeticbusinessportfoliosincluding:upstream(oilandgasexploration,development,productionandsales);midanddownstream(gasandpower,chemicals,refinery,fertilizers);technicalservices(oilfieldservices,offshoreoilandgasengineeringandconstruction,logisticsservices);financialservices;andalternativeenergy.Inrecentyears,theCompanyhasimplementedeffectivemeasuresforcorporaterestructuring,capitaloperation,overseasacquisitionandexpansionintomidanddownstreambusinesses.Wehaveexperiencedaboomperiodwithimprovedoverallcompetitivenessinconjunctionwithanoutstandingreputationasanefficientinternationaloilcompany.GuidedbythecorporatevaluesofWin-win,Responsibility,Integrity,Innovation,Human-oriented,CNOOCwillcontinueitsfocusonscientificgrowth,synergeticandcostefficientdevelopment,thecultivationofastrongworkforce,andcompetitivenessinresearchanddevelopment.Throughsustainablegrowthandinnovation,theCompanyaimstobecomeaworld-classinternationalenergycompany.CNOOCistheparentcompanyofagroupofsubsidiariesandaffiliates.“We”,“theGroup”and“theCompany”inthisreportallrefertoCNOOC.CompanyProfile04CNOOCAnnualReport2009／CompanyProfileCNOOCAnnualReport2009／CompanyProfile05LetterfromthePresidentDearfriends:Whenyouhavethisannualreportathand,weallwillbegratifiedtoseethattheworldeconomyisgraduallycomingbackontothetrackofrecovery.Thefinancialcrisis,however,isstillovershadowingtheworld,andmanyuncertaintiesarestillaroundinthemacroeconomicenvironment.Whenitcomestothepetroleumindustry,thoughoilpriceshavegoneuptoadegree,thefragilityofthebasisforglobaleconomicrecoveryandthedifficultyinthetransformationofgrowthpatternscontinuetoharshlychallengeourdevelopmentendeavorsinmanyways.Theyear2009witnessedkaleidoscopicchangesinmacroeconomicsituations.ButCNOOC,asalways,continuedtoserveandcontributetotheneedsofourworld,positivelyfacingalleconomichardshipswithaninitiativestance.Oursolideffort,properlyrespondingtothetestofthedecliningeconomy,simultaneouslyachievedanincreaseofoilreserveandproduction,andensuredcoordinateddevelopmentofbothupstreamandmidanddownstreamaswellassteadyadvancementofbothreformandgrowth.Ourfineaccomplishmentshavesurpassedourexpectations.In2009,ouroilandgasproductionreached47.66milliontonsofoilequivalentandweproduced32milliontonsofrefineryandchemicalproducts.WeachievedsalesrevenueofRMB209.6billionandatotalprofitofRMB52.4billion.Bytheendof2009,ourtotalassetshadamountedtoRMB518.3billion,anincreaseof20.4%.Lookingbackoverthechallengingyearof2009whenwesteadfastlymarchedalongonmanyaroughandbumpypath,notonlyarewegratifiedwithwhatwehaveaccomplished,butwehavemanythoughtstosharewithyou.Responsibilitiesignitestrength,andtheirfulfillmentwinsrespect.Asalargeenergycompany,weshouldermajorresponsibilities,thecoreofwhichismeetingtheworld’severincreasingenergydemand.Onlyifwekeepdeepeningtheawarenessofourresponsibilitiesandtheirfulfillment,canwegrowanddevelopourselvesatthesametimeascreatinggreaterwealthforsocietyasawhole.Scientificdevelopmentispossibleonlybyfollowinglawsofdevelopment.Overtheyears,wehavehonoredthelawsofthemarketeconomy,ofindustrialdevelopment,andofcorporativeprogress.Accordingtoourcompany’scharacteristics,wehavesuccessfullyworkedoutadevelopmentalpatternof“market-orientedexpansion,professionaloperation,differentiatedcompetition,andgroupmanagement.”Thisuniquepatternhasguidedouradvancementandenhancedourcapabilitytoproactivelyfacetheeconomiccrisis.FuChengyuCNOOCPreside