CNOOC PETROLEUM EUROPE LIMITED
Company number: 01051137
Reporting period:
1 January 2023 to 30 June 2023
Report filed on:
24 July 2023
Approved by:
Ma Qiang
Payment statistics
Average time taken to pay invoices: 28 days
Invoices paid:
- within 30 days: 95%
- in 31 to 60 days: 4%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 7%
Payment terms
Shortest standard payment periods
10 days
Longest standard payment period
30 days
Standard payment terms
The standard payment term for third party invoices is 30 days. There are shorter payment terms for a very small number of contracts. Intercompany invoices are generally settled annually although some payments are settled more frequently.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
The maximum payment term for third party invoices is 30 days. There are shorter payment terms for a very small number of contracts. Intercompany invoices are generally settled annually although some payments are settled more frequently.
Any other information about payment terms
No further comment provided
Dispute resolution process
The Accounts Payable team is responsible for communicating on invoices that are in dispute to vendors. o If an invoice is incorrect or has been rejected by the business, the Accounts Payable assistant will return the invoice to the vendor by email with a covering letter explaining the reason for the rejection. o If the query is something that can be resolved quickly, the Accounts Payable assistant will contact the vendor by phone or email to request the relevant information. The invoice reviewer also sometimes contacts the vendor directly for clarification. o For invoices that are submitted electronically via OpenInvoice (third party web-based system) a note is entered in OpenInvoice to explain the reason for the dispute and sent electronically to the vendor. o The vendor is expected to resolve the dispute with their responsible contact or provide the required backup/information and resubmit their invoice.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: NSTA Stewardship Expectation 12
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No