CNOOC Limited announces start of offshore oil production at Huizhou and Xijiang

Source:CNOOC Limited

CNOOC Limited announces start of offshore oil production at Huizhou and Xijiang

CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that the Huizhou 25-8 Oilfield/Xijiang 24-3 Oilfield Xijiang 24-1 District Joint Development Project has commenced production.

This project is located in the Pearl River Mouth Basin of the South China Sea with an average water depth of approximately 100 meters. The main production facilities include 2 drilling and production platforms and 29 producing wells. Currently, there are 4 wells producing approximately 6,300 barrels of crude oil per day, and the project is expected to reach peak production of approximately 33,000 barrels per day in 2016.

This project is an independent project in which the Company holds a 100% equity interest and acts as the operator.

The Xijiang 24-3 oilfield started production in November 1994 and the operator was Phillips China INC.. In January 2010 the operatorship transferred to CNOOC Limited. Xijiang 24-1 district is the adjustment project for this oilfield. The Huizhou 25-8 oilfield and Xijiang 24-3 oilfield Xijiang 24-1 district project is a joint development project sharing one floating production storage and offloading unit (FPSO).

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