CNOOC Limited's Q1 2009 Results Highlighted by Production Growth

HONG KONG, April 29 /PRNewswire-Asia/ -- CNOOC Limited (the "Company" or
"CNOOC Ltd.", NYSE: CEO; SEHK: 0883) announced today its total daily net
production of 566,860 barrels of oil equivalent (BOE) for the first quarter of
2009, representing an increase of 15.0% year-on-year (YOY).
(Logo: http://www.prnasia.com/xprn/sa/200701301659.jpg )
Benefiting from the production contribution of Platform B of Penglai 19-3
Phase II, Xijiang 23-1 and Wenchang oilfields, the Company's production of
crude oil and liquids amounted to 468,535 barrels per day, an increase of
19.7% YOY. During the quarter, the Company's net gas production reached 563
million cubic feet per day. Our net production overseas increased by 30.9% YOY
to 31,481 barrels per day, mainly attributable to production from Northwest
Shelf Project in Australia and OML 130 in Nigeria.
Affected by the relatively low oil price in the same period, the Company's
average realized oil price decreased 53.2% YOY to US$41.56 per barrel in the
first quarter. Our average realized gas price was US$3.89 per thousand cubic
feet, an increase of 6.6% YOY. Comparing with the first quarter of 2008, our
oil and gas production rose substantially in the first quarter of 2009,
however, the total unaudited revenue decreased 41.9% YOY to RMB13.95 billion.
In the first quarter of 2009, the Company's capital expenditure reached
approximately RMB7.51 billion with an increase of 23.1% YOY. Due to a busy
schedule of project construction, the Company's development expenditure
amounted to approximately RMB5.62 billion, a 37.9% YOY increase.
During the quarter, we made seven independently discoveries offshore
China,
in which Bozhong 2-1 and Qinhuangdao 29-2 are sizable with thick oil pays, and
contain light crude. Meanwhile, five hydrocarbon bearing structures were
appraised successfully by the Company and its partners.
In the first quarter of 2009, all major projects are proceeding smoothly
as scheduled. Bozhong 28-2S and Panyu 30-1 offshore China and OML130 in
Nigeria have commenced production in the period.
Mr. Fu Chengyu, Chairman and Chief Executive Officer of the Company said,"
In the first quarter of 2009, the Company's operation achieved exciting
progress in production growth and exploration activities. In particular, the
oversea projects are performing well. In the face of financial crisis and low
oil price environment, the Company will maintain prudent financial strategy to
create value for our shareholders. "
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 "believe," "intend," "expect," "anticipate,"
"project," "estimate," "plan," "predict" and similar expressions are intended
to identify such forward-looking statements. These statements are based on
assumptions and analyses made by us that we believe are reasonable under the
circumstances. However, whether actual results and developments will meet our
expectations and predictions depend on a number of risks and uncertainties
which could cause our actual results, performance and financial condition to
differ materially from our expectations. For a description of these and other
risks and uncertainties, please see the documents we file from time to time
with the United States Securities and Exchange Commission, including our 2007
Annual Report on Form 20-F filed on June 26, 2008.
For further enquiries, please contact:

Mr. Xiao Zongwei
Joint Company Secretary and
General Manager of Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1646
Fax: +86-10-8452-1441
Email: xiaozw@cnooc.com.cn

Ms. Sharon Fung
Ketchum Newscan Public Relations Ltd
Tel: +852-3141-8082
Fax: +852-2510-8199
Email: Sharon.fung@knprhk.com

SOURCE CNOOC Limited

Mr. Xiao Zongwei, Joint Company Secretary and General Manager of Investor
Relations Department of CNOOC Limited, +86-10-8452-1646, fax, +86-
10-8452-1441, xiaozw@cnooc.com.cn; Ms. Sharon Fung of Ketchum Newscan Public
Relations Ltd, +852-3141-8082, fax, +852-2510-8199, Sharon.fung@knprhk.com for
CNOOC Limited