CNOOC Receives Ratings Upgrade

CNOOC announced that Moody's Investors Service has changed the rating outlook of both the Company and its parent, CNOOC, to positive from stable. Both entities' current Baa2 rating from Moody is already the top rating given to any rated Chinese companies. With the change, the Company enjoys the highest rating status among all Chinese rated companies from Moody.

"The management believes that the Company has a differentiating credit story. Our shareholders should and now are able to benefit from the unique credit quality through reduced cost of capital," said Mr. Mark Qiu, CFO of the Company. "We appreciate Moody's willingness to hear out the story and give credits where they are due."

"The rating outlook change places the Company in the league of its own. It is yet another vote of confidence in the Company's strategy and future," commented Mr. Wei Liucheng, Chairman and Chief Executive Officer of the Company. "We will continue our prudent financial and investment policy."

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