CNOOC Limited Bozhong 28/34 Oilfields Comprehensive Adjustment Project Commences Production

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Jun 30, 2015, 05:01 ET

HONG KONG, June 30, 2015 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that its Bozhong 28/34 oilfields comprehensive adjustment project has commenced production.

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The Bozhong 28/34 oilfields are located in Bohai with an average water depth of approximately 22 meters. The project consists of three sub-projects, namely Bozhong 28-2S oilfields comprehensive adjustment project, Bozhong 34-1 oilfield comprehensive adjustment project and Bozhong 34-2/4 oilfield comprehensive adjustment project. The main production facilities of the project include 6 offshore platforms and 79 producing wells. There are currently 39 wells producing approximately 22,000 barrels of crude oil per day. The adjustment project is expected to reach its ODP designed peak production of approximately 30,000 barrels of crude oil per day in 2016.

The Bozhong 28/34 are independent oilfields in which the Company 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 "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company's expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, whether the transactions entered into by the Group can complete on schedule pursuant to their terms and timetable or at all, 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 files from time to time with the United States Securities and Exchange Commission, including the 2014 Annual Report on Form 20-F filed on 22 April 2015.

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

For further enquiries, please contact:

Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-6642
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Cathy Zhang
Hill+Knowlton Strategies Asia
Tel: +852-2894 6211
Fax: +852-2576 1990
E-mail: [email protected]

SOURCE CNOOC Limited