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CNOOC Ltd Announces Commencement of Oil Production from BZ 29-4

July 22, 2010

HONG KONG, July 22 /PRNewswire-Asia/ — CNOOC Limited (“the Company” or
“CNOOC Ltd,” NYSE: CEO, HKEx: 883) is pleased to announce today that BZ 29-4,
an independent oil field in the Bohai Bay, has commenced production
successfully.

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

BZ 29-4 oil field, with an averaged water depth of about 22 meters, is
located in the south part of Bohai Bay. The field’s development and production
operation will mainly rely on the facilities of the producing field BZ 28-2S.
BZ 29-4 is projected to peak its daily production at 7,800 barrels within
2010.

Mr. Chen Bi, Executive Vice President of the Company, said, “The start-up
of BZ 29-4 gives us more confidence in meeting our annual production target.
We will continue to enhance our operation performance and ensure more projects
to be brought on stream within this year.”

BZ 29-4 is an independent oil field. CNOOC Ltd holds 100% 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. 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: jiangyzh2@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 CNOOC Limited


Source: newswire



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