CNOOC Limited Announces Mero 1 Project Commences Production

HONG KONG,May 3,2022 -- CNOOC Limited (the "Company",SEHK: 00883,SSE: 600938) today announced that Mero 1 project has commenced production safely.

Mero field locates in the Santos Basin pre-salt in the sea area of southeastern Brazil,with an average water depth of 1,930 meters,more than 150 kilometres from Rio de Janeiro. Mero 1 Project will be developed by the traditional deep-water Pre-salt development mode,FPSO+Subsea. It has 6 producing wells and 7 injectors currently,and capacity to produce 180,000 barrels of crude oil per day.

The FPSO used in Mero field was completed in December 2021 and arrived in Brazil in January 2022. It will be able to store around 1.4 million barrels of crude oil and is one of the largest adapted FPSO in the world.

"Mero field,which contains extremely rich oil and gas resources,is the third-largest subsalt deep-water oilfield globally," said Xia Qinglong,president of the Company. "The production of Mero 1 will not only become a significant growthdriver for CNOOC Limited's overseas oil and gas production. The Company will take this as an opportunity,to further enrich experience and strengthen key technology breakthroughs,and sincerely work with partners to co-create a world-class benchmarking collaboration project,thus to have a positive impact on both the sustainable economic and social development of Brazil."

CNOOC Petroleum Brasil Ltda,a wholly-owned subsidiary of CNOOC Limited,holds 9.65% interest. Petrobras is the operator and has 38.6% interest,TotalEnergies holds 19.3% interest,Shell Brasil holds 19.3% interest,CNODC holds 9.65% interest,and Pré-Sal Petróleo S.A –PPSA holds 3.5% as the Federal Union representative in non-contracted areas.

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Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

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This press release includes forward looking information,including statements regarding the likely future developments in the business of the Company and its subsidiaries,such as expected future events,business prospects 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 as of this date in light of its experience and its perception of historical trends,current conditions and expected future developments,as well as other factors that the Company currently believes are appropriate under the circumstances. However,whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results,performance and financial condition may differ materially from the Company's expectations,including but not limited to those associated with fluctuations in crude oil and natural gas prices,macro-political and economic factors,changes in the tax and fiscal regimes of the host countries in which we operate,the highly competitive nature of the oil and natural gas industry,environmental responsibility and compliance requirements,the Company's price forecast,the exploration and development activities,mergers,acquisitions and divestments activities,HSSE and insurance policies and changes in anti-corruption,anti-fraud,anti-money laundering and corporate governance laws.

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

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For further enquiries,please contact:

Mr. Su Yuchi

Media & Public Relations

CNOOC Limited

Tel: +86-10-8452-5897

Fax: +86-10-8452-1441

E-mail: mr@cnooc.com.cn

Mr. Bunny Lee

Porda Havas International Finance Communications Group

Tel: +852 3150 6707

Fax: +852 3150 6728

E-mail: cnooc.hk@pordahavas.com