CNOOC Closes Nigerian Deal

CNOOC has completed its agreement to acquire a 45% working interest in an offshore oil mining license "OML 130" in Nigeria. The transaction was signed on January 8, 2006 between CNOOC Limited and South Atlantic Petroleum Limited ("SAPETRO").

Mr. Fu Chengyu, Chairman and CEO of the company commented, "The completion of this transaction represents a milestone in our efforts to expand into the world's most prolific oil and gas basins. The acquisition is aligned with our prudent M&A strategy driven by value creation and growth of the Company. Through the transaction, we have demonstrated our high execution capability."

OML130 contains four significant discoveries and a range of further exploration prospects. The Company will pay a consideration of USD $2.268 billion plus an adjustment of USD $424 million for financial, operating and capital expenses in the period prior to closing.

"I'm very confident that the acquired assets, if put on production, will increase substantially the Company's overseas reserves and production." Commented Mr. Yang Hua, CFO and Executive Vice President of the Company, "CNOOC Limited will continue to make every effort to create value for the shareholders."

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