CNOOC Limited (Stock Codes: 00883 (HKD Counter), 80883 (RMB Counter) and 600938 on the SSE) has released details regarding the proposed renewal of multiple continuing connected transactions with its controlling shareholder, China National Offshore Oil Corporation (CNOOC), and/or its associates. These transactions are planned to extend from 1 January 2026 to 31 December 2028, and certain components require Independent Shareholders’ approval due to relevant listing rules.

The agreements cover provision of exploration, development, production, sales, management, ancillary services, exploration and production support, and natural gas sales arrangements. Several categories, such as development services and sales of petroleum products, are designated 「Non-exempt Continuing Connected Transactions」 and therefore require approval from Independent Shareholders. Proposed annual caps have been set for each transaction category, reflecting anticipated operational needs and budget forecasts for field development, production schedules, and market pricing assumptions.

CNOOC Limited states that the renewing framework will ensure stable access to specialized offshore exploration, production, and ancillary support. The company believes the agreements, priced mainly on a market basis or by reference to government-prescribed parameters, are fair and reasonable. An Extraordinary General Meeting is scheduled on 10 December 2025 to seek approval from Independent Shareholders, with a share register closure from 5 December to 10 December 2025. Detailed information, including caps for each transaction category, will be provided in a circular expected to be distributed around 7 November 2025.