CNOOC Limited to examine LNG development in British Columbia, Canada through Nexen

CNOOC Limited to examine LNG development in British Columbia, Canada through 
HONG KONG, Nov. 12, 2013 /CNW/ - CNOOC Limited (the "Company", NYSE: CEO, 
SEHK: 00883, TSX: CNU) announced today that its wholly-owned subsidiary Nexen 
Energy ULC (Nexen), has entered into an exclusive agreement with the 
Government of British Columbia, Canada to examine the viability of 
constructing a liquefied natural gas (LNG) plant and export terminal at Grassy 
Point near Prince Rupert, British Columbia, Canada. 
The agreement with the Government of British Columbia, represented by the 
Ministry of Forests, Lands and Natural Resource Operations, grants Nexen and 
its joint venture partners INPEX Corporation and JGC Corporation, the 
exclusive right to pursue long-term access to Crown land at Grassy Point. 
"LNG export is the most attractive option for maximizing the value of our 
Canadian shale gas business," said Li Fanrong, CEO of CNOOC Limited. "With 
robust financial capacity, a track record of efficient, innovative and 
responsible development and significant LNG expertise, Nexen and our joint 
venture partners are well positioned to pursue this opportunity." 
In addition to assessing the suitability of the Grassy Point site, the 
decision to proceed with LNG development is subject to a variety of internal 
and external approvals. Financial attractiveness is dependent on acceptable 
cost estimates, fiscal terms and obtaining acceptably-priced sales agreements. 
"We have a long process ahead that includes a site viability review, a 
comprehensive environmental impact assessment and stakeholder consultation," 
said Kevin Reinhart, CEO of Nexen. "Throughout the planning process, we'll 
also examine the steps we can take to help the Province of British Columbia 
realize its goal of creating a strong and competitive LNG industry that 
creates jobs, strengthens pan-Pacific trading relationships and delivers 
lasting social and economic benefits." 
Notes to Editors: 
More information about the Company is available at 
*** *** *** *** 
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, whether the transactions entered into by the Company 
can complete on schedule pursuant to its timetable or at all, 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 2012 Annual Report on Form 20-F 
filed on April 24, 2013. 
Consequently, all of the forward-looking statements made in this press release 
are qualified by these cautionary statements. The Company cannot assure that 
the 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.

Ms. Michelle Zhang Deputy Manager, Media / Public Relations CNOOC Limited Tel: 
+86-10-8452-6642 Fax: +86-10-8452-1441 
Ms. Patti Lewis Nexen Energy ULC Tel: +1 403 699-6119 
Ms. Angela Hui Ketchum Newscan Public Relations Ltd Tel: +852-3141-8091 Fax: 
Image with caption: "Overview of CNOOC Limited's Canadian shale gas holdings 
and proximity to Grassy Point site in British Columbia, Canada. (CNW 
Group/CNOOC Limited)". Image available at: 
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CO: CNOOC Limited
ST: Alberta
-0- Nov/12/2013 23:03 GMT
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