News Release

CNOOC Limited Announces Key Operational Statistics for Q3 2017

HONG KONG, Oct. 25, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the third quarter of 2017.

For the third quarter of the year, the Company achieved a total net production of 116.2 million barrels of oil equivalent ("BOE"), representing a decrease of 1.3% year over year ("YoY"). Production from offshore China decreased 2.4% YoY to 73.8 million BOE, mainly due to production decline of producing fields. Overseas production increased 0.7% YoY to 42.4 million BOE.

During the period, the Company made five new discoveries and drilled nine successful appraisal wells. Successful appraisal of Wushi 16-1W is expected to promote the development of Wushi oilfield Phase II and build it into a mid-to-large size oilfield. In overseas, new progress of exploration in Stabroek block has been made, including the successful appraisal well Payara-2 and the new discovery well Turbot-1.

To date, four out of five new projects planned for this year have commenced production. Weizhou 12-2 oil field Phase II is under installation and commissioning and expected to commence production within the year .

For the third quarter of the year, the unaudited oil and gas sales revenue of the Company reached approximately RMB 35.94 billion, representing an increase of 16.9% YoY, mainly due to the increase of average realized oil and gas prices. During the period, the Company's average realized oil price increased 20.4% YoY to US$50.87 per barrel, which mainly due to the increased international oil prices. The Company's average realized gas price was US$6.05 per thousand cubic feet, representing an increase of 15.9% YoY, mainly due to the increasing percentage of sale volume of high-price in project offshore China and the rise of benchmark gas prices overseas.

For the third quarter of the year, the Company's capital expenditure reached approximately RMB 11.78 billion, almost flat from the same period of last year.

Mr. Yuan Guangyu, CEO of the Company, said, "During the third quarter of the year, the Company made every effort to fully tap potential, constantly push forward quality and efficiency enhancement. Meanwhile, we are confident that we will achieve our production and operation targets for the year and continuously create greater value for the 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 "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company's expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, whether the transactions entered into by the Group can complete on schedule pursuant to their terms and timetable or at all, 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 files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.

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

For further enquiries, please contact:

Mr. Yan Cao
Deputy General Manager, Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1417
Fax: +86-10-8452-1441
E-mail: caoyan@cnooc.com.cn

Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852 2894 6263
Fax: +852-2576 1990
E-mail: CNOOC@hkstrategies.com

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SOURCE CNOOC Limited