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Panyu 11-5 Oilfield Commences Production

HONG KONG, April 25, 2016 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that the Panyu 11-5 oilfield has commenced production.

The Panyu 11-5 oilfield is located in the Pearl River Mouth Basin of the South China Sea with an average water depth of approximately 110 meters. In addition to fully utilizing the existing facilities of Panyu 5-1 oilfield, the Panyu 11-5 oilfield also drilled 3 horizontal wells. There is currently 1 well on production, producing a total of approximately 3,270 barrels of crude oil per day. The oilfield is expected to reach its ODP designed peak production of approximately 3,900 barrels of crude oil per day in 2016.

The Panyu 11-5 is an independent oilfield in which the Company holds 100% interest and acts as the operator.

Notes to Editors:

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"...


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