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Last updated on April 17, 2014 at 21:23 EDT

Two New Fields in Bohai Bay Start Production Successfully

October 19, 2010

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: 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