CNOOC Limited (the "Company", SEHK: 00883,NYSE: CEO, TSX: CNU) announced today that Luda 21-2/16-3 regional development regional has commenced production.

Luda 21-2/16-3 regional development project is located in Liaodong Bay of Bohai Sea, about 39 kilometers north of Luda 10-1 oilfield and 90 kilometers northwest of Suizhong 36-1 onshore terminal. The average water depth of the regional development project is about 25 meters. The project has built 1 central platform, 3 wellhead platforms and 1 production adjective platform. A total of 69 development wells are planned. The project is expected to reach its peak production of approximately 25,600 barrels of crude oil per day in 2022.

CNOOC Limited holds 100% interest of Luda 21-2/16-3 regional development project.