CNOOC Ltd's Huizhou Oilfields Restarted Production in Full Scale

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Apr 20, 2010, 09:20 ET

HONG KONG, April 20 /PRNewswire-Asia/ -- CNOOC Limited (the "Company" or "CNOOC Ltd.", NYSE: CEO, SEHK: 0883) today announced that Huizhou oilfields, which suspended production after being hit by Typhoon Koppu in September 2009, have restarted production in full scale.

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Currently the operations of Huizhou oilfields are running smoothly, with daily production of 45,000 barrels of oil and over 40 million cubic feet of natural gas.

Huizhou oilfields halted production after part of their production facilities were damaged from the strike of typhoon Koppu in September 2009 (relevant news please refer to http://www.cnoocltd.com/encnoocltd/newszx/news/2009/1280.shtml ).

After typhoon, the Company worked closely with its partners on the recovery plan for the oilfields in a timely manner. Thanks to the efforts, Huizhou 21-1 gas field restarted its production shortly after being hit, while other fields such as Huizhou 26-1 resumed production early this year.

Mr. Yang Hua, President of the Company commented, "Huizhou oilfields are one of our important assets in the Eastern South China Sea. The rapid recovery of these oil fields will provide strong support for achieving the Company's production target in 2010. Meanwhile, the success is an evidence of the outstanding capability of the company together with its partners to overcome difficulties and challenges."

Huizhou oilfields are located in the Pearl River Mouth Basin and about 120 miles southeast of Hong Kong. The water depth of the fields averages 115 meters. Huizhou oilfields consist of 8 platforms, including Huizhou 26-1, Huizhou 19-2 and so on.

Huizhou oilfields are operated by CACT Operators Group, which consists of CNOOC Ltd, Eni and Chevron.

    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