CNOOC Ltd Welcomes the Early Start-up of LD 27-2

November 4, 2009 12:01 AM EST

HONG KONG, Nov. 4 /PRNewswire-Asia/ -- CNOOC Limited (the "Company" or "CNOOC Ltd.", NYSE: CEO; SEHK: 0883) announced today that Luda (LD) 27-2, a new independent field in Bohai Bay, has come on stream ahead of schedule. The field is producing at a volume of 11000 barrels of oil per day from 11 wells currently.

(Logo: http://www.prnasia.com/xprn/sa/200701301659.jpg )

LD 27-2 is located in the Eastern Bohai Bay in about 25 meters of water. It is about 104 kilometers northwest of Qinhuangdao City of HeBei Province.

LD27-2 is adjacent to LD 32-2 oil field, an independent project of the Company under construction. In order to reduce production cost, a joint development plan was carried out for both fields. Major development facilities of LD27-2/32-2 include: two wellhead platforms, one production and storage platform and 34 production wells.

The peak production of LD 27-2/32-2 is designed at 13,000 barrels of oil per day. LD 32-2 is expected to be on stream later this year.

Mr. Yang Hua, President of the Company said: "Thanks to the effective project management and efficient leveraging of the operating sources, we are able to bring LD 27-2 on stream ahead of schedule."

CNOOC limited acts as the operator and has a 100% interest in the LD 27-2/32-2 oil fields.

Notes to Editors:

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

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
     Email: xiaozw@cnooc.com.cn

     Ms. Sharon Fung
     Ketchum Newscan Public Relations Ltd
     Tel:   +852-3141-8082
     Fax:   +852-2510-8199
     Email: sharon.fung@knprhk.com

SOURCE CNOOC Limited

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