Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
Report of Foreign Private Issuer
 
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of April 2013

Commission File Number 1-14966
 
 
CNOOC Limited
(Translation of registrant’s name into English)
 
65th Floor
Bank of China Tower
One Garden Road
Central, Hong Kong
(Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F      X          Form 40-F ___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ___        No     X   

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  Not applicable

 
 

 
 
 
Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
     
CNOOC Limited
 
         
         
 
By:
 
/s/ Hua Zhong
 
 
Name:
 
Hua Zhong
 
 
Title:
 
Joint Company Secretary
 
Dated: April 9, 2013
 

 
 

 
 

EXHIBIT INDEX

 
Exhibit No. Description
99.1 Announcement dated April 8, 2013, entitled 2012 Hong Kong Annual Report”.
99.2 Announcement dated April 8, 2013, entitled Notice of Annual General Meeting”.
99.3 Announcement dated April 8, 2013, entitled Explanatory Statement Relating to General Mandates to Issue Securities and Repurchase Shares Re-Election of Directors and Change of Independent Auditors”.
99.4 Announcement dated April 8, 2013, entitled Form of proxy for the Annual General Meeting”.
99.5 Announcement dated April 8, 2013, entitled Notification Letter and  Request Form”.
 
 
 
 
 

 
 
 
5.
SEGMENT INFORMATION

 
(a)
Segment results and other information
In previous years, the Group reported three segments that comprised independent operations, operations under joint arrangements and trading business. The Group is engaged worldwide in the upstream operating activities of the conventional oil and gas, shale oil and gas, oil sands and other unconventional oil and gas business. Segmental reporting has been changed with effect from 2012, in line with the change in the way the Group’s businesses are managed by the chief operating decision makers. The Group now reports the business through three reporting segments: exploration and production (“E&P”), trading business and corporate. Within each segment, geographical segments are presented as well. Segment information for the year ended 31 December 2011 has been restated to conform to current year’s presentation.

The following table presents the segment financial information for the Group for the years ended 31 December 2012 and 2011.
 
2012
                                                     
                                 
Trading
                   
         
E&P
               
business
   
Corporate
   
Eliminations
   
Consolidated
 
                                                       
         
Asia
                                           
         
excluding
               
North
                         
   
PRC
   
PRC
   
Oceania
   
Africa
   
America
                         
                                                       
Sales to external customers:
                                                     
Oil and gas sales
    166,061       6,689       1,857       14,666       5,501                         194,774  
Marketing revenues
                                  50,771                   50,771  
Intersegment revenues
          3,345       1,116       9,838                         (14,299 )      
Other income
    756                         877             464       (15 )     2,082  
                                                                         
Total
    166,817       10,034       2,973       24,504       6,378       50,771       464       (14,314 )     247,627  
                                                                         
Segment results
                                                                       
Operating expenses
    (15,386 )     (2,352 )     (520 )     (1,223 )     (1,964 )                       (21,445 )
Taxes other than income tax
    (14,513 )           (338 )     (504 )     (247 )           (30 )           (15,632 )
Exploration expenses
    (5,768 )     (818 )     (1 )     (641 )     (1,603 )           (227 )     15       (9,043 )
Depreciation, depletion and
                                                                       
 amortisation
    (24,476 )     (1,434 )     (193 )     (4,350 )     (2,322 )           (128 )           (32,903 )
Special oil gain levy
    (26,293 )                                               (26,293 )
Impairment and provision
    (31 )                                               (31 )
Crude oil and product purchases
                                  (50,532 )                 (50,532 )
Selling and administrative expenses
    (1,799 )     (477 )     (27 )     (94 )     (116 )     (9 )     (855 )           (3,377 )
Others
    (131 )     (164 )           2       (837 )           (100 )           (1,230 )
                                                                         
Interest income
    6             3                         1,441       (448 )     1,002  
Finance costs
    (1,284 )     (40 )     (17 )     (539 )     (13 )     (4 )     (154 )     448       (1,603 )
Exchange gains/(losses), net
    2       (38 )     (2 )           427             (30 )           359  
Investment income
                                        2,567       (175 )     2,392  
Share of profits of associates
    71                                     213             284  
Share of losses of a joint venture
                                        (311 )           (311 )
Non-operating income, net
    896                                     12             908  
Income tax expense
    (19,435 )     (1,213 )     (228 )     (5,011 )     1       (2 )     (593 )           (26,481 )
                                                                         
Segment profit/(loss) for the year
    58,676       3,498       1,650       12,144       (296 )     224       2,269       (14,474 )     63,691  
                                                                         
Other segment information
                                                                       
Segment assets
    159,269       14,292       4,146       37,443       57,654       3,172       342,616       (186,539 )     432,053  
Investments in associates(2)
    1,080                                     2,777             3,857  
Investment in a joint venture(2)
                                        20,160             20,160  
                                                                         
Total assets
    160,349       14,292       4,146       37,443       57,654       3,172       365,553       (186,539 )     456,070  
                                                                         
Non-current assets(1)
    151,562       12,630       2,226       36,073       52,311       2       37,542       (14,261 )     278,085  
                                                                         
Segment liabilities
    (148,650 )     (5,664 )     (2,457 )     (30,621 )     (57,089 )     (3,020 )     (69,866 )     171,077       (146,290 )
                                                                         
Total liabilities
    (148,650 )     (5,664 )     (2,457 )     (30,621 )     (57,089 )     (3,020 )     (69,866 )     171,077       (146,290 )
                                                                         
Capital expenditures
    41,735       3,062       2       14,266       11,681       2       310             71,058  
                                                                         
 
 
 
 
101

 
 
 
 
 
2012 (Restated)
                                                                       
           
 
                             
Trading
                         
         
E&P
   
 
           
business
     
Corporate
     
Eliminations
     
Consolidated
 
                                                                         
           
Asia
                                                         
           
excluding
                   
North
                                 
   
PRC
   
PRC
   
Oceania
   
Africa
   
America
                                 
                                                                         
Sales to external customers:
                                                                       
Oil and gas sales
    163,386       7,638       2,096       14,841       1,318                         189,279  
Marketing revenues
                                  50,469                   50,469  
Intersegment revenues
          4,972       1,327       14,994                         (21,293 )      
Other income
    506                         4             766       (80 )     1,196  
                                                                         
Total
    163,892       12,610       3,423       29,835       1,322       50,469       766       (21,373 )     240,944  
                                                                         
Segment results
                                                                       
Operating expenses
    (13,954 )     (2,459 )     (490 )     (1,036 )     (325 )                       (18,264 )
Taxes other than income tax
    (9,566 )           (418 )     (299 )     (31 )           (18 )           (10,332 )
Exploration expenses
    (4,024 )     (220 )     (1 )     (194 )     (621 )           (240 )     80       (5,220 )
Depreciation, depletion and
                                                                       
 amortisation
    (23,716 )     (1,521 )     (229 )     (4,387 )     (562 )           (106 )           (30,521 )
Special oil gain levy
    (31,982 )                                               (31,982 )
Impairment and provision
    (22 )                                               (22 )
Crude oil and product purchases
                                  (50,307 )                 (50,307 )
Selling and administrative expenses
    (1,403 )     (629 )     (24 )     (46 )     (81 )     (10 )     (661 )           (2,854 )
Others
    (519 )     (266 )           (11 )                 (39 )           (835 )
                                                                         
Interest income
    14             3                         1,663       (484 )     1,196  
Finance costs
    (1,120 )     (23 )     (15 )     (642 )     (16 )     (2 )     (373 )     484       (1,707 )
Exchange gains/(losses), net
    84       (3 )     (1 )           174             383             637  
Investment income
                                        1,853       (25 )     1,828  
Share of profits of associates
    133                                     187             320  
Share of profits of a joint venture
                                        247             247  
Non-operating income/(expenses),
                                                                       
 net
    62       (59 )                             (566 )           (563 )
Income tax expense
    (19,264 )     (1,666 )     (273 )     (493 )     1       (6 )     (609 )           (22,310 )
                                                                         
Segment profit/(loss) for the year
    58,615       5,764       1,975       22,727       (139 )     144       2,487       (21,318 )     70,255  
                                                                         
Other segment information
                                                                       
Segment assets
    142,929       13,921       3,857       28,130       47,254       4,232       277,106       (156,162 )     361,267  
Investments in associates (2)
    1,100                                     1,722             2,822  
Investment in a joint venture (2)
                                        20,175             20,175  
                                                                         
Total assets
    144,029       13,921       3,857       28,130       47,254       4,232       299,003       (156,162 )     384,264  
                                                                         
Non-current assets (1)
    137,341       11,844       2,423       26,441       44,598       1       29,810       (7,482 )     244,976  
                                                                         
Segment liabilities
    (138,235 )     (4,653 )     (2,698 )     (23,893 )     (46,780 )     (4,100 )     (52,155 )     151,106       (121,408 )
                                                                         
Total liabilities
    (138,235 )     (4,653 )     (2,698 )     (23,893 )     (46,780 )     (4,100 )     (52,155 )     151,106       (121,408 )
                                                                         
Capital expenditures
    30,792       2,451       1       2,142       30,503             1,139             67,028  
 
 
 
(1)
The information on non-current assets above is based on the location of assets and excludes financial instruments and deferred tax assets.

 
(2)
Detailed information on investments in associates and investment in a joint venture is disclosed in note 19 and note 20, respectively.

 
(3)
In presenting the Group’s geographical information, revenues from external customers are based on the location where the revenues originate. 75% of the Group’s revenues are generated from PRC customers, and revenues generated from customers in other locations are individually less than 10%.

 
(b)
Information about major customers
The current year’s revenue of approximately RMB44,622 million (2011: RMB52,026 million) and RMB18,259 million (2011: RMB33,591 million) was derived from sales by the E&P segment in the PRC and the trading business segment to China Petroleum & Chemical Corporation and PetroChina Company Limited, respectively.

6.
OIL AND GAS SALES
 
             
   
Group
 
   
2012
   
2011
 
             
Gross sales
    198,428       195,759  
Less: Royalties
    (1,036 )     (3,134 )
   PRC government’s share of oil
    (2,618 )     (3,346 )
                 
Oil and gas sales
    194,774       189,279  
 
 
 
 
 
102

 
 
 

 
7.
SPECIAL OIL GAIN LEVY
In 2006, a Special Oil Gain Levy (“SOG Levy”) was imposed by the Ministry of Finance of the PRC (“MOF”) at the progressive rates from 20% to 40% on the portion of the monthly weighted average sales price of the crude oil lifted in the PRC exceeding US$40 per barrel. The MOF has decided to increase the threshold of the SOG Levy to US$55 with effect from 1 November 2011. Notwithstanding this adjustment, the SOG Levy continues to have five levels and is calculated and charged according to the progressive and valorem rates on the excess amounts. The SOG Levy paid can be claimed as a deductible expense for corporate income tax purposes and is calculated based on the actual volume of the crude oil entitled.


8.
PROFIT BEFORE TAX

The Group’s profit before tax is arrived at after charging/(crediting):
 
   
Group
 
   
2012
   
2011
 
             
Crediting:
           
Interest income from bank deposits
    (1,002 )     (1,196 )
Exchange gains, net
    (359 )     (637 )
                 
Investment income:
         
 – Net gain from available-for-sale financial assets
    (1,869 )     (1,695 )
 – Net gain from held-to-maturity financial assets
    (523 )     (133 )
                 
      (2,392 )     (1,828 )
                 
Charging:
               
Auditors’ remuneration:
 
 – Audit fee
    24       19  
 – Other fees
    12       3  
                 
      36       22  
                 
Employee wages, salaries, allowances and social security costs
    2,537       1,527  
                 
Equity-settled share option expenses
    50       143  
                 
Depreciation, depletion and amortisation:
 
 – Property, plant and equipment
    33,098       30,397  
 – Intangible assets
    200       204  
 – Less: Net amount capitalised
    (395 )     (80 )
                 
      32,903       30,521  
                 
Operating lease rentals:
 
 – Office properties
    158       133  
 – Equipment
    1,383       1,616  
                 
      1,541       1,749  
                 
Repairs and maintenance
    4,229       3,011  
Research and development costs
    1,420       850  
Provision for inventory obsolescence
    31       22  
Loss on disposal of property, plant and equipment
    19       187  
Insurance compensation on disposal of property, plant and equipment
    (390 )     (93 )
Gain on disposal of a subsidiary
          (372 )
Donation to the CNOOC Marine Environmental and
 
 Ecological Protection Public Welfare Foundation
          500  
 
 
 
 
103

 
 

 
9.
FINANCE COSTS
 
             
   
Group
 
   
2012
   
2011
 
             
Interest on bank loans which are repayable within five years
    503       637  
Interest on other loans
    1,145       921  
Other borrowing costs
    183       30  
                 
Total borrowing costs
    1,831       1,588  
Less: Amount capitalised in property, plant and equipment (note 16)
    (1,549 )     (1,150 )
                 
      282       438  
Other finance costs:
         
Unwinding of discount on provision for dismantlement (note 29)
    1,359       1,312  
Others
    (38 )     (43 )
                 
      1,603       1,707  
 
The interest rates used to determine the amount of related borrowing costs for capitalisation varied from 1.06585% to 6.375% (2011: from 0.9455% to 6.375%) per annum during the year ended at 31 December 2012.

10.
KEY MANAGEMENT PERSONNEL’S REMUNERATION
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of the Company.

 
(i)
Directors’ remuneration
 
 
 
 
104

 
 
 
 
 
                               
                               
         
Salaries,
               
Total
 
         
allowances
   
Performance
   
Pension
   
paid/payable
 
         
and benefits
   
related
   
scheme
   
during
 
   
Fees (1)
   
in kind (1)
   
bonuses (1)
   
contributions
   
the year
 
   
RMB’000
   
RMB’000
   
RMB’000
   
RMB’000
   
RMB’000
 
                               
2012
                             
Executive directors:
                         
Li Fanrong (2)
    773                   81       854  
Wu Guangqi
    773                   72       845  
                                         
Subtotal
    1,546                   153       1,699  
                                         
Non-executive directors:
                         
Wang Yilin (3)
    848                         848  
Yang Hua (5)
    773                         773  
Zhou Shouwei (6)
    788                         788  
Wu Zhenfang
    773                         773  
                                         
Subtotal
    3,182                         3,182  
                                         
Independent non-
                                 
 executive directors:
                         
Chiu Sung Hong
    862                         862  
Lawrence J. Lau
    773                         773  
Tse Hau Yin, Aloysius
    895                         895  
Wang Tao
    773                         773  
                                         
Subtotal
    3,303                         3,303  
                                         
Total
    8,031                   153       8,184  
                                         
2011
                                       
Executive directors:
                                 
Li Fanrong (2)
    788                   75       863  
Wu Guangqi
    788                   73       861  
                                         
Subtotal
    1,576                   148       1,724  
                                         
Non-executive directors:
                         
Wang Yilin (3)
    591                         591  
Fu Chengyu (4)
    197                         197  
Yang Hua (5)
    788                   68       856  
Zhou Shouwei (6)
    879                         879  
Wu Zhenfang
    788                         788  
                                         
Subtotal
    3,243                   68       3,311  
                                         
Independent non-
                                 
 executive directors:
                         
Edgar W. K. Cheng (7)
    722                         722  
Chiu Sung Hong
    879                         879  
Lawrence J. Lau
    788                         788  
Tse Hau Yin, Aloysius
    913                         913  
Wang Tao
    788                         788  
                                         
                                         
Subtotal
    4,090                         4,090  
                                         
Total
    8,909                   216       9,125  
 
 
 
 
105

 
 
 
 
Share options (8)
       
             
   
2012
   
2011
 
   
RMB’000
   
RMB’000
 
             
Executive directors:
       
Li Fanrong (2)
           
Wu Guangqi
    2,965       4,687  
                 
Subtotal
    2,965       4,687  
                 
Non-executive directors:
 
Wang Yilin (3)
           
Yang Hua (5)
    3,762       5,483  
Zhou Shouwei (6)
    2,874       5,503  
Wu Zhenfang
    2,874       4,596  
                 
Subtotal
    9,510       15,582  
                 
Independent non-executive directors:
 
Edgar W. K. Cheng (7)
           
Chiu Sung Hong
           
Lawrence J. Lau
           
Tse Hau Yin, Aloysius
             
Wang Tao
           
                 
Subtotal
           
                 
Total
    12,475       20,269  
 
 
Notes:

 
(1)
Fees, salaries, allowances, and benefits in kind represent the gross amount (before applicable individual salary tax) paid/payable to individual directors. All the executive directors have voluntarily waived their salaries, allowances, benefits in kind and performance related bonuses in 2012 and 2011.

 
(2)
On 23 November 2011, Mr. Li Fanrong was appointed as the Chief Executive Officer of the Company.

 
(3)
On 15 April 2011, Mr. Wang Yilin was appointed as the Chairman of the Board of Directors and Non-executive Director of the Company. On 28 March 2012, Mr. Wang Yilin was appointed as the Chairman of the Nomination Committee.

 
(4)
On 15 April 2011, Mr. Fu Chengyu resigned as the Chairman of the Board of Directors and a Non-executive Director of the Company.

 
(5)
On 23 November 2011, Mr. Yang Hua resigned as the Chief Executive Officer of the Company and was re-designated from an Executive Director to a Non-executive Director of the Company and continues to serve as the Vice Chairman of the Board of Directors.
 
 
 
 
106

 
 
 
 

 
 
(6)
On 28 March 2012, Mr. Zhou Shouwei ceased serving as Chairman and a member of the Nomination Committee.

 
(7)
On 3 November 2011, Mr. Edgar W. K. Cheng resigned as an Independent Non-executive Director and a member of the Nomination Committee of the Company.

 
(8)
This item represents the fair value of share options for the directors measured according to the Group’s accounting policy as set out in Note 3. No Directors exercised any share option in 2011 or 2012. During the year, no new share option was granted to Directors in respect of their services to the Group under the applicable share option schemes of the Company. Further details of share option scheme and valuation techniques are set out in note 30 to the financial statements and pages 51 to 53 of the Report of the Directors.

Save as disclosed above, there was no arrangement under which a director waived or agreed to waive any remuneration during the year.

 
(ii)
Other key management personnel’s (excluding Directors’) remuneration
 
             
   
2012
   
2011
 
             
Short term employee benefits
    6       6  
Pension scheme contributions
    1       1  
                 
Amount paid/payable during the year
    7       7  
Share options*
    21       27  
                 
      28       34  
 
The bands of the remuneration of other key management personnel (excluding Directors) and the related number of members of other key management personnel (excluding Directors) are as follows:
 
             
 
 
Number of employees
 
   
2012
   
2011
 
             
Nil to RMB2,000,000
    1       2  
RMB2,000,001 to RMB5,000,000
    7        
RMB5,000,001 to RMB6,000,000
          6  
RMB6,000,001 to RMB7,000,000
           
                 
      8       8  
 
 
*
This item represents the fair value of share options measured according to the Group’s accounting policy as set out in Note 3. No other key management personnel exercised any share option in 2012 or 2011.

 
 
 
107

 
 
 
 

 
11.
FIVE HIGHEST PAID EMPLOYEES
During the year, none (2011: one) of the directors, details of whose remuneration are disclosed in note 10 (i) above, received an amount which falls within the category of the five highest paid employees. Details of the remuneration of the five (2011: four) highest paid employees, who are not the directors, for the year are as follows: