Two New Fields in Bohai Bay Start Production Successfully

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Oct 19, 2010, 08:30 ET

HONG KONG, Oct. 19 /PRNewswire-Asia/ -- CNOOC Limited ("the Company", NYSE: CEO, SEHK: 883) announced today that its two new oil fields, BoZhong ("BZ") 26-3 and LuDa ("LD") 32-2 in the Bohai Bay have successfully commenced production recently.

BZ 26-3 is located in the central part of Bohai Bay, neighboring producing field BZ 25-1S. The field has an average water depth of about 25 meters. The development and production operations of BZ 26-3 mainly rely on the facilities of its surrounding oilfields. With 4 wells online currently, BZ 26-3 is expected to hit its peak production of more than 6,600 barrels per day in 2011.

LD 32-2 is located in the Eastern Bohai Bay with water depth of about 25 meters, and adjacent to producing oil field LD 27-2. In order to reduce production cost, a joint development plan was carried out for both LD32-2 and LD27-2 fields. The field has 4 production wells currently. The peak production of LD 32-2 is expected to reach 6,300 barrels of oil per day in 2011.

BZ 26-3 and LD 32-2 are all independent oil fields of CNOOC Ltd. The Company holds 100% interest and acts as the Operator of these two fields.

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