Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in Hong Kong with limited liability under the Companies Ordinance)

(Stock Code: 00883)

ANNOUNCEMENT

The Board hereby announces certain selected unaudited key operational statistics of the Group for the third quarter of 2018 (ended 30 September 2018). The comparative statistics of the Group for the third quarter of 2017 (ended 30 September 2017) are also disclosed in this announcement.

The board of directors of CNOOC Limited (the "Company") (the "Board") hereby announcescertain selected unaudited key operational statistics of the Company and its subsidiaries (togetherthe "Group") for thethird quarter of 2018 (ended 30 September 2018). The comparative statistics of the Group for the third quarter of 2017 (ended 30 September 2017) are also disclosed in this announcement.

The Company achieved a total net production of 113.8 million barrels of oil equivalent ("BOE") for the third quarter of 2018, representing a decrease of 2.1%year over year ("YoY"). Production from offshore China reached 73.7 million BOE, almost flat from the same period last year. Overseas production decreased 5.4% YoY to 40.1 million BOE, mainly due to the lower production efficiency in the UK North Sea as a result of the preparation work for infill drilling program.

For the third quarter of 2018, the Company made four new discoveries and drilled fourteen successful appraisal wells. The new discovery of Luda 4-3 made in offshore China, was preliminarily evaluated as a mid-size oil and gas structure. Successful drilling of Longtail Structure and Hammerhead Structure at the Stabroek block in Guyana further enhanced the asset value and laid a high-quality resource foundation for future development.

On development and production, three out of five new projects planned for this year have commenced production. Dongfang 13-2 gas fields and Wenchang 9-2/9-3/10-3 gas fields are under installation and commissioning, and expected to commence production within the year.

The unaudited oil and gas sales revenue of the Company reached approximately RMB 47.93 billion for the third quarter of 2018, representing an increase of 33.4% YoY, mainly benefitting from the increase of international oil prices. During the period, theCompany'saverage realized oil price increased 40.7% YoY to US$71.55 per barrel, and the average realized gas price increased 3.4% YoY to US$6.26 per thousand cubic feet.

For the third quarter of 2018, the Company's capital expenditure increased 29.6% YoY to approximately RMB 15.27 billion, mainly due to the increase in development and production workload.

Third Quarter and Year-to-Date Net Production Summary (Unaudited)*

China

Bohai

Western South China Sea Eastern South China Sea

East China Sea

Subtotal*Overseas

Asia (excluding China)

Oceania

Africa

North America (excluding

Canada)

Canada South America

2018

Q3

YTD

Crude & Liquids

Natural

GasTotalCrude & Liquids

Natural

GasTotal

(mmbbls)

(bcf)

(mm BOE)

(mmbbls)

(bcf)

(mm BOE)

(mmbbls)

39.1

14.3 24.1 30.6 4.873.7

41.5 13.4 17.6 1.1

117.7 29.2 41.8 1.1189.7

44.5 70.8 89.3 15.0219.6

125.1

12.5

0.361.3

9.3

41.2 56.6 3.6

73.7

226.6

4.4

14.8

7.0

16.4

43.7

24.3

0.4

11.3

2.6

1.1

28.5

6.7

6.0

-

6.0

17.9

-

17.9

4.9

11.5

6.9

14.2

34.7

19.9

5.5

3.3

6.1

16.8

9.8

18.5

2.6

16.0

5.4

7.7

46.8

15.8

EuropeSubtotal

6.0

1.258.0 131.7

6.140.1 113.8

21.395.5 285.2

5.1168.6 388.3

22.1

Total**

29.9 91.1

125.3 351.9

* Including other production from onshore China, which is approximately 0.03 mmboe in Q3 2018.

2017

Q3

Crude & Liquids

Natural

GasTotal

(bcf)

(mm BOE)

39.6

13.7

0.462.7

9.0

13.1 24.6 23.1 5.266.1

41.8 13.1 17.6 1.373.8

5.1

13.4

7.5

0.5

10.6

2.6

6.6

-

6.6

3.9

12.0

6.0

5.8

2.0

6.1

2.0

13.2

4.3

32.9 95.6

9.0

2.353.6 119.8

9.442.4 116.2

** Including our interest in equity method investees, which is approximately 5.4 mmboe in Q3 2018 and 4.3 mmboe in Q3 2017.

YTD

Crude & Liquids

Natural

GasTotal

(mmbbls)

(bcf)

(mm BOE)

120.0 27.3 48.1 1.2196.7

  • 39.8 126.7

  • 74.9 40.0

  • 64.8 58.9

  • 16.7 4.0

  • 196.1 229.6

    14.6

  • 38.5 21.6

    0.9

  • 24.7 5.8

20.8

- 20.8

12.3

  • 34.9 18.2

    14.8

  • 9.9 16.4

    6.0

  • 38.6 12.6

    27.897.2 293.8

  • 8.4 29.2

  • 155.0 124.5

  • 351.1 354.1

Third Quarter and Year-to-Date Revenue and Capital Expenditure (Unaudited)

RMB (million)

US$ (million)

2018 Q3

YTD

2017 Q3

YTD

2018 Q3

YTD

2017 Q3

YTDSales Revenue

Crude and

liquids

Natural gas

43,057 4,876

Marketing

revenue,

572

net

Others

Total

1,318－－－－－－－49,823

124,137 14,105 1,410 4,120－－－－－－－143,772

31,639 4,298

98,572 12,308

6,335 717

19,043 2,164

203

1,108－－－－－－－37,248

902 4,290

84

194

216 632

4,738 14,477 644 1,808 30 132 166 630

－－－－－－－ －－－－－－－

116,072

7,330

－－－－－－－22,055

－－－－－－－ －－－－－－－

5,578

============= ============= ============= ============= =========== ============= =============

17,047==========

Capital Expenditures*

Exploration

Development

Production

Others

Total

2,669 9,580 2,938 83－－－－－－－15,270

6,812 21,945 7,342 151－－－－－－－36,250

2,526 7,865 1,338 50－－－－－－－11,779

7,285 21,828 3,905 167

393 1,410 432 12

－－－－－－－ －－－－－－－

33,185

2,247

1,045 3,366 1,126 24－－－－－－－5,561

378 1,070 1,178 3,206 200 574 8 24－－－－－－－ －－－－－－－

1,764

========================== ========================== ======================= =============

4,874==========

* Capitalized interests were not included. Capitalized interests for Q3 2018 were RMB 749 million.

For the purpose of this announcement, unless otherwise indicated, an exchange rate of US$1 = RMB6.7964 has been used for the third quarter of 2018, and an exchange rate of US$1 = RMB6. 6784 has been used for the third quarter of 2017, where applicable. The usage of these exchange rates is for illustration only and does not constitute a representation that any amount has been, could have been or may be exchanged or converted at the above rates or at any other rate at all.

This announcement is published on the website of The Stock Exchange of Hong Kong Limited(http://www.hkex.com.hk) and on the Company's website (http://www.cnoocltd.com).

By Order of the Board

CNOOC Limited

Li Jiewen

Joint Company Secretary

Hong Kong, 25 October 2018

As at the date of this announcement, the Board comprises:

Executive Directors

Independent Non-executive Directors

Yuan Guangyu

Chiu Sung Hong

Xu Keqiang

Lawrence J. Lau

Tse Hau Yin, Aloysius

Non-executive Directors

Kevin G. Lynch

Yang Hua (Chairman)

Wang Dongjin

4

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CNOOC Limited published this content on 25 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 October 2018 09:02:03 UTC