CNOOC Limited Announces New Fields Brought on Stream Ahead of Schedule

CNOOC Limited
2009-12-30 17:19 528

HONG KONG, Dec. 30 /PRNewswire-Asia/ -- 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.

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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.

Notes to Editors:

More information about the Company is available at .

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 analyses made by us that we believe are reasonable under the circumstances. However, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance and financial condition to differ materially from our expectations. For a description of these and other risks and uncertainties, please see the documents we file from time to time with the United States Securities and Exchange Commission, including our 2008 Annual Report on Form 20-F filed on May 8, 2009.

For further enquiries, please contact:

Mr. Xiao Zongwei

Joint Company Secretary and General Manager

of Investor Relations Department

CNOOC Limited

Tel: +86-10-8452-1646

Fax: +86-10-8452-1441


Ms. Sharon Fung

Ketchum Newscan Public Relations Ltd

Tel: +852-3141-8082

Fax: +852-2510-8199


Source: CNOOC Limited