OREANDA-NEWS. January 03, 2012. CNOOC Limited (the "Company" or “CNOOC Ltd.”; NYSE “CEO”, SEHK “883”) is pleased to announce today that Lufeng (LF) 13-2 adjustment project has come on stream successfully.

The project is located in Pearl River Mouth basin, with average water depth of approximately 132 meters. The development and production operations of the project mainly rely on the original LF 13-2 Well Head Platform and LF 13-1 platform. With 3 wells online currently, and another 5 wells to be brought on stream, this project is expected to hit its peak production of around 33 thousand barrels per day in the second half of 2012.

Mr. Chen Bi, the executive vice president of the Company commented: “the successful startup of LF 13-2 adjustment project enables the adjacent fields to share the production facilities, which will reduce the production cost, and improve the economic return of relevant fields.”

LF13-2 adjustment project is an independent oil field of CNOOC Limited, the Company holds 100% of interest of the field and acts as the operator.