CNOOC Limited Completes Acquisition of Nexen Inc.<0883.HK>

Mon Feb 25, 2013 5:35pm EST

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HONG KONG,  Feb. 25, 2013  /PRNewswire/ -- CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883) announced today that it has completed its acquisition of Nexen
Inc. ("Nexen"). Total consideration of approximately  US$15.1 billion  has been
paid for Nexen's common and preferred shares.  

(Logo: )

Mr. Wang Yilin, Chairman of CNOOC Limited said, "The Company is delighted to
acquire a leading international platform through the acquisition of Nexen. We
strongly believe that this acquisition is a good strategic fit for us and will
create long-term value for our shareholders."

Mr.  Li Fanrong, Chief Executive Officer of the Company commented, "Nexen is a
strong, diverse company with attractive growth prospects, a large resource and
reserve base, high potential exploration prospects, and high quality talented
employees capable of extracting the value of these assets. We will thoroughly
utilize the platform it provides to further our overseas business."

Nexen will operate as a wholly-owned subsidiary of CNOOC Limited, and will
continue to be led by CEO,  Kevin Reinhart, who has been with Nexen for over 18
years. A new Board of Directors comprised of CNOOC Limited, existing Nexen
management and Canadian independent directors has been established, with Mr.  Li
Fanrong  as Chairman of the Board.  

Notes to Editors:

More information about the Company is available at

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
analysis made by the Company in light of its experience and perception of
historical trends, current conditions and expected future developments, as well
as other factors that the Company believes reasonable under the circumstances.
However, whether actual results and developments will meet the Company's
expectations and predictions depends on a number of risks and uncertainties
which could cause the actual results, performance and financial conditions to
differ materially from the Company's expectations, including those associated
with fluctuations in crude oil and natural gas prices, the exploration or
development activities, the capital expenditure requirements, the business
strategy, the highly competitive nature of the oil and natural gas industries,
the foreign operations, environmental liabilities and compliance requirements,
and economic and political conditions in  the People's Republic of China. For a
description of these and other risks and uncertainties, please see the documents
the Company has filed from time to time with the United States Securities and
Exchange Commission, including 2011 Annual Report on Form 20-F filed on  April
20, 2012.

Consequently, all of the forward-looking statements made in this press release
are qualified by these cautionary statements. The Company cannot assure that the
actual results or developments anticipated will be realized or, even if
substantially realized, that they will have the expected effect on the Company,
its business or operations.

For further enquiries, please contact:

Ms.  Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited  
Tel: +86-10-8452-6642  
Fax: +86-10-8452-1441  

Pierre Alvarez
Vice President, Corporate Relations
Tel: +1 403 699 5202

Ms.  Angela Hui
Ketchum Newscan Public Relations Ltd
Tel: +852-3141-8091
Fax: +852-2510-8199


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