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2001 CNOOC's interest: 75.5%(CNOOC acts as the operator) Peak production of adjustment project: 36,000 bbl/day Major Project C QHD32-6 Adjustment

8 Major Project C EP24-2 Located in northern Pearl River Mouth Basin First oilfield in Enping Sag, Pearl River Mouth Basin Year of discovery:

2010 CNOOC's interest: 100% Peak production: 40,000 bbl/day

9 Major New Project C Golden Eagle Located in North Sea, UK Year of discovery:

2007 CNOOC's interest: 36.5%(CNOOC acts as the operator) Peak production: 70,000 boe/day

10 Exploration wells 2D ('000 km) 19.2 19.4 2013E 2014B 3D ('000 km2) Exploration Program 31.6 26.7 2013E 2014B

132 ~155 2013E 2014B

2014 exploration program remains intensive, and more efforts will be made on deepwater exploration.

11 Capex Plan (RMB bn) 54% 27% 19% China Overseas (excl. Nexen) Nexen 19% 65% 14% 1% Exploration Development Production Other 13.2 18.3 37.6 60.5 8.7 10.8 0.3 1.0

0 50

100 150 2012A 2013E 2014B Exploration Development Production Other 90.5* 105-120 59.9 * Including estimated Nexen's

2013 capex of RMB 16.5 billion

2014 Capex Plan Breakdown

12 New discoveries in past

5 years: 2009:19 discoveries 2010:13 discoveries 2011:16 discoveries 2012:21 discoveries 1-3Q 2013:13 discoveries Resource Base for Future Growth C New Discoveries

13 0

200 400

600 2004

2005 2006

2007 2008

2009 2010

2011 2012 Reserve addition from discoveries and extensions (mmboe) Average:

195 Average:

416 Reserve addition from discoveries and extensions in 2010-2012 doubled the average level of previous years. Resource Base for Future Growth C Reserve Addition

14 Projects under Construction to Support Production Growth ~20 new projects under construction in

2014 New projects in

2015 includes: Bozhong 28/34 adjustment;

Kenli 10-1;

Huizhou 25-8;

Dongfang 1-1 Phase I adjustment;

…

15 Challenges To achieve production targets, we overcame many challenges such as: Weather condition;

Service resources;

Government approval;

Environmental impact assessment;

etc

16 2014: Sustainable, Stable and Profitable Growth Continue to add reserves through exploration and acquisitions RRR: >100% 7-10 new projects to come on stream Production target of 422-435 mmboe Maintain prudent financial policy Maintain company-wide focus and high standard on HSE Production Reserves HSE Financial Management Development www.cnoocltd.com