CNOOC Limited Announces Mero3 Project Commences Production

CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that Mero3 Project has commenced production safely.

Mero field is located in the Santos Basin pre-salt southeastern offshore Brazil, about 180 kilometers away from Rio de Janeiro, in a water depth of between 1,800 and 2,100 meters. Mero3 Project will be developed by the traditional deep-water Pre-salt development mode, FPSO+Subsea. 15 development wells are planned to be commissioned, including 8 production wells and 7 injectors. The production capacity of the project is 180,000 barrels of crude oil per day, which will increase the installed production capacity of Mero field to 590,000 barrels of crude oil per day.

In the future, the project will separate the oil and associated gas at the seabed and reinject the gas into the reservoir, which will simultaneously boost production and reduce emission. The project will be an important growth driver for the Company's overseas oil and gas production, as well as a new example of green development.

CNOOC Petroleum Brasil Ltda, a wholly-owned subsidiary of CNOOC Limited, holds 9.65% interest. Petrobras is the operator and has 38.6% interest, TotalEnergies holds 19.3% interest, Shell Brasil holds 19.3% interest, CNPC holds 9.65% interest, and Pré-Sal Petróleo S.A –PPSA holds 3.5% as the Federal Union representative in non-contracted areas.