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Two New Oil Fields In Beibu Gulf Start Production Successfully

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HONG KONG, Oct. 18, 2012 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) today announced that two new oil fields, Weizhou 11-2 and Weizhou 6-9/6-10, successfully commenced production.

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

Weizhou 11-2 oil field, located in Beibu Gulf in the South China Sea with an average water depth of about 35.4 meters, currently has 4 producing wells. This oilfield was designed to share the existing facilities of Weizhou oil fields group in production to achieve the low-cost oil field development and hit its peak production of approximately 3,960 barrels per day in 2012.

Weizhou 6-9/6-10 oil field is located in Beibu Gulf in the South China Sea with an average water depth of about 32.5 meters. The development and production operations of this oil field primarily rely on the facilities of its surrounding oil fields. Currently with 9 producing wells, Weizhou 6-9/6-10 is expected to hit its peak production of approximately 5,870 barrels per day in 2013.

Weizhou 11-2 and Weizhou 6-9/6-10 are both independent oil fields. The Company holds 100% interest and acts as the Operator of these two oil fields.

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.

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