CNOOC Ltd. Announces New Fields Brought on Stream Ahead of Schedule

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Dec. 30 2009

CNOOC Limited (the “Company" or “CNOOC Ltd.”, NYSE: CEO, SEHK: 0883) announced today that JinZhou 25-1 South (JZ25-1S) and Caofeidian (CFD)18-2 oil and gas fields in Bohai Bay have commenced production ahead of schedule. Another two oil fields BoZhong (BZ) 13-1 and BoZhong 34-1 North (BZ34-1N) started production in December as planned.

JZ25-1S oil and gas field began its production in mid-December ahead of its scheduled date. It’s located in Liaodong Bay with averaged water depth of about 25 meters. JZ25-1S is expected to reach its peak production at 2012, with oil production at 20 thousand barrels and gas production 53 million cubic feet per day. The well A18 of JZ 25-1S has been gradually increasing its production to a daily rate of 6,000 barrels of oil equivalent.

Another two fields, BZ13-1 in the western Bohai Bay and BZ 34-1N in the southern Bohai Bay were also brought on stream recently as scheduled. The peak production of both fields will be achieved in 2010 at approximately 12,000 barrels of oil equivalent per day.

Mr. ChenBi, Executive Vice President and General Manager of TianJin Branch said, “The effective implementation of newly start up oil fields highlights the Company’s project management ability. With the outstanding performance of this area, we believe Bohai Bay will further contribute to the production growth of the Company.”

All of these fields are independent projects of CNOOC Limited. The Company owns 100% working interest and acts as the operator.

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