CNOOC Limited announced that its existing financial services framework agreement with CNOOC Finance will expire on 31 December 2025. According to the announcement, both parties have signed a new framework agreement effective from 1 January 2026 to 31 December 2028, ensuring the continuation of deposit, loan, settlement, discounting, entrustment loans, and other related financial services for the group.

CNOOC Finance, a subsidiary of CNOOC (the actual controller of CNOOC Limited with approximately 62.13% shareholding), will provide services under the new agreement on a voluntary, non-exclusive basis. Under Hong Kong’s Listing Rules, CNOOC Finance is deemed a connected person; therefore, the depositary and certain secured loan services are subject to reporting, annual review, and announcement requirements.

The new caps for each service category include a maximum daily deposit balance (excluding entrustment loans) of RMB 37.3 billion and a maximum daily loan balance (including accrued interest) of up to RMB 50 billion. Service fees for other financial services (excluding settlement services) are capped at RMB 20 million annually. The announcement indicates that these transaction limits have been determined after consideration of the group’s business needs, risk management practices, and historical usage data.

In explaining its rationale for renewing the arrangement, CNOOC Limited highlighted CNOOC Finance’s familiarity with the group’s operations, regulatory oversight, historical credit performance, and advantageous service terms. The company emphasized that the agreement allows sufficient flexibility for CNOOC Limited to opt for other financial institutions if they offer more favorable terms.

Board members of CNOOC Limited, including its independent non-executive directors, affirmed that the new framework agreement is on normal commercial terms and serves the interests of the company and its shareholders. Certain directors with positions at CNOOC abstained from voting on the relevant board resolutions.