CNOOC Ltd. Announces Another Significant Deepwater Gas Discovery in South China Sea

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Dec. 9 2009

CNOOC Limited (the “Company" or “CNOOC Ltd.”, NYSE: CEO, SEHK: 0883) announced today that its partner, Husky Oil China Limited (a subsidiary of Husky Energy Inc., “Husky”) had made a new deepwater gas discovery, LiuHua (LH) 34-2, representing another significant breakthrough in the deepwater exploration in the South China sea.

Following Liwan (LW) 3-1, LH 34-2 becomes the second deepwater gas discovery made in the Pearl River Mouth Basin in the Eastern South China Sea.

LH 34-2 was also discovered on Block 29/26. The discovery well LH 34-2-1 was located about 23 kilometers northeast of LW 3-1 gas field. The well, in a water depth of 1145 meters was drilled to a total depth of 3449 meters.

During drill stem tests, the well produced 55 million cubic feet (mmcf) of natural gas per day.

Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, ”We are excited about the new deepwater discovery LH34-2, which further demonstrates the huge potential in the deepwater area in South China Sea. We expect the two adjacent discoveries to be developed in a more efficient way through sharing development facilities.”

In order to determine the full potential of the LH34-2 field, an appraisal well is planned to be drilled in early 2010 by Husky.

According to the Production Sharing Contract, CNOOC Limited has the right to participate in up to 51 percent working interest in any commercial discoveries on Block 29/26.

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