CNOOC Limited Announces Qinhuangdao 33-1S Oilfield Phase I Project Commences Production

 CNOOC Limited announced today that Qinhuangdao 33-1S oilfield phase I project has commenced production.

Qinhuangdao 33-1S oilfield is located in central and western Bohai with an average water depth of 21 meters. The project has built one wellhead platform in addition to fully utilizing the existing facilities of Qinhuangdao 33-1 oilfield and Qinhuangdao 32-6 oilfield. A total of 13 producing wells are planned, including 9 production wells and 4 water injection wells. The project is expected to reach its peak production of approximately 6,000 barrels of crude oil per day in 2021.

CNOOC Limited holds 100% interest of Qinhuangdao 33-1S oilfield and acts as the operator.

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 but not limited to those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks. 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 Annual Report on Form 20-F filed in April of the latest fiscal year.