The Group is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. The Group mainly engages in exploration, development, production and sale of oil and natural gas.

The Group’s core operation areas are Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. Overseas, the Group has oil and gas assets in Asia, Africa, North America, South America, Oceania and Europe.

As at 31 December 2013, the Group owned net proved reserves of approximately 4.43 billion BOE, and its average daily net production was 1,127,967 BOE (unless otherwise stated, all amounts of reserve and production in this report include our interests in equity method investees). The Group had 17,553 employees and total assets of approximately RMB621.47 billion.