CNOOC Ltd. Raises its Stake in Block 15/34

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Apr 30, 2010, 08:00 ET

HONG KONG, April 30 /PRNewswire-Asia/ -- CNOOC Limited (the "Company" or "CNOOC Ltd.", NYSE: CEO, HKEx: 00883) announced today that the Company has agreed to acquire 24.5% participation interests in Block 15/34 from Devon Energy Corporation ("Devon") for a consideration of US$515 million.

(Logo: http://www.prnasia.com/xprn/sa/200701301659.jpg )

Block 15/34 is located in the Pearl River Mouth Basin of South China Sea. It is approximately 200 kilometers south of Hong Kong, with a water depth of 100 meters. Panyu 4-2/5-1 is the major producing oil field in Block 15/34 and started production in 2003. Currently gross production from the block is 49,000 barrels of oil per day.

Completion of the transaction is subject to necessary government and regulatory approvals of People's Republic of China.

"This is a mutually beneficial deal for CNOOC Ltd. and Devon. I believe the transaction will help further strengthen our solid position in offshore China and create more value for our shareholders," commented Mr. Yang Hua, President of CNOOC Ltd.

CNOOC Ltd., the Operator, will increase its stake to 75.5% in Block 15/34 after Devon's transfer. The other partner ConocoPhillips holds the remaining 24.5% interests.

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 2009 Annual Report on Form 20-F filed on April 23, 2010.

    For further enquiries, please contact:

     Mr. Jiang Yongzhi
     Joint Company Secretary and General Manager
     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