We will have three parts in today's presentation. Chairman Wang will have opening remarks, and Mr. Xie will give you update on the performance of the first half of 2021. Afterwards, we'll have a Q&A session. Now, may I pass the floor to Chairman Wang. Dear fellow shareholders and analysts, good afternoon. The epidemic has resurged recently. I hope that everyone will take appropriate prevention measures and take good care of yourselves and your families. Today, I am very delighted to hold the virtual analyst briefing of CNOOC Limited's 2021 interim results announcement, and share with you the good performance of CNOOC Limited in the first half of this year. In the first half of this year, the world economy recovered gradually, and global oil price went up in fluctuation. Nevertheless, because of the evolving pandemic and OPEC's agreement on curtailing production, economy recovery and global oil and gas supply and demand are facing uncertainties. In the face of the complicated external environment, CNOOC Limited strengthened the strategic guidance, steadily promoted production and operation, lifted reserve and production to a new level, maintained a good momentum in exploration, with net oil and gas production reaching a record high, which strongly consolidated the resource foundation for the company's high-quality development. The most encouraging landmark comes with that Lingshui 17-2, China's first large size independent offshore deepwater gas fields, commenced production successfully on June 25th, ahead of schedule, marking the historic leap of CNOOC Limited's capability towards 1,500 m ultra-deep water. The Shenhai-1, or Deep Sea No. 1 energy station, was put into production. It is the world's first 100,000-ton deepwater semi-submersible production and storage platform, which serves the production of Lingshui 17-2 gas fields. It was independently designed by CNOOC Limited, where we achieved a number of breakthroughs in key technologies. These major breakthroughs will effectively improve the company's reserve and production, further release the company's potential in natural gas supply capacity, and strongly support CNOOC Limited's low-carbon development strategy. At the same time, we took actions in line with trend and situation, seized the opportunity of oil price recovery, overcame the difficulties brought about by multiple factors, including rising commodity prices, and continued to strengthen our cost competitiveness. Our net profit increased substantially. In the first half of the year, when Brent crude oil prices averaged $65.2, our net profit reached a level similar to the same period of the years when Brent price was above $100, bringing substantial returns to our shareholders. It is not easy to achieve this remarkable progress. It is a result of collective wisdom and effort of the management and all our staff. In the first half of the year, affected by the U.S. sanctions, CNOOC Limited confronted pressure in the capital markets, and our shareholder structure changed greatly. We kept our focus on the business development, sustained good communication with the market. Thus, we secured confidence from the market and further strengthened and developed our shareholder bases. On behalf of the Board of Directors, I would like to express our sincere thanks to you all. To share with shareholders the results of the company's development, the board has decided to pay an interim dividend of HKD 0.30 per share for 2021. Looking into the future, I am very confident of the high-quality development of CNOOC Limited. We will make unremitting efforts to create value, strive all-out efforts for our annual targets, and achieve a more excellent annual result. We look forward to your continuous attention and support. Thank you. Thank you, Mr. Wang. Mr. Xie, please continue. Good afternoon, ladies, gentlemen. Welcome to CNOOC Limited 2021 interim result analyst briefing. Today, I will share with you our operating and financial performance in the first half of 2021. This slide shows the directors and management at today's meeting. Before we start, please take a moment to read the disclaimer on slide three. Let's turn to the next slide. Today, we will cover four parts. Firstly, an overview of macro environment. Secondly, our operating and financial results for the first half. Thirdly, our performance highlights, and lastly, outlook for the second half. Let's have a look at the macro environment. In the first half, we saw a strong global economy recovery. According to the World Bank, the global and China's economy will grow by 5.6% and 8.5% in 2021 respectively. At the same time, according to IEA, the global oil demands will grow steadily along with the global economy recovery. Global pandemic development continued to change, making the economic recovery uncertain. Let's turn to the oil price. International oil price rose significantly in the first half 2021, the average Brent price increased by 54.9% year-over-year. We could see oil price beyond 2021 will probably move around the current level. Faced with the complicated environment, we still achieve remarkable operating results through the concerted efforts of the whole company. Firstly, Lingshui 17-2 gas field was successfully put into production. This represents a major breakthrough in 1,500 m ultra deep water, independent exploration, and the development of the company. In addition, we have achieved significant results in reserve and production growth. In the first half, nine new discoveries were made, and 14 oil and gas structures were successfully appraised. Up to now, six new projects have successfully come on stream, and the net production has reached a new record high. Oil and gas sales revenue increased 51.7% year-over-year. Net profit reached RMB 33. 33 billion, and the EPS was RMB 0.75, a strong growth of 221% year-over-year. The table on slide 12 shows the summary of the first half results. As you can see, the production of crude oil and natural gas both maintain a good growth trend. With the increased oil price and the sales volume, our sales revenue and the net profit increased significantly year-over-year. Net production in China increased year-over-year, mainly due to the production contribution from new projects. In offshore China, seven new discoveries were made, and 14 oil and gas structure were successfully appraised. We also made two new discoveries in overseas. An update of new projects are summarized on Slide 15. Six out of 19 new projects planned for this year successfully commenced production. Others are progressing steadily as planned. Slide 16 shows changes of our key financial items. Now, I'll share with you the analysis of our net profit change. It can be seen that the main factors driving our net profit are the rise of realized oil prices and the sales volume. Meanwhile, our financial position remain healthy. Total assets were RMB 756 billion. Equity increased by RMB 23.7 billion, and our gear ratio decreased to 23%. Our free cash flow amounted to RMB 32.95 billion. Facing the pressure of rising commodity price, as well as RMB appreciation against the U.S. dollar, our all-in cost slightly decreased compared to the first half of 2019 before the pandemic, and our cost competitiveness is maintained. A closer look at OpEx and DD&A. OpEx was effectively controlled. A slight increase year-over-year was mainly due to certain oil fields scheduled overhaul, and a change in RMB exchange rate. DD&A also slightly increased year-over-year, mainly due to the changes in production mix and the RMB exchange rate. Both items were still lower than the level of the same period of 2019 before the pandemic. Let's move to the CapEx. In the first half, we steadily promoted exploration and development. CapEx was RMB 36 billion, 36%-40% of the annual CapEx plan, mainly because the workload is lower in the first half, and certain overseas project behind schedule due to the pandemic developments. We maintained annual CapEx budget of RMB 90 billion-RMB 100 billion. In light of the healthy cash flow, and to reward our shareholders, the board has approved an interim dividend of HKD 0.30 per share, tax inclusive. Now I'd like to share with you our performance highlights. To begin with, our net production reached a record high of 278.1 million BOE in the past decade. More importantly, our profitability was increased significantly. With average Brent price of $65.2 per barrel, net profit reached a level similar to the years when average Brent price was above $100 per barrel. As I mentioned earlier, our major project of Lingshui 17-2 gas field commenced to production successfully. In the future, it will provide a stable gas supply of more than 3 billion m3 for 10 years. It will also promote efficient development of surrounding and subsequent gas fields, and provide a low carbon energy supply to Guangdong, Hong Kong, and Hainan area. In the first half, we continued to promote the appraisal of middle to large size oil and gas fields, and expanded the venture exploration of new areas, new fields, new types, and new layers. In offshore China, we made progress in appraisal of Kenli 10-2, Luda 10-6, Wenchang 9-7, and the Baodao 21-1. In Guyana, two new discoveries were made in Stabroek Block. Total recoverable resources have exceeded 9 billion BOE. It is expected to be further enhanced. In the first half, Lingshui 17-2 gas field, Caofeidian 6-4 oil field, and other projects commenced the production ahead of schedule. Meanwhile, to stabilize the production of producing fields, various measures were taken, such as water control, infill drilling. We also accelerate the speed of well drilling and completion by optimizing operation procedures. We continue to focus on cost control and explore the law of cost reduction and efficiency enhancement, and established a cost control system to further strengthen our cost competitiveness. In the first half, impressive results were made in technology innovation. Shenhai-1 was put into production. It is the world's first 100,000 tons deep-water semi-submersible production and storage platform, which serves the production of Lingshui 17-2 gas field. New technologies were implemented to assist the development and the production. On low-carbon transition, we have implemented entire process of energy saving and emission reduction, increased the proportion of natural gas exploration and development, and consistently promoted onshore power supply projects. We also actively developed new energy business and continue to develop offshore wind power project. Offshore wind power project, not onshore. In terms of ESG management, we also attach the great importance of environmental protection, social responsibility, and corporate governance. We benchmark with our international peers and publish ESG report each year. As we can see, we have been well-recognized by the market. Health and safety are always our top priority. We strictly implement the regular prevention and control of pandemic to protect our staff. At the same time, we strengthen safety management, complete full inspection of major production facilities and drilling rigs, and made regular well control inspections. We continuously improved our safety management based on the lessons learned from V platform accident. Before we conclude, let's look forward for the future. Looking ahead, we will pursue a low-carbon development. We will leverage our comparative advantage to integrate the development of oil and gas business and the new energy business. We will also actively explore the diversification of energy structure, drive the development of offshore wind power project, and develop onshore photovoltaic and offshore wind power on a selective basis. In the second half, we will strive to achieve our annual production and operation targets, accelerate oil and gas production growth, strengthen cost control, and to create more value for our shareholders. This concludes today's presentation. Thank you. Thank you, Mr. Xie. We now begin our Q&A session. Ladies and gentlemen, we now go for questions. If you would like to ask a question, please press star 1 on your telephone touchpad. Allow me to repeat one more time. Ladies and gentlemen, we now go for questions. If you would like to ask a question, please press star one on your telephone touchpad. Our first question comes from Mr. Liu Peixian, CITIC Securities. Please continue. [Non-English content] Thank you very much for allowing me to be the first to ask question. I am Liu Peixian from CITIC Securities. First of all, I would also like to congratulate you on the very good results. Actually, this is the best half-yearly result from 2015 till now. My question is this: In the first half of this year, your CapEx was around RMB 36 billion. However, earlier on you gave a full year estimate of RMB 90 billion-RMB 100 billion, and the first half CapEx amount actually fell a lot short of this yearly estimate. There is a big gap in between. Can you give a guidance for the second half of the year in relation to the CapEx amount? My second question is related to your dual carbon strategy. Last year, you announced the carbon neutrality as well as the carbon peaking strategy. I would like to know whether there are any new updates in relation to the measures that you will put in place, and also the plans for the second half of this year. Thank you. [Non-English content] Thank you for your question. The CEO of CNOOC Limited, Mr. Xu Keqiang will take this question. Well, first of all, thanks for your attention to our CapEx. [Non-English content] The CapEx of the first half of the year was RMB 336 billion. [Non-English content] It is almost similar to the RMB 35.6 billion of last year's same period. [Non-English content] As for our capacity building, as just mentioned by our CFO, Mr. Xie Weizhi, for the whole year, we have 19 projects to be put into production, and most of them will be in the next half of the year. [Non-English content] Generally speaking, our CapEx is according to our schedule. [Non-English content] We have to admit that because of the COVID-19, some of the progress of our overseas non-operator projects is lagging behind. [Non-English content] Generally speaking, the progress is in line with our schedule. [Non-English content] For the next half of the year, more projects will be put into production in the next half of the year. In the first half, six projects were put into production, and for the next half, 13 projects will be put into production. [Non-English content] We can say that it is a testing challenge for the management capability of our senior management. [Non-English content] Despite of the challenges and difficulties, we are confident that we will fulfill our objective of the whole year CapEx target, that is RMB 90 billion-RMB 100 billion. [Non-English content] Thank you. [Non-English content] Thank you. Chairman Mr. Wang Dongjin will take your second question. [Non-English content] As for the carbon emission peak and carbon neutrality objective, CNOOC Limited has already taken actions. We have established our professional research institute, and we have launched our plan for peaking carbon emissions and carbon neutrality. [Non-English content] In the first half of the year, we have already taken a number of actions to promote our transition to a green and low carbon future. In the first half of the year, we have taken greater efforts to promote our work in energy saving and carbon emission reduction. We carry out measures for the carbon emission reduction of the whole process, and we reduce the waste emission of our onshore facilities. We also lift the proportion of our natural gas in the whole energy mix. We also turn to onshore power supply projects, and we have already established the Qinhuangdao and Caofeidian demonstration onshore power supply projects. [Non-English content] CNOOC has already established its new energy department to expand its new energy business. Our priority is offshore wind power, and we are promoting the progress of our offshore wind power business and projects. [Non-English content] In the future, according to our strategic plan of green and low carbon emission and transition, we will build a system for greener and lower carbon future and to promote our progress in this regard. [Non-English content] Firstly, we will leverage our comparative advantage and integrate the development of oil and gas business and new energy business. [Non-English content] We will continue to increase the supply of natural gas and promote green and low carbon products. It is estimated that by the year 2025, we will lift the proportion of natural gas in our total production from the current around over 20% to 35%. [Non-English content] Thirdly, we will accelerate the construction of green oil fields, focusing on energy saving and carbon reduction in the entire development process. [Non-English content] Fourthly, we will continue to develop our offshore wind power projects and develop onshore photovoltaic and onshore wind power on a selective basis. [Non-English content] In the 14th Five-Year Plan, we are going to spend 5%-10% of our CapEx to new energy business. We expect the yield to reach similar proportion. [Non-English content] We expect that in the future, by 2050, our non-fossil resources will account for over 50% of our total mix. Before. 2050. [Non-English content] Thank you. Thanks Mr. Wang and Mr. Xu for the answer and also the question. Ladies and gentlemen, we now go for questions. If you would like to ask a question, please press star one on your telephone touchpad. Our next question comes from Mr. Toby Xiang, Citibank. Please continue. [Non-English content] Congratulations on your excellent results. I have two questions. The first question is concerning your production volume and the growth rate. Actually, in the first half of the year, production volume increased fast. Actually, it was up around 7% point something to 8%. At the beginning of the year, a guidance was given at 555 MMboe. In other words, at that estimate, then the growth is about 5%. For the second half of the year, as said just now, there are 13 new projects that will commence production. At the end of the year, do you think that the actual production volume will even be higher than the 555 MMboe guidance given at the beginning of the year? My second question is about your new energy development and also offshore wind power. In the first half of the year, how much of your profit, what is the percentage of your profit is derived from wind power? In the future, I understand that there will be one to two more new projects coming up. Can you elaborate on more details? I know that by 2025, as said just now, 5%-10% of your profitability should come from wind power, and in 2050, 50%. Can you elaborate more on your wind power development, please? Thank you. [Non-English content] Thank you. CEO of CNOOC Limited, Mr. Xu Keqiang will take your first question. [Non-English content] In the first half of this year, our net production reached 278.1 million BOE. [Non-English content] It represents an increase of 7.9% year-over-year. [Non-English content] On the one hand, it can be attributable to our seizing the opportunity of the recovery of oil price. [Non-English content] In recent years, we've making unremitting efforts to the injection work of old oil fields. [Non-English content] We consolidate the stabilization of the production of old oil fields. [Non-English content] At the same time, we also tap the production capability of our capacity-building projects. [Non-English content] We can say that within half of the year, we already achieved half of our annual production target. [Non-English content] For the next half of the year, we can see a lot of uncertainties of the development of COVID-19. [Non-English content] The 13 projects commencement of production in the next year will also bring a lot of challenges to our resource allocations. [Non-English content] Currently, we will not adjust our annual production target. [Non-English content] The management of CNOOC Limited has the confidence to fulfill our annual production target that is 545 million-555 million BOE. [Non-English content] Of course, if in the next half of the year, the COVID-19 situation will be better and there will be fewer typhoons, and the capability of the management will be further lifted, I believe both you and me will welcome better results. [Non-English content] Thank you. [Non-English content] For your second question, Chairman of CNOOC Limited, Mr. Wang Dongjin will take this question. [Non-English content] For CNOOC Limited, new energy business is still a new field. Last September, CNOOC's first offshore wind power project, located in the sea area near Jiangsu, was connected to the grid and generate electricity. [Non-English content] The capacity of this project is 300,000 GW. [Non-English content] By far, we have achieved a quite good yield from our offshore wind power project. Since it is the first offshore wind power project of CNOOC Limited, so the size and scale of the project is relatively small compared to our other projects. [Non-English content] According to our preliminary plan, in the 14th Five-Year Plan, we will gain 500 -1,000 GW resources from offshore wind power. [Non-English content] Our power generated will reach 1.5 million GW. [Non-English content] In the future, we will gradually increase our investment in offshore wind power. [Non-English content] Thank you. Thanks Mr. Wang and Mr. Xu for the answer and also the question. Our last question is from Lu Chen, CICC. Please continue. [Non-English content] Let me introduce myself first. I am Lu Chen from CICC. I have three questions. The first question is about dividend payout in the first half of the year. In the first half, your dividend is at around HKD 0.30 per share. If you do a year-on-year comparison with last year, then it is around about 7.9%, more or less at the same level. I would like to know about your dividend and return to shareholders for the future. Is it true that your dividend policy is going to be guided based on your dividend payout? If you talk about investors in the Mainland, will there be some changes in relation to return to shareholders? My second question is about realization of natural gas price. Is there any correlation or any mechanism in between domestic and international natural gas price? Well, if so, what is the level and what is the mode of such mechanism? Let's say, if international natural gas price is rising, then in the second half of the year, is it true that natural gas price for CNOOC will also rise? My third question is related to your onshore solar photovoltaic energy and wind power strategy. In relation to your new energy development, what are your competitive advantages and what are your coming plans and strategies to develop these new energy business, especially solar and wind power? Thank you. [Non-English content] Thank you. CFO of CNOOC Limited, Mr. Xie Weizhi will take your first question. [Non-English content] In the opening speech of Chairman Mr. Wang Dongjin, he mentioned that the board has decided to pay HKD 0.30 dividend for the interim return to the shareholders, and the payout rate is 7.1%. [Non-English content] This result is our consideration about both the return to shareholders and our long term development. [Non-English content] We also did a benchmark with our peer companies. [Non-English content] As for the payout ratio, compared with that of the E&P companies that we have did some research, actually we are in the leading position. [Non-English content] Taking the international large and comprehensive oil majors in terms of payout ratio, actually we are still in the leading position. We are in top three. [Non-English content] We also note that there are more Chinese investors who buy our shares. [Non-English content] We will enhance our communication with our domestic shareholders to see their opinions of our dividend payout through roadshow. [Non-English content] As always, we will balance the relationship between the return to our shareholders and the company's long-term development. [Non-English content] Thank you. [Non-English content] Chairman of CNOOC Limited, Mr. Wang Dongjin will take your second and third question. [Non-English content] The price of natural gas, recently with the growth of domestic economy, we can see in the natural gas market that even in the lower season, we can still see a very sound demand of natural gas. [Non-English content] There is a correlation between the domestic natural gas price and international LNG price, but they're not the same. [Non-English content] Currently, we can see that this year, the demand and price of domestic natural gas is better than previous. [Non-English content] For the whole year, we might see a very good performance in the sales and revenue or profit of natural gas. [Non-English content] As for your third question about onshore photovoltaic. [Non-English content] Our plan for the onshore photovoltaic is to explore and develop the concentrated photovoltaic projects. It will be carried out through the partnership with large companies. [Non-English content] As for the distributed photovoltaic business, we will leverage our advantage in the integration and synergy of energy and distributed photovoltaic to develop relative business. [Non-English content] Currently, among all the new energy types, photovoltaic has a very competitive cost. [Non-English content] Even without the subsidies of the government, the photovoltaic is still competitive in price, even compared with coal-fired plants. More importantly, it is a clean energy. [Non-English content] Thank you. Thanks, Mr. Wang and Mr. Xie for this answer. Also, we appreciate all the questions. Ladies and gentlemen, this concludes today's presentation. Thank you very much for your attendance, and we hope to see you very soon. Goodbye.