1. CNOOC LIMITED
中国海洋石油有限公司
2013 Strategy Preview
January 30, 2013

2. Disclaimer
This presentation includes “forward-looking statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995, including statements regarding expected future events,
business prospectus or financial results. The words “believe,” “intend,” “expect,” “anticipate,” “project,”
“estimate,” “plan,” “predict” and similar expressions are intended to identify such forward-looking
statements.
These statements are based on assumptions and analyses made by us in light of our experience and
our perception of historical trends, current conditions and expected future developments, as well as
other factors we believe are appropriate under the circumstances. However, whether actual results and
developments will meet our expectations and predictions depend on a number of risks and uncertainties
which could cause our actual results, performance and financial condition to differ materially from our
expectations, including those associated with fluctuations in crude oil and natural gas prices, our
exploration or development activities, our capital expenditure requirements, our business strategy, the
highly competitive nature of the oil and natural gas industries, our foreign operations, environmental
liabilities and compliance requirements, and economic and political conditions in the People‟s Republic
of China. For a description of these and other risks and uncertainties, please see the documents we file
from time to time with the United States Securities and Exchange Commission, including our 2011
Annual Report on Form 20-F filed on April 20, 2012. Consequently, all of the forward-looking statements
made in this presentation are qualified by these cautionary statements. We cannot assure that the actual
results or developments anticipated by us will be realized or, even if substantially realized, that they will
have the expected effect on us, our business or our operations.
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3. 2013 Key Objectives
To lay a solid foundation for future production growth
Production target at 338-348 mmboe (@WTI US$90.0/bbl)
10 new fields in offshore China to come on stream, 24 projects under
construction within the year
Remain confident to achieve 2011-2015 production growth target
Intensified efforts on exploration
~140 exploration wells to be drilled
2D seismic data of 15.4 thousand km and 3D seismic data of 24.8 thousand
km2 to be acquired
RRR target: >100%
Capital spending continue to grow
Capex of US$12-14 bn, up 31-52% from 2012E
Exploration, development and production capex account for 19%, 70% and
11% respectively
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4. Production Target
(mmboe)
335-345 338-348
350 341-343
330
310
290
270
250
2012 Target 2012 Estimated 2013 Target
(@WTI US$90.0/bbl) (@WTI US$94.1/bbl) (@WTI US$90.0/bbl)
2013 production target set at 338-348 mmboe*, under WTI price of US$90/barrel.
*Including our interest in equity-accounted investees
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5. Major New Projects in 2013
Suizhong 36-1 phase II adjustment
To come on stream by year end
Qikou 18-1 adjustment
To come on stream in 2H
Bohai
East
China
Weizhou 6-12
To come on stream in 1H
China Sea Lishui 36-1
To come on stream in 2H
Weizhou 12-8W Lufeng 7-2
To come on stream in 2H To come on stream in 2H
Wenchang 8-3E Liuhua 19-5
To come on stream in 2H To come on stream by year end
Liwan 3-1
Wenchang 19-1N Western Eastern
South China South China To come on stream by year end
To come on stream in 2H Sea Sea
10 new fields in offshore China are scheduled to come on stream in 2013.
24 projects will be under construction within the year.
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6. Major Project: Liwan 3-1
Year of discovery：2006
The first large-size deepwater gas
field offshore China
CNOOC’s interest：51%*
Startup：2013 year end
*Husky owns 49% interests of the projects and is the operator
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7. Major Project: Suizhong 36-1 Phase II Adjustment
Startup of Suizhong 36-1 Phase II: 2001
CNOOC’s interest：100%
Startup of adjustment project: 2013 year end
Newly added
4 platforms
83 wells
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8. Exploration Program
Exploration wells 2D („000 km) 3D („000 km2)
138 ~140 25.7 24.8
16.4 15.4
2012E 2013B 2012E 2013B 2012E 2013B
2013 exploration program remains intensive, and more efforts will be made
on deepwater exploration.
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9. Capex Plan
(US$ mm)
16,000 12,000
~14,000
12,000 9,193
6,424 47
8,000 1,368
127
1,178
5,666
4,000
3,662
1,457 2,112
0
2011A 2012E 2013B
Exploration Development Production Other
1%
11% 19% Exploration
36% China
Development
Production Overseas
64%
70% Other
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10. Sustainable, Stable and Profitable Growth
Reserves Continue to add reserves through
exploration and acquisitions
RRR: >100%
10 new fields in offshore China scheduled to
Development
come on stream
Production Production target of 338-348 mmboe
Financial Management Maintain prudent financial policy
HSE Maintain company-wide focus and high
standard on HSE
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11. www.cnoocltd.com