HONG KONG, Feb. 8 /PRNewswire-Asia/ -- CNOOC Limited ("the Company" or
"CNOOC Ltd," NYSE: CEO, SEHK: 883) is pleased to announce today that its
partner, Husky Oil China Limited (a subsidiary of Husky Energy Inc., "Husky"),
has made a new deepwater gas discovery, LiuHua (LH) 29-1 on Block 29/26,
marking another important step of the deepwater exploration in the South China
sea.

(Logo: http://www.prnasia.com/xprn/sa/200701301659.jpg )

LH 29-1 is the third deepwater gas discovery made on Block 29/26 in the
Pearl River Mouth Basin in the Eastern South China Sea. Another two
significant discoveries, LiWan (LW) 3-1 and LH 34-2, were made on the Block.

The discovery well LH 29-1-1 was located about 43 kilometers northeast of
LW 3-1 gas field and 20 kilometers northeast of LH 34-2 gas field. The well
was drilled to a total depth of 3,331 meters, with a water depth of about 720
meters.

LH 29-1-1 encounters gas pay zones with net total thickness of
approximately 70 meters. During drill stem tests, the well was tested to flow
57 million cubic feet (mmcf) of natural gas per day.

LW 3-1 and LH 34-2 fields are expected to be developed in parallel with
first gas production from LW 3-1 anticipated in 2013. LH 29-1 field will
share the development and production facilities with LW 3-1 and LH 34-2.

Mr. Zhu Weilin, Executive Vice President of the Company and General
Manager of Exploration Department commented: "Deepwater is one of our major
exploration efforts this year. The successive deepwater discoveries made in
the South China Sea will further encourage us to carry out our deepwater
exploration activities."

LH 29-1 field will be appraised later this year by Husky to further
determine the size of the discovery.

According to the Production Sharing Contract, CNOOC Limited has the right
to participate in up to 51 percent working interest in any commercial
discoveries on Block 29/26.

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 "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 2008
Annual Report on Form 20-F filed on May 8, 2009.

For further enquiries, please contact:

Mr. Jiang Yongzhi
Joint Company Secretary and General Manager
Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1731
Fax: +86-10-8452-1441
Email: jiangyzh2@cnooc.com.cn

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

SOURCE CNOOC Limited