Two New Projects of CNOOC Limited Started Production Successfully

      Two New Projects of CNOOC Limited Started Production Successfully

PR Newswire

HONG KONG, Dec. 28, 2012

HONG KONG, Dec.28, 2012 /PRNewswire/--CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883) today announced that Panyu 4-2/5-1 oil field adjustment
project and Liuhua 4-1 oil field located in the Pearl River Mouth Basin of
South China Sea, successfully commenced production.

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

Panyu 4-2/5-1 oil field has an average water depth of about 100 meters. The
adjustment project was designed to share the existing facilities to develop
Panyu 4-2/5-1 oil field more effectively. The adjustment project was expected
to hit its peak production in 2014.

The Company holds 75.5% interest and acts as the Operator of Panyu 4-2/5-1 oil
field. Our partner Burlington Resources China holds the remaining 24.5%
interest.

Liuhua 4-1 oil field has an average water depth of about 268 meters. In view
of the features of the oil field, the Company built a new subsea production
system while sharing the surrounding facilities for overall development. This
project is expected to hit its peak production in 2013.

Liuhua 4-1 is an independent oil field in which the Company 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
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, 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

Ms. Angela Hui
Ketchum Newscan Public Relations Ltd
Tel: +852-3141-8091
Fax: +852-2510-8199
E-mail: angela.hui@knprhk.com

SOURCE CNOOC Limited

Website: http://www.cnoocltd.com
 
Press spacebar to pause and continue. Press esc to stop.