First Oil Commences at Wenchang 19-1 North, Weizhou 12-8 West Fields

CNOOC Limited (the Company) announced Thursday that Wenchang 19-1 North and Weizhou 12-8 West oil fields, which are located the western part of the South China Sea, have recently commenced production.

Wenchang 19-1 North oil field is located in the western Pearl River Mouth Basin with an average water depth of about 393.7-426.5 feet (120-130 meters). This oil field has 3 producing wells and is expected to reach its peak production within the year.

Wenchang 19-1 North is an independent oil field in which the Company holds 100 percent interest and acts as the Operator.

Weizhou 12-8 West oil field is located in Beibu Gulf Basin in the southwest part of the South China Sea with an average water depth of about 111.5 feet (34 meters). This oil field has 5 producing wells and is expected to reach its peak production within the year.

The Company holds 51 percent interest and acts as the Operator of Weizhou 12-8 West oil field. The partners of this oil field are Roc Oil (China) Company, Horizon Oil (Beibu) Ltd and Oil Australia Pty Ltd.

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