CNOOC Ltd's BZ25-1/BZ25-1South Oilfields Back to Full Production

Jun 08, 2010, 05:00 ET from CNOOC Limited

HONG KONG, June 8 /PRNewswire-Asia/ -- CNOOC Limited ("the Company" or "CNOOC Ltd," NYSE: CEO; SEHK: 883) announced today that its BZ25-1/BZ25-1South oilfields, which suspended production due to facility damage caused by strong winds in November 2009, are back into production.

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Currently, the production capability of BZ25-1/BZ25-1South oilfields has recovered to its normal level. The fields can produce about 27,000 barrels of oil per day before the incident.

After the strong winds, in order to resume its production as early as possible, the Company, together with its partner, worked out a recovery plan for BZ25-1/BZ25-1South oilfields and implemented it in a timely manner.

BZ25-1/BZ25-1South oilfields, jointly developed by CNOOC Ltd. and Chevron, are located in the southeast part of Bohai Bay. CNOOC Ltd. holds 83.8% interest and acts as the Operator, while Chevron holds the remaining 16.2% interest.

    Notes to Editors:
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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 2009 Annual Report on Form 20-F filed on April 23, 2010.

    For further enquiries, please contact:

     Mr. Jiang Yongzhi
     Joint Company Secretary and General Manager of
     Investor Relations Department
     CNOOC Limited
     Tel:   +86-10-8452-1731
     Fax:   +86-10-8452-1441

     Ms. Sharon Fung
     Ketchum Newscan Public Relations Ltd
     Tel:   +852-3141-8082
     Fax:   +852-2510-8199