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Company Description

Contact Info

Bank of China Tower

65th Floor

1 Garden Road

Hong Kong,

Hong Kong

Phone: 852 2213 2500

Fax: 852 2525 9322

CNOOC Limited, an upstream company, engages in the exploration, development, and production of oil and natural gas. The company is a subsidiary of China National Offshore Oil Corporation (CNOOC). Reserves As of December 31, 2013, the company had net proved reserves of approximately 4.43 billion BOE (barrels-of-oil equivalent). Exploration, Development and Production In offshore China, the company engages in oil and natural gas exploration, development, and production in Bohai, Western South China Sea, Eastern South China Sea, and East China Sea, either independently or in cooperation with foreign partners through production sharing contracts (PSCs). In its PSC operations, CNOOC, the company’s controlling shareholder, has the right to explore and develop oil and natural gas in offshore China in cooperation with foreign partners through PSCs. Overseas, the company holds interests in oil and natural gas blocks in Indonesia, Australia, Nigeria, Uganda, Argentina, the U.S., Canada, the United Kingdom, Brazil, and various other countries. In 2013, the company completed its acquisition of Nexen Inc. (Nexen), achieving a significant development in its overseas business. In December 2013, the company signed a 35- year PSC to develop the Libra oilfield in offshore Brazil. Offshore China Bohai The operation area in Bohai is mainly shallow water with a depth of 10 to 30 meters. Bohai has rich oil and gas resources and has been one of the company’s primary areas for exploration and development. In 2013, the company made seven discoveries in Bohai, including Bozhong 34-9, Bozhong 8-4, Kenli 10-4, Bozhong 23-3, Luda 5-2 North, Kenli 9-5, and Kenli 9-6. Western South China Sea Western South China Sea is a natural gas production area for the company. The typical water depth of the company’s operation area in this region ranges from 40 to 120 meters. In 2013, the company made two new independent discoveries in Western South China Sea, including Dongfang 1-4 and Weizhou 12-11, among which, Weizhou 12-11 has the potential to be developed into a medium scale oilfield. The company had seven appraisals, including Dongfang 1-4, Dongfang 13-1, Dongfang 13-2, Weizhou 12-11, Weizhou 12-2, Weizhou 11-10, and Wushi 17-2. Eastern South China Sea Eastern South China Sea is one of the company’s crude oil producing area. The typical water depth of the company’s operation area in this region ranges from 100 to 300 meters. The crude oil produced is mostly of light to medium gravity. In 2013, the company had one new independent deepwater discovery, including Liwan 3-2. East China Sea The typical water depth of the company’s operation area in East China Sea region is approximately 90 meters. In 2013, the company continued to focus on rolling explorations surrounding the existing production facilities and oil and gas fields. Overseas Asia (excluding China) Indonesia: The company has four development and production blocks in Indonesia, one block under development and two exploration blocks, among which, the company acted as the operator for three blocks. The company also holds working interests in non-operating areas in Malacca PSC and Tangguh LNG Project. The company owns approximately 13.90% interests in the Tangguh LNG Project in Indonesia. Iraq: The company owns a 63.75% participating interest in a technical service contract for the development and production of the Missan oilfields in Iraq, pursuant to which the company acts as the lead contractor. Other Regions in Asia In addition, the company owns interests in various production and exploration blocks in Yemen, Myanmar, and Qatar. Oceania The company’s oil and gas resources in Oceania are located in Australia and Papua New Guinea. Australia: The company owns 5.3% interests in the Australian North West Shelf LNG Project. The project has commenced production and is supplying gas to end-users, including the Dapeng LNG Terminal in Guangdong, China. Furthermore, the company also owns exploration blocks in Australia, which are under exploration and appraisal period. Other Regions in Oceania The company owns interests in various blocks


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