CNOOC Limited supports the HKSAR Government's initiatives of encouraging the adding of RMB-denominated stock trading counters and optimizing the trading mechanism in Hong Kong

HONG KONG,Oct. 3,2022 -- CNOOC Limited (the "Company",SEHK: 00883,SSE: 600938) is pleased to announce today the support for the Hong Kong Special Administrative Region (HKSAR) Government's initiatives of encouraging the adding of RMB-denominated stock trading counters as well as optimizing the trading mechanism in Hong Kong.

The Company has noticed the briefing by the Secretary for Financial Services and the Treasury of the HKSAR,Mr. Christopher Hui Ching-yu,at the Legislative Council Panel on Financial Services today. Mr. Hui proposed to encourage the issuance and trading of dual currency securities in Hong Kong and optimize the resultant trading mechanism. These proposals are geared to improving the liquidity and price efficiency of RMB-denominated stocks,expediting the issuance and trading of RMB-denominated securities,and enhancing investors' willingness to trade at RMB-denominated stock trading counters.

The Company welcomes the HKSAR's active promotion for more listed issuers to add RMB-denominated stock trading counters,and the discussion between the HKSAR and mainland institutions with a view of allowing the proposed RMB-denominated stock trading counters to be included in the Hong Kong Stock Connect. These efforts will not only facilitate mainland investors to use RMB to participate in the Hong Kong Stock Connect,and enrich the liquidity and depth of the offshore RMB market,but also further boost the issuance and trading of RMB-denominated stocks,thereby speeding up the progress of RMB internationalization.

CNOOC Limited supports the HKSAR's efforts in propelling the development of offshore RMB business in Hong Kong,as well as initiatives of optimizing the issuance and trading mechanism of the dual currency stocks based on Hong Kong dollar and RMB. Key terms of these initiatives include establishing a dual currency stock market maker mechanism and exempting stamp duty on the sale of shares involved in relevant market making activities and arbitrage transactions. The Company plans to explore proactively the feasibility of setting up an RMB-denominated stock trading counter in Hong Kong. Upon the passing of the relevant proposals in the Legislative Council,with the transaction settlement rules and mechanisms in place,the Company would then consider establishing an RMB-denominated trading counter after fulfilling requisite internal approval procedures,thus contributing to advancing the internationalization of RMB.

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 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.

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