Significant Progress on Compensation for Marine Ecological Damage Caused by Penglai 19-3 Oil Spill Accident

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Apr 27, 2012, 07:00 ET

HONG KONG, April 27, 2012 /PRNewswire-Asia/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) stated today that according to the news of its parent company, China National Offshore Oil Corporation ("CNOOC"), the compensation for marine ecological damage caused by Penglai 19-3 oil spill accident was in significant progress with the great effort made by the State Oceanic Administration of People's Republic of China ("SOA").

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ConocoPhillips China Inc. ("COPC") and CNOOC will pay an aggregate amount of RMB 1.683 billion, among which COPC will contribute RMB 1.09 billion to compensate for the marine ecological damage caused by the oil spill accident. In addition, CNOOC and COPC will each fund RMB 0.48 billion and RMB 0.113 billion to resume the social responsibility for Bohai environmental protection. According to SOA release, the above mentioned funds will be used for ecological and environmental protection in Bohai, reduction on oil pollutants discharge at entrance to Bohai, habitat restoration of damaged marine ecological environment, as well as monitoring and researching on oil spill impact on ecological environment.

The Company will continue to support and assist COPC to deal with the subsequent issues.

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 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. Ding Jianchun
Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-2973
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Zhang Yuxiao
Senior Supervisor, 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