CNOOC Limited Announces New Fields Brought on Stream Ahead of Schedule

December 30, 2009

HONG KONG, Dec. 30 /PRNewswire-Asia/ — CNOOC Limited (the “Company” or
“CNOOC Ltd.”, NYSE: CEO, SEHK: 0883) announced today that JinZhou 25-1 South
(JZ25-1S) and Caofeidian (CFD)18-2 oil and gas fields in Bohai Bay have
commenced production ahead of schedule. Another two oil fields BoZhong (BZ)
13-1 and BoZhong 34-1 North (BZ34-1N) started production in December as

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

JZ25-1S oil and gas field began its production in mid-December ahead of
its scheduled date. It’s located in Liaodong Bay with averaged water depth of
about 25 meters. JZ25-1S is expected to reach its peak production at 2012,
with oil production at 20 thousand barrels and gas production 53 million cubic
feet per day. The well A18 of JZ 25-1S has been gradually increasing its
production to a daily rate of 6,000 barrels of oil equivalent.

Another two fields, BZ13-1 in the western Bohai Bay and BZ 34-1N in the
southern Bohai Bay were also brought on stream recently as scheduled. The peak
production of both fields will be achieved in 2010 at approximately 12,000
barrels of oil equivalent per day.

Mr. ChenBi, Executive Vice President and General Manager of TianJin Branch
said, “The effective implementation of newly start up oil fields highlights
the Company’s project management ability. With the outstanding performance of
this area, we believe Bohai Bay will further contribute to the production
growth of the Company.”

All of these fields are independent projects of CNOOC Limited. The Company
owns 100% working interest and acts as the operator.

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. Xiao Zongwei
     Joint Company Secretary and General Manager
     of Investor Relations Department
     CNOOC Limited
     Tel:   +86-10-8452-1646
     Fax:   +86-10-8452-1441
     Email: xiaozw@cnooc.com.cn

     Ms. Sharon Fung
     Ketchum Newscan Public Relations Ltd
     Tel:   +852-3141-8082
     Fax:   +852-2510-8199
     Email: sharon.fung@knprhk.com


Source: newswire

comments powered by Disqus