2009-08-19-2007-01-01-2007-01-01

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Production-sharing contracts

CNOOC Ltd., Hong Kong, (NYSE: CEO) has entered two production-sharing contracts for deepwater blocks 64/18 and 53/30 offshore China with Devon Energy Corp., Oklahoma City (NYSE: DVN). Block 64/18 covers 7,712 square kilometers in the Qiong Dong Nan Basin in the western South China Sea. Block 53/30 covers approximately 6,313 square kilometers in the Pearl River Mouth Basin. This marks CNOOC's tenth deepwater contract with a foreign company. CNOOC vice president and general manager of exploration Zhu Weilin says, "With the breakthrough in Liwan 3-1, we are very confident in the resource potential of the deepwater area offshore China. We hope Devon will continue its success story in pursuing China's offshore opportunities."