Net Profit Doubled, Record-high Dividend Declared

HONG KONG,Aug. 25,2022 -- CNOOC Limited (the "Company",SEHK: 00883,SSE: 600938) today announced its 2022 interim results for the six months ended June 30,2022.

During the period,the Company focused on the main business sector of hydrocarbon exploration and development. It pressed ahead with the "three major programs",namely,Reserves & Production Augmentation,Independent Technological Innovation and Green Energy Transition. It implemented the campaign of Quality and Efficiency Dual Upgrading. Solid progress had been made and the operating results reached the best level of the same period. On 21 April,the Company successfully completed its first RMB share issuance and was listed on the main board of the Shanghai Stock Exchange. The IPO will broaden the financing channels for its sustainable development while adding high-quality investment target to China's capital market.

In the first half of the year,the Company carefully deployed exploration workloads and its resource base for sustainable development was further fortified. In offshore China,2 middle-to-large sized discoveries,namely Bozhong 26-6 and Bozhong 19-2,were made and confirmed. In overseas,5 new discoveries were made in Stabroek block in Guyana. The recoverable resources of Stabroek block have reached approximately 11 billion BOE. In terms of unconventional resources growth,new breakthrough was made in offshore shale oil exploration,and the fracturing experiment in onshore deep coalbed methane layers was successfully completed.

The Company dedicated great efforts to increase oil and gas production,and net production hit a record high for the same period,reaching 304.8 million BOE,representing a year-on-year("YoY") increase of 9.6%. The decline rate of the producing oilfields in China was brought under effective control. Overseas,the net production of the projects exceeded the set goals. New projects such asWeizhou 12-8E oilfield development project and Liza Phase II in Guyana have been commissioned successfully. Other major projects under construction such as Enping,Lufeng and Kenli have progressed steadily.

The Company vigorously enhanced the quality and efficiency of its operations,and effectively organized its production to seize the favorable time window of high oil prices,thereby recording highest net profit and revenue so far,highlighting the strong capability of themanagement. In the first half of the year,the oil and gas sales revenue reached RMB176.68 billion,up by 75.6% YoY.The net profit attributable to equity shareholders of the Company reached RMB 71.89 billion,representing a significant increase of 115.7% YoY.The earnings per share was RMB1.57. Benefiting from effective cost control,all-in cost in the first half of 2022 was US$30.32 per BOE,operating cost was US$7.77 per BOE. The Company's capital expenditure amounted to approximately RMB 41.6 billion,increased by 15.4% YoY,providing a strong support for future reserves and production growth.

The Company has always attachedgreat importance to shareholder returns. The Board of Directors has decided to declare an interim dividend of HK$0.70 per share (tax inclusive),which hits a record high.

The Company continued to make breakthroughs in technological innovation. After the launch of the "Shenhai-1" energy station last year,in the first half of this year,the Company successfully installed "Haiji-1" jacket platform,the first deepwater jacket in Asia,independently designed and built. The first set of shallow-water subsea wellhead and Christmas tree and the first set of deep-water subsea wellhead and Christmas tree passed the sea trials,both independently developed by the Company. The Company strives to excavate hydrocarbon in a digital and intelligent way. The application of shore power at Qinhuangdao 32-6 oilfield helped to build it into the benchmark project of offshore "smart oilfields" and created a new model of "intelligent,safe and efficient" exploitation of offshore oil and gas resources.

The Company steadily advances green development. Green electricity was utilized on a large scale on offshore platforms for the first time.It actively exploredthe new mode of offshore green and low-carbon industry,and jointly launched China's first largescale offshore CCS/CCUS hub research project in Daya Bay. Levering its marine advantages,the Company started the construction of Wenchang deep-sea floating wind farm demonstration project,utilizing domestic technologies.

In the first half of this year,the Companycontinued to implement the normalized epidemic prevention measures. The production of the Company remained safe and stable.

Mr. Wang Dongjin,Chairman of the Company,said,"In the first half of 2022,the external environment was complicated. The Company seized the favorable opportunities and made proactive moves to reach record-high operating results. We will pay close attention to the international situation and industry trends. We will continue to pursue a high-quality development,so that we can reach the goals we set at the year beginning and create more value for shareholders."

Notes to Editors:

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

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 macro-political and economic factors,fluctuations in crude oil and natural gas prices,the highly competitive nature of the oil and natural gas industry,climate change and environment policies,the Company's price forecast,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 presentation 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.

For further enquiries,please contact:

Ms. Ariel Wang

Media & Public Relations

CNOOC Limited

Tel: +86-10-8452-6832

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