CNOOC Ltd Announces Outstanding Production Performance of New Field BZ19-4

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Aug 09, 2010, 04:45 ET

HONG KONG, Aug. 9 /PRNewswire-Asia/ -- CNOOC Limited ("the Company" or "CNOOC Ltd,"NYSE: CEO, HKEx: 883) is pleased to announce today that Bozhong (BZ) 19-4 (shallow formation) oil field in the Bohai Bay has commenced production recently.

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This oil field is located in the southwest part of Bohai Bay. With an averaged water depth of about 21 meters, the field is approximately 7 kilometers northwest of BZ 25-1 oilfield.

The development and production operation of BZ 19-4 oil field mainly rely on the facilities of BZ 25-1/25-1S oilfield. The field is expected to hit its peak production of more than 15,600 barrels per day within the year.

Mr. Chen Bi, Executive Vice President of the Company, said, "BZ 19-4 oil field is one of the important projects planned to be brought on stream this year. The start-up of the field is again an evidence of our strong operating capability to improve the production performance via close cooperation with our partner."

BZ 19-4 (shallow formation) oil field is jointly developed by CNOOC Ltd. and Chevron. CNOOC Ltd. holds 83.8% interest and acts as the Operator, while Chevron holds the remaining 16.2% interest.

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 analyses made by us that we believe are reasonable under the circumstances. However, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance and financial condition to differ materially from our expectations. For a description of these and other risks and uncertainties, please see the documents we file from time to time with the United States Securities and Exchange Commission, including our 2008 Annual Report on Form 20-F filed on May 8, 2009.

    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
     Email: [email protected]

     Ms. Sharon Fung
     Ketchum Newscan Public Relations Ltd
     Tel:   +852-3141-8082
     Fax:   +852-2510-8199
     Email: [email protected]

SOURCE CNOOC Limited