PRESS RELEASE: CNOOC Limited earned Baa1 (positive) rating from Moody's

Following is a press release from CNOOC Limited:

CNOOC Limited (the "Company") is pleased to announce that Moody's Investors Service (Moody's) on Thursday upgraded the issuer rating of the Company and the foreign currency long-term debt rating of its guaranteed subsidiary, CNOOC Finance (2002) Ltd, to Baa1 from Baa2.

Moody's also upgraded the issuer rating of the Company's parent -- China National Offshore Oil Corporation (CNOOC) from Baa2 to Baa1.

The outlook on the ratings is positive. Moody's states in its press release that positive rating pressure could evolve if the sovereign's (People's Republic of China) rating is upgraded and the group's financial profile and strategies remain strong and consistent.

Baa1 (positive) is the highest rating for a Chinese corporation ever obtained from Moody's. CNOOC is the only Chinese corporation that obtained Baa1 (positive) rating from Moody's.

Dr. Mark Qiu, CFO and Senior Vice President of CNOOC Limited, commented, "Moody's upgrade is an honor within our expectation. The unique Baa1 (positive) rating obtained by the Company places CNOOC's credit quality in the league of its own, in recognition of its unique global nature of business profile. This unique rating will reduce the Company's funding costs and bring the Company's cost of capital close to its risk profile." (*)

CONTACT: Mr. Xiao Zongwei of CNOOC Limited, +86-10-8452-1646, or fax, +86- 10-8452-1441, or xiaozw@cnooc.com.cn; or Anne Lui, anne.lui@knprhk.com, or Zelda Yung, Zelda.yung@knprhk.com, or Maggie Chan, maggie.chan@knprhk.com, all of Ketchum Newscan Public Relations, +852-3141-8016, or +852-3141-8028, or + 852-3141-8063, or fax, +852-2510-8199, for CNOOC Limited