Press Releases

CNOOC Ltd Announces Commercial Oil Production From Lufeng 13-2

Time：2005-12-02: Size：[ Large Medium Small ]

(Hong Kong, Dec 2, 2005) - CNOOC Limited (the "Company" or “CNOOC Ltd.”; NYSE “CEO”, SEHK “883”) is pleased to announce today that Lufeng (LF) 13-2, an independent oil filed in the Eastern South China Sea has come on stream successfully. The field is flowing about 18,000 barrels of oil per day from 3 horizontal wells. The production capacity of these wells is tested at 30,000 barrels of oil per day.

LF13-2 is located in the western part of Block LF 08 in the Pearl River Mouth Basin with a water depth of approximately 132 meters. The field is about 210 kilometers southeast of Hong Kong and 12 kilometers northwest of producing field LF13-1. Major production facilities of the project include a wellhead production platform, a 12-kilometer subsea pipeline and cables. The crude will be transported to and processed in LF13-1.

Mr. Liu Jian, Executive Vice President of the Company commented, “I am happy to hear that LF13-2 is the first project developed by the Company independently in the Eastern South China Sea. The successful start up of the project is another exciting story of our independent development capability.”

CNOOC holds 100% of interest of the field and acts as the operator.

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Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

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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 2004 Annual Report on Form 20-F filed on June 24, 2005.

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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
E-mail: xiaozw@cnooc.com.cn

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

About Us

CNOOC Limited is a listed company on the Shanghai Stock Exchange and the Hong Kong Stock Exchange with stock codes of 600938 and 00883, respectively. The Company is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. The Company mainly engages in exploration, development, production and sale of crude oil and natural gas.

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Beijing office:
No.25 Chaoyangmenbei Dajie,
Dongcheng District, Beijing,
100010, P.R. China
Website: www.cnoocltd.com
Registered office:
65/F, Bank of China Tower, 1
Garden Road, Hong Kong