CNOOC Limited (the “Company,” stock codes 00883 HK, 80883 RMB, and 600938 SSE) published an announcement regarding the renewal of its Continuing Connected Transactions for 2026 to 2028. The arrangement remains subject to Independent Shareholders’ approval at an Extraordinary General Meeting scheduled on December 10, 2025.
According to the announcement, the Company entered into a new Comprehensive Framework Agreement on October 30, 2025, with its actual controller, China National Offshore Oil Corporation (“CNOOC”), setting forth a series of transactions between the Company and CNOOC and/or its Associates. These transactions span exploration, development, production and support services, sales of petroleum, natural gas, and renewable-energy power products (including green certificates), as well as management, technical, and ancillary services. Certain categories (notably development, production support, and specific long-term petroleum and natural gas sales) are classified as non-exempt, requiring Independent Shareholders’ approval.
The Company outlined proposed annual caps for each category of the Continuing Connected Transactions, referencing historical usages, anticipated project developments, and market factors. Major items include projected service fees for exploration, development, and production support activities, as well as estimated revenue from various petroleum and natural gas sales, including both short-term and long-term contracts. The announcement also details existing long-term agreements that extend beyond three years, such as FPSO vessel leases and natural gas sales contracts.
The Company will circulate a notice and related circular, including an independent financial adviser’s opinion, around November 7, 2025. It notes that CNOOC, which holds approximately 62.13% of the Company’s issued shares through its subsidiaries, must abstain from voting. Should the Independent Shareholders approve, the renewed transactions will take effect January 1, 2026, through December 31, 2028. For additional information on relevant pricing methods, proposed caps, and conditions, stakeholders are directed to the Company’s official circular and the forthcoming EGM notice.