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SYS-CON MEDIA Authors: Aria Blog, Pat Romanski, Elizabeth White, Peter Silva, Glenn Rossman

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Panyu 10-2/5/8 Project Starts Production

HONG KONG, July 31, 2014 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that its Panyu 10-2/5/8 project has commenced production.

Logo - http://www.prnasia.com/sa/200701301659.jpg

Panyu 10-2/5/8 project is located in the Pearl River Mouth Basin of the South China Sea with an average water depth of approximately 100 meters. This project includes 3 oilfields, Panyu 10-2, Panyu 10-5 and Panyu 10-8 and was designed to share some facilities of Panyu 4-2 oilfield. The main newly-built production facilities include 1 wellhead platform and 9 producing wells. Currently there are 4 wells producing approximately 9,000 barrels per day, and the project is expected to hit its peak production of approximately 13,000 barrels per day in 2015.

Panyu 10-2/5/8 is an independent project in which the Company holds 100% interest.

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 "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition 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, whether the transactions entered into by the Group can complete on schedule pursuant to its terms and timetable or at all, 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 files from time to time with the United States Securities and Exchange Commission, including the 2013 Annual Report on Form 20-F filed on 17 April 2014.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

For further enquiries, please contact:

Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-6642
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Cathy Zhang
Hill+Knowlton Strategies Asia
Tel: +852-2894-6211
Fax: +852-2576-1990
E-mail: [email protected]

SOURCE CNOOC Limited

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