CNOOC Limited announced today that the Company and CEPR Limited（“CEPR”）, a wholly-owned subsidiary of the Company, entered into a Share Purchase Agreement with Joint Stock Company Novatek and Ekropromstroy Limited Liability Company（“Ekropromstroy”）, a wholly-owned subsidiary of JSC Novatek, pursuant to which, CEPR shall acquire 10% equity interest in Arctic LNG 2 LLC held by Ekropromstroy (the “Acquisition”).

Pursuant to the Share Purchase Agreement, completion of the acquisition is conditional upon the approval of relevant government authorities of China and Russia and satisfaction of certain other conditions. The acquisition is expected to complete in the near future.

JSC Novatek is principally engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons and has more than 20 years of operational experience in the Russian oil and natural gas sector.

About Arctic LNG 2

Arctic LNG 2 LLC is a limited company incorporated in the Russian Federation engaging in the Arctic LNG 2 Project, the second large onshore conventional natural gas project led by JSC Novatek on the Gydan Peninsula in Russia, which contains the development and production of Utrenneye gas field and the construction and operation of three liquefied natural gas trains. Arctic LNG 2 LLC holds the liquefied natural gas licence that grants an exclusive right to export liquefied natural gas produced from gas extracted from the Utrenneye gas field.

About CNOOC

China National Offshore Oil Corporation (SEHK: 00883, NYSE: CEO, TSX: CNU), the largest offshore oil and gas producer in China, is a mega government owned company operating directly under the State-owned Assets Supervision and Administration Commission of the State Council of the People's Republic of China.

About Novatek

PAO NOVATEK is the largest independent natural gas producers in Russia, and in 2017, entered the global gas market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol “NVTK”.