Minor Oil Leak Occurred in the Subsea Pipeline in Jizhou 9-3 West Oilfield

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Oct 14, 2011, 03:13 ET

HONG KONG, Oct. 14, 2011 /PRNewswire-Asia/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 0883) announced today that, on October 14, an oil sheen was discovered near Jinzhou 9-3 West oilfield in Bohai Bay. Until now, the company has been effectively cleaning up the oil sheen on the sea surface.

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According to investigation, the oil spill was caused by the leak from a subsea connecting pipeline damaged by a work vessel during its operations. Initial estimate indicated the amount of leakage was about 0.38 cubic meters.

After the incident occurred, CNOOC Limited immediately activated emergency response procedures, shut down the operations at Platform B of the oilfield and cut off the leaking source. In the meantime, the Company took effective measures to clean up the oil sheen as well as sent divers to survey the damaged subsea pipeline and seal the leaking source. Affected by the shutdown, the production is reduced by approximately 1,600 barrels per day.

Jinzhou 9-3 West oilfield is an independent oilfield of the Company. CNOOC Limited holds 100% interest and acts as the Operator.

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "believe", "intend", "expect", "anticipate", "project", "estimate", "plan", "predict" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analysis made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes reasonable under the circumstances. However, whether actual results and developments will meet the Company's expectations and predictions depends on a number of risks and uncertainties which could cause the actual results, performance and financial conditions to differ materially from the Company's expectations, including those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, the highly competitive nature of the oil and natural gas industries, the foreign operations, environmental liabilities and compliance requirements, and economic and political conditions in the People's Republic of China. For a description of these and other risks and uncertainties, please see the documents the Company has filed from time to time with the United States Securities and Exchange Commission, including 2010 Annual Report on Form 20-F filed on April 29, 2011.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the actual results or developments anticipated will be realized or, even if substantially realized, that they will have the expected effect on the Company, its business or operations.

For further enquiries, please contact:
Mr. Jiang Yongzhi
Joint Company Secretary and General Manager of Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1731
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Ding Jianchun
Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-2973
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Angela Hui
Ketchum Newscan Public Relations Ltd
Tel: +852-3141-8091
Fax: +852-2510-8199
E-mail: [email protected]

SOURCE CNOOC Limited