CNOOC Limited Announces Natural Gas Discovery in Bohai

HONG KONG, March 24, 2014 /PRNewswire/ --

CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced that the Company has recently made a mid-sized natural gas discovery Bozhong 22-1 in Bohai.

Bozhong 22-1 structure is located in the south central Bohai with an average water depth of about 25 meters. The discovery well Bozhong 22-1-2 is drilled and completed at a depth of 4,611 meters and encountered gas reservoir with a total thickness of about 92 meters.

The gas production of the well was tested around 14.2 million cubic feet per day. The discovery of Bozhong 22-1 demonstrates the good prospects of buried hills for future gas exploration of south slope in Bozhong Sag.

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 analysis made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes reasonable under the circumstances. However, whether actual results and developments will meet the Company's expectations and predictions depends on a number of risks and uncertainties which could cause the actual results, performance and financial conditions 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 Company can complete on schedule pursuant to its 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 has filed from time to time with the United States Securities and Exchange Commission, including 2012 Annual Report on Form 20-F filed on April 24, 2013.

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 realized or, even if substantially realized, that they will have the expected effect on the Company, its business or operations.

For further information:

Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-6642
Fax: +86-10-8452-1441
E-mail: MR@cnooc.com.cn

Ms. Cathy Zhang
Hill+Knowlton Strategies Asia
Tel: +852-2894 6211
Fax: +852-2576 1990
E-mail: cathy.zhang@hkstrategies.com

(CNU. CEO)