CNOOC reports that the board of CNOOC Finance Corporation Limited has approved the request by the Company to increase its board representation at CNOOC Finance and elected Mark Qiu, CFO and Senior Vice President of the Company to its board. The Company's board representation in CNOOC Finance has increased to three; the other board members are the Company's Chairman and CEO, Mr. Fu Chengyu, the company's treasurer, Mr. Cheng Chi.

"I thank the board of CNOOC Finance for its decision. CNOOC Finance is a solid financial institution licensed by China's central bank. It has a sound regulatory environment and a prudent financial management corporate culture. Many of the thirty some professionals came from the commercial banking industry and 90% of them have college and post graduate degrees. I look forward to working with the management and the dedicated and highly qualified staff," commented by Mark Qiu, CFO of the Company.

"It is clear that CNOOC Limited shareholders can benefit from efficiency improvement afforded by taking advantage of this platform. But we are mindful of shareholders' legitimate concerns of risks. The board and the management will ensure high standards and independence are followed by this financial institutions, and I am optimistic," continued Dr. Qiu.

CNOOC Limited owns 31.8% of CNOOC Finance and the Company's shareholders overwhelmingly approved the Company's plan to use CNOOC Finance to improve treasury efficiency and to diversify liquidity risks.