CNOOC Signs Two PSCs with Chevron

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Jan 16, 2013, 08:00 ET

HONG KONG, Jan. 16, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) announced today that its parent company, China National Offshore Oil Corporation (CNOOC) has signed two production sharing contracts (PSCs) with Chevron China Energy Company (Chevron) for Blocks 15/10 and 15/28, respectively.

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

Blocks 15/10 and 15/28 are located in Xijiang Sag of Pearl River Mouth Basin in the east part of the South China Sea. They cover a total area of 5,782 square kilometers with water depths of 50-100 meters.

According to the terms of the contract, Chevron will conduct 3D seismic data surveys in the two blocks during the exploration period, in which all expenditures incurred will be borne by Chevron. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the blocks.

Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, "We are very pleased to become partner with Chevron again and wish this project to achieve commercial discoveries soon to create economic returns for both companies."

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 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 2011 Annual Report on Form 20-F filed on April 20, 2012.

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:

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

SOURCE CNOOC Limited