PDF《CNOOC LIMITED》

2014 Strategy Preview January 20,

2014 CNOOC LIMITED 中国海洋石油有限公司

2 Disclaimer This presentation 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 that it 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. For a description of these risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the

2012 Annual Report on Form 20-F filed on

24 April 2013. Consequently, all of the forward-looking statements made in this presentation are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realized or, even if substantially realized, that they will have the expected effect on the Company, its business or operations.

3 7-10 new projects to lay a solid foundation for

2014 production growth Production target at 422-435 mmboe, including Nexen's contribution of ~69 mmboe 7-10 new projects to come on stream in

2014 Intensified efforts on exploration to support sustainable growth ~155 exploration wells to be drilled 2D seismic data of 26.7 thousand km and 3D seismic data of 19.4 thousand km2 to be acquired RRR target: >100% Capital spending continue to grow

2014 Capex of RMB 105-120 billion Exploration, development and production capex account for 19%, 65% and 14% respectively China, overseas (excluding Nexen) and Nexen account for 54%, 27% and 19% respectively 2011-2015 production growth target remains unchanged

2014 Key Objectives

4 2014 production target set at 422-435 mmboe*, under Brent of US$102.0/bbl. Production Target

0 100

200 300

400 500

2013 Target

2013 Estimated

2014 Target CNOOC (excluding Nexen) Nexen (mmboe) *Including our interest in equity-accounted investees 338-348 ~412 422-435 (@Brent US$102.0/bbl) (@Brent US$108.8/bbl) (@Brent US$102.0/bbl) ~61 ~351 ~69 353-366

5 New Projects in

2014 7-10 new projects are scheduled to come on stream in 2014. Major new projects in

2014 Location Expected time of startup Kenli 3-2 Bohai, Offshore China First half Wenchang 13-6 Western South China Sea, Offshore China Second half Panyu 10-2/5/8 Eastern South China Sea, Offshore China Second half Panyu 34-1/35-1/35-2 Eastern South China Sea, Offshore China Second half Qinhuangdao 32-6 adjustment Bohai, Offshore China Second half Enping 24-2 Eastern South China Sea, Offshore China Year end Golden Eagle North Sea, UK Year end

6 Major Project C KL3-2 Located in southern Bohai An example of the Company's regional planning and development strategy, including

5 oilfields: Kenli 3-2 Bozhong 34-6 Bozhong 34-7 Bozhong 35-2 Bozhong 29-4S CNOOC's interest: 100% Peak production: 37,000 boe/day

7 Located in central Bohai Another example of comprehensive adjustment on producing fields, demonstrating great potential of producing assets Startup of QHD32-6: