CNOOC Limited Receives Industry Canada Approval on Its Proposed Acquisition of Nexen Inc.

CNOOC Limited Receives Industry Canada Approval on Its Proposed Acquisition of
                                  Nexen Inc.

PR Newswire

HONG KONG, Dec. 8, 2012

HONG KONG, Dec. 8, 2012 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883) announced today that it received notice from Canada's
Minister of Industry that its proposed acquisition of Nexen has been approved
by the Minister under the Investment Canada Act. This approval is one of the
conditions precedent to the completion of the proposed acquisition.

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

Mr. Wang Yilin, Chairman of CNOOC Limited said, "We are very pleased to have
received Industry Canada approval, which recognizes the long term economic
benefits for Calgary, for Alberta, and for Canada in our proposed acquisition
of Nexen Inc. Our company will also benefit by adding Nexen's impressive
assets and outstanding employees to our worldwide operations. I express my
appreciation for Canada's welcome of our investment."

Mr. Li Fanrong, Chief Executive Officer of CNOOC Limited, said, "We believe
the transaction provides opportunities for Nexen employees, partners and for
CNOOC Limited, and we are delighted that the Minister of Industry has
concluded that this transaction represents a "net benefit" to Canada."

Mr. Barry Jackson, Chair of the Board of Nexen Inc., said, "We are pleased
that the Government of Canada has recognized the opportunities for Nexen's
employees, stakeholders, communities and projects that the proposed
transaction with CNOOC Limited will present."

In connection with this transaction and also to demonstrate its commitment to
Canada and the Canadian oil and gas industry, CNOOC Limited has agreed to
carry out a number of commitments following completion of the transaction,
including the following:

  oCNOOC Limited will establish Calgary as the head office of its North and
    Central American operations, responsible for approximately US$8 billion of
    additional assets;
  oCNOOC Limited will seek to retain Nexen's current management team and
    employees;
  oCNOOC Limited will invest significant capital as a long-term commitment to
    the development of oil and gas resources in Canada;
  oCNOOC Limited will list its shares on the TSX;
  oConsistent with its commitment to social responsibility, CNOOC Limited
    will build upon Nexen's existing and highly regarded community and
    charitable programs, particularly with respect to First Nations and local
    communities;
  oCNOOC Limited will continue to support oil sands research at Alberta
    universities and to participate in the Canada's Oil Sands Innovation
    Alliance ("COSIA");
  oCNOOC Limited will provide a compliance report related to its undertakings
    annually to Industry Canada.

The closing of the acquisition remains subject to the receipt of other
applicable government and regulatory approvals, and the satisfaction or waiver
of the other customary closing conditions.

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 to CNOOC Limited, please contact:

Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-6642
Fax: +86-10-8452-1441
E-mail: MR@cnooc.com.cn 

Mr. Peter Hunt
Spokesperson of CNOOC Limited in Canada
Tel: + 403 268 7870
Fax: + 403 299 9389
E-mail: peter.hunt@hkstrategies.ca

SOURCE CNOOC Limited

Website: http://www.cnoocltd.com
 
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