CNOOC Signs Two PSCs with Chevron

                      CNOOC Signs Two PSCs with Chevron

PR Newswire

HONG KONG, Jan. 16, 2013

HONG KONG, Jan. 16, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883) announced today that its parent company, China National
Offshore Oil Corporation (CNOOC) has signed two production sharing contracts
(PSCs) with Chevron China Energy Company (Chevron) for Blocks 15/10 and 15/28,
respectively.

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

Blocks 15/10 and 15/28 are located in Xijiang Sag of Pearl River Mouth Basin
in the east part of the South China Sea. They cover a total area of 5,782
square kilometers with water depths of 50-100 meters.

According to the terms of the contract, Chevron will conduct 3D seismic data
surveys in the two blocks during the exploration period, in which all
expenditures incurred will be borne by Chevron. CNOOC has the right to
participate in up to 51% working interest in any commercial discoveries in the
blocks.

Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of
Exploration Department commented, "We are very pleased to become partner with
Chevron again and wish this project to achieve commercial discoveries soon to
create economic returns for both companies."

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 "expect", "anticipate", "continue", "estimate",
"objective", "ongoing", "may", "will", "project", "should", "believe",
"plans", "intends" 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