LF 13-2 Adjustment Project Brought on Stream

HONG KONG, Dec. 31,2011 /PRNewswire-Asia/ -- CNOOC Limited (the "Company" or "CNOOC Ltd."; NYSE "CEO", SEHK "883") is pleased to announce today that Lufeng (LF) 13-2 adjustment project has come on stream successfully.

The project is located in Pearl River Mouth basin, with average water depth of approximately 132 meters. The development and production operations of the project mainly rely on the original LF 13-2 Well Head Platform and LF 13-1 platform. With 3 wells online currently, and another 5 wells to be brought on stream, this project is expected to hit its peak production of around 33 thousand barrels per day in the second half of 2012.

Mr. Chen Bi, the executive vice president of the Company commented: "the successful startup of LF 13-2 adjustment project enables the adjacent fields to share the production facilities, which will reduce the production cost, and improve the economic return of relevant fields."

LF13-2 adjustment project is an independent oil field of CNOOC Limited, the Company holds 100% of interest of the field and acts as the operator.

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

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This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of1995, 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 2010 Annual Report on Form 20-F filed on April 29, 2011.

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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