Exhibit 4.46









China
National Offshore Oil Corporation









and









CNOOC
Limited









Framework
Agreement



in respect
of



the Connected
Transactions















(Summary
Translation)














TABLE
OF CONTENTS






Page





|Article 1  | Scope of products and services                                      | 4 
|---------- | ------------------------------------------------------------------- | --
|Article 2  | Transaction Principles                                              | 5 
|Article 3  | Pricing Principles                                                  | 6 
|Article 4  | Mode of Operations                                                  | 10
|Article 5  | Rights and Obligations                                              | 11
|Article 6  | Term and termination of the specific product and service agreements | 11
|Article 7  | Representations and Warranties                                      | 12
|Article 8  | Performance of this Agreement                                       | 13
|Article 9  | Force Majeure                                                       | 13
|Article 10 | Announcement                                                        | 14
|Article 11 | Miscellaneous                                                       | 14
|Article 12 | Notices                                                             | 15
|Article 13 | Governing Law and Dispute Resolution                                | 15
|Article 14 | Supplementary                                                       | 16





















Framework
Agreement in respect of the Connected Transactions



This Agreementwas entered into on November 15, 2016 by the following parties in Beijing, the People's Republic of China ("PRC",
excluding for the purpose of this Agreement, the Hong Kong Special Administrative Region, the Macau Special Administrative Region
and Taiwan):



Party
A: China National Offshore Oil Corporation (hereinafter referred to as "Party A"), a state-owned enterprise incorporated
and duly existing under the laws of the PRC.



Party
B: CNOOC Limited (hereinafter referred to as "Party B"), a company incorporated and duly existing under the laws
of the Hong Kong Special Administrative Region with limited liability.



On the date
of this Agreement, Party A owned approximately 64.44% of the equity interests of Party B.



Party A
(including its associates (as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited (the "Listing Rules"))) principally engages in the production and operation of the oil, gas and petrochemicals
ancillary production services, engineering construction services, information consulting services, supply services and financial
services by financing companies. The above services are essential to the production operations of Party B and its affiliates.
Party A and its associates possess the leading edge of talented personnel, technologies and geographical advantages, and have
maintained a long-term working relationship with Party B and its affiliates. Therefore, Party B agrees to acquire the above products
and services from Party A and its associates.



Party B
possesses crude oil, condensate oil, liquefied oil, natural gas and its by-products and semi-finished products, and is able to
provide sales and services of other various types of petroleum-related products. Party B has maintained long-term working relationship
with Party A. Therefore, Party A (including its associates) agrees to acquire the above products and services from Party B (including
its affiliates).



As such,
based on the principles of long-term cooperation, mutual benefits and joint development, after friendly consultations, the Parties
agree to enter into this Agreement and to procure their respective affiliates (including the subsidiaries, branch and other units)
to provide or accept the products and services as stipulated in this Agreement pursuant to the terms and spirits of this Agreement.












Article
1Scope of products and services



| | 1.1 | Party
                                         B (including its affiliates) shall provide to Party A (including its associates) the
                                         following products and services:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.1.1 | management,
                                         technical, facilities and ancillary services, including the supply of materials, technical
                                         consulting, technology transfer, delegated administration, technical research services
                                         and other supporting services;
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.1.2 | sales
                                         of petroleum products, natural gas and its by-products and semi-finished products and
                                         other various types of natural gas-related or petroleum-related products.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.1.3 | long-term
                                         sales of natural gas, liquefied natural gas and its by-products and semi-finished products
                                         and other various types of natural gas-related or petroleum-related products.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.2 | Party
                                         A (including its associates) shall provide to Party B (including its affiliates) the
                                         following products and services:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.2.1 | exploration and support
services: well site survey; geophysical exploration; seismic data processing; seismic testing data processing; integrated exploration
research services; geophysical data acquisition; marine geological forecast and data processing; drilling; oil and gas well measurement;
well logging; well cementation; exploration well operation and other related technical services; tow-boat; transportation; supply
of materials/equipment; technical research of exploration and safety services as well as various types of technical services and
support services related to the above operations;
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.2.2 | oil and gas fields development
and support services: engineering exploration, geological exploration; drilling; well completion; oil and gas well measurement;
well logging, well cementation and other related technical services; design, construction, installation, testing and tuning of
production facilities; shipping transportation; supply of materials/equipment; integrated research on development techniques as
well as various types of technical services and support services related to the above operations;
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.2.3 | production of oil and gas
field and support services: integrated research on production techniques; well workover; shipping transportation; oil tanker
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------





4






transportation;
supply of material/equipment; maintenances of platform; repair of equipment and pipeline; production operations; oil exploitation
operations; oil and gas production labour services; repair of facilities for the production of oil and gas fields; warehousing
and storage; lease of equipment and building; road transportation services; telecommunication and network services; wharf services;
labour services; warehousing and storage; construction services, including roads, wharf, buildings, factories and water barriers;
maintenance and repair of major equipment; medical, childcare and social services; provision of water, electricity, gas and heat;
security and fire-protection services; technical training; accommodation; maintenance and repair of buildings; catering services,
as well as other technical and supporting services related to the above services;



| | 1.2.4 | management, marketing and
other ancillary services: marketing services; delegated administration; staff recruitment; publishing and printing; telecommunication
networks; lease of properties; property management; supply of water, electricity, gas and heat; car rental; integrated services;
integrated research; sewage disposal and other ancillary services;
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.2.5 | FPSO vessel leases.
| | ----- | -------------------



Article
2Transaction Principles



| | 2.1 | Specific
                                         agreements may be separately entered into between the respective Parties, that is Party
                                         A (and its associates) and Party B (and its affiliates), for specific products and services
                                         in accordance with the scope of this Agreement. Both Parties agree to implement the contracts
                                         under this Agreement pursuant to the following principles:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.1.1 | the
                                         products and services to be provided shall be of satisfactory quality to the recipient;
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------



| | 2.1.2 | the
                                         pricing of the products and services to be provided shall be fair and reasonable;
| | ----- | ------------------------------------------------------------------------------------------------------------------------------



| | 2.1.3 | the
                                         terms and conditions of the products and services provided by Party A to Party B shall
                                         be more favourable than those provided by the independent third parties; and
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.1.4 | the
                                         terms and conditions of the products and services provided by Party B to Party A shall
                                         be no less favourable than those provided by Party B to the independent third parties.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





5






Article
3 Pricing Principles



| | 3.1 | Basic
                                         Pricing Principles. Subject to the pricing principles as mentioned in Article 2.1, the
                                         pricing of the respective products and services involved under Article 1 of this Agreement
                                         shall be based on arm's length negotiations, on normal commercial terms or better and
                                         with reference to the prevailing local market conditions (including the volume of sales,
                                         length of contracts, the volume of services, overall customer relationship and other
                                         market factors).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.2 | Subject
                                         to the pricing principles as mentioned in Article 3.1, the pricing of the respective
                                         products and services shall be determined on the following terms and in following sequential
                                         order:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



(1)
  Government-prescribed price; or



(2)
  where there is no Government-prescribed price, in accordance with market prices (including the local, national or international
market prices).



| | 3.3 | Government-prescribed
                                         price
| | --- | --------------------------------------------------------------------



| | 3.3.1 | Government-prescribed price
refers to the price in respect of certain category of services determined by the laws, regulations, decisions, orders or policies,
etc. enacted by governments of the relevant countries or regions (including but not limited to the central government, federal
government, provincial government, state or coalition government or any organisation responsible for domestic ruling and foreign
affairs with respect to certain specified territory, irrespective of its name, organisation or structure) or other regulatory
departments.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.3.2 | Government-prescribed prices
are applicable to water supply, electricity supply, gas supply and heat supply. The relevant basis for the government-prescribed
prices for different types of products and services are detailed below:
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.3.2.1 | Water supply – the
National Guidelines on Water Tariffs (Ji Jia Ge [1998] No.1810), issued by the former National Planning Committee of the PRC and
the former Ministry of Construction of the PRC and revised by the National Development and Reform Commission of the PRC and the
former Ministry of Construction of the PRC on 29 November 2004, the urban water supply price shall be government-prescribed price,
and the specific pricing
| | ------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





6






authority
shall be executed based on the price management catalogue.



| | 3.3.2.2 | Electricity supply –
the Electricity Law issued by the Standing Committee of the National People’s Congress on 28 December 1995 and revised on
24 April 2015, for the on-grid power price of a power network spanning different provinces, autonomous regions, or municipalities
directly under the central government, as well as in a provincial power network and an independent power network, a proposal shall
be made through negotiation between the enterprises that are engaged in power production and power network operation, and shall
be examined and approved by the pricing administrative department of the State Council of the PRC or an authoritative pricing
administrative department. If the power produced by locally funded power production enterprises forms an independent power network
within different regions of the province or generated for local use, the price shall be under the control of the people’s
governments of the provinces, autonomous regions or municipalities directly under the central government.
| | ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.3.2.3 | Gas supply – the Regulation
on the Administration of Urban Gas(State Council Order No. 583) issued by the State Council of the PRC on 19 October 2010, which
provides that the pricing bureau of the people’s governments above the county level could prescribe and adjust the selling
price for pipeline gas.
| | ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.3.2.4 | Heat supply – implement
the prices for the supply of heat prescribed by the local governments.
| | ------- | ----------------------------------------------------------------------------------------------



| | 3.4 | Market price
| | --- | ------------



| | 3.4.1 | Market price refers to the
price determined with reference to the price charged by at least two independent third parties (if applicable) in areas (or nearby
areas) providing such type of products or services on normal terms with comparable scale at that time. Market price will be determined
in accordance with normal commercial terms through public tendering, price comparison or arm’s length negotiation processes
between the two parties. If two or more independent third parties providing such type of products or services do not exist, the
price will be determined in accordance with the negotiation between the two parties of the transaction. When both parties enter
into fair negotiation on pricing, consideration should be given to the reasonableness of the cost structure of the products or
services. Party A(including its associate) shall provide the list of costs
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





7






and
Party B(including its affiliates) shall compare such costs with the company’s internal costs of producing or providing similar
products or services to determine the transaction price.



| | 3.4.2 | The market price is applicable
to:
| | ----- | ----------------------------------



| | 3.4.2.1 | Petroleum: the price is
determined by referencing the Brent crude price, Pertamina’s official quoted price and quoted prices such as Platts Tapis
and making adjustments of approximately 20% more or less than the reference aforementioned prices, which are made in accordance
with the market-oriented principles, taking into account appropriate factors (including but not limited to the different types
of oil and gas, the quality of the crude oil, the premiums and discounts of imported crude oil with similar quality and the international
market prices of oils with similar quality).
| | ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.4.2.2 | Natural gas and its by-products:
the price is determined with reference to the prices charged by other independent suppliers in the local markets supplying similar
products to Party A (and its associates) or other buyers and based on arm's length negotiations between Party A (and its associates)
and Party B (and its affiliates) in accordance with the market principles including voluntariness, equality, fairness, and good
faith and taking into account the reasonableness of the cost structure of the products.
| | ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.4.2.3 | Provision of exploration
and support services, provision of oil and gas development and support services, provision of oil and gas production and support
services, provision of marketing, management and ancillary services and FPSO vessel leases:
| | ------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | Exploration
                                         well operation, drilling and completion well operation and related technical services:
                                         the price is determined through comparison of prices disclosed on the Rigzone website
                                         (www.rigzone.com) and the prices quoted by Party A(including its associate) Prices will
                                         normally be approximately 80% to 100% of the reference prices abovementioned;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Other
exploration and support services, oil and gas development and support services, oil and gas production and support services, and
marketing, management and ancillary
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------





8










| |  | services:
                                         the price is determined by taking reference to the information disclosed in the annual
                                         reports of at least three major overseas goods and services providers for the oil and
                                         gas industry (such as Schlumberger, Halliburton and Baker Hughes) and determined by:
                                         (1) using the prices quoted by the aforementioned overseas good and service providers
                                         for the services provided to Party B (including its affiliates) plus the historical prices
                                         multiplied by the annual movement ratio of the profit margin of such service providers,
                                         which is calculated by dividing the net operating profit by total operating revenue disclosed
                                         in their annual reports, as well as taking into account specific working environment
                                         of related project, such as different geographic features, different offshore regions,
                                         weather conditions, depth of water, and changes in oil prices; (2) comparing such reference
                                         prices with the prices quoted by Party A (including its associates); and (3) entering
                                         into arm’s length negotiation with the other party. For types of services where
                                         there exist competing service providers in the market, the contract price is determined
                                         by adopting procedures (1) above; and also by tendering process through e-commerce system;
                                         and thereafter, comparing the quoted prices from the bidding service providers and determining
                                         the most competitive prices. Prices will normally be approximately 80% to 100% of the
                                         reference prices abovementioned.
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | FPSO
                                         vessel leases: the consideration of the FPSO vessel leases is the rental which is unanimously
                                         determined with Party A and/or its associates which provides the FPSO vessel leases,
                                         after arm’s length negotiation in accordance with normal commercial terms. The
                                         charges usually take reference to FPSO’s fixed daily rent which is determined based
                                         on the result of internal economic appraisal during the course of the overall development
                                         plan of the oilfields or charged in accordance with the floating rent determined by multiplying
                                         the oil and gas production volume by a certain ratio which is determined by the result
                                         of the internal economic appraisal during the course of the overall development plan
                                         of the oilfields and the magnitude of production volumes.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.4.2.4 | Provision of management,
technical, facilities and ancillary services: the price is determined with reference to quotations from at least two comparable
independent third parties industry players (if applicable) in similar transactions in surrounding markets providing similar services
and taking into account factors such as quality of services and supply and demand of local markets.
| | ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





9






Article
4 Mode of Operations



| | 4.1 | Party
                                         A shall ensure and procure its associates and Party B shall ensure and procure its affiliates
                                         to execute the specific products and service contracts in compliance with the principles
                                         and terms of this Agreement.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.2 | The
                                         respective product and service contracts executed between Party A (and its associates)
                                         and Party B (and its affiliates) prior to January 1, 2017 and which are valid after January
                                         1, 2017 and shall be deemed as signed pursuant to the principles and terms of this Agreement.
                                         Corresponding amendments shall be made to such contracts if the principles and terms
                                         of such contracts are inconsistent with those set out in this Agreement.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.3 | The term of the respective
product and service contracts executed pursuant to Articles 1.1.1, 1.1.2 and 1.2.1 to 1.2.4 shall not exceed three years. If the
term of these contracts does not exceed three years but the expiry date thereof is later than December 31, 2019, then the following
provision shall be incorporated into these contracts: "This contract shall terminate on December 31, 2019 if, as of December
31, 2019, CNOOC Limited fails to obtain the waiver for the relevant category of connected transaction in respect of this contract
for the 3 years from 2020 to 2022 pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited ".
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.4 | The
                                         terms of the liquefied natural gas contracts and the natural gas contract executed pursuant
                                         to Article 1.1.3 of this Agreement shall be approximately 25 years and not exceed 20
                                         years respectively, and the following provision shall be incorporated into these contracts:
                                         "This contract shall terminate on December 31, 2019 if, as of December 31, 2019,
                                         CNOOC Limited fails to obtain the waiver for the relevant category of connected transaction
                                         in respect of this contract for the 3 years from 2020 to 2022 pursuant to the Rules Governing
                                         The Listing of Securities on the Stock Exchange of Hong Kong Limited ".
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.5 | The
                                         term of the specific service contracts executed pursuant to Article 1.2.5 of this Agreement
                                         shall not exceed 20 years, and the following provision shall be incorporated into these
                                         contracts: "This contract shall terminate on December 31, 2019 if, as of December
                                         31, 2019, CNOOC Limited fails to obtain the waiver for the relevant category of connected
                                         transaction in respect of this contract for the 3 years from 2020 to 2022 pursuant to
                                         the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited
                                         ".
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





10






Article
5 Rights and Obligations



| | 5.1 | The
                                         rights of the Parties include:
| | --- | ---------------------------------------------------------------------------



| | 5.1.1 | a Party may provide corresponding
products and services to independent third parties, provided that the products and services shall be provided to the other Party
in accordance with the terms of this Agreement;
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.1.2 | the
                                         prices of the products and service fees shall be charged in accordance with the applicable
                                         laws and the terms of this Agreement and the specific products and service agreements.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.2 | The
                                         obligations of the Parties include:
| | --- | --------------------------------------------------------------------------------



| | 5.2.1 | to
                                         procure and ensure that its affiliates shall provide to the other Party products and
                                         services based on the standards and pricing principles as prescribed in this Agreement
                                         and the specific products and service agreements;
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.2.2 | to
                                         be entrusted by the Parties in the specific product and service agreements and to coordinate
                                         matters related to such specific product and service agreements;
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.2.3 | to
                                         pay the relevant price and service fees pursuant to this Agreement and the specific product
                                         and service agreements.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Article
6Term and termination of the specific product and service agreements



| | 6.1 | This
                                         Agreement shall be effective on January 1, 2017 for a term of three years after being
                                         executed by the authorised representatives of the Parties and sealed.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.2 | If
                                         there is any default of one of the Parties ("Defaulting Party"), the other
                                         Party ("Non-defaulting Party") may notify the Defaulting Party by written notice
                                         that a default has been committed and request that the Defaulting Party remedy such default
                                         within a reasonable period. If the Defaulting Party fails to remedy such default within
                                         the aforementioned period, the Non-defaulting Party may terminate this Agreement immediately.
                                         The Non-defaulting Party reserves the right to claim, request for indemnities and any
                                         other legally permitted remedies from the Defaulting Party.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





11






| | 6.3 | The
                                         termination of this Agreement shall not affect the rights or obligations of any Party
                                         which have accrued under this Agreement.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.4 | Either
                                         Party shall be entitled to terminate at any time the specific product and service agreements
                                         in respect of one or more types of products or services provided that prior written notice
                                         is given to the other Party.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Article
7Representations and Warranties



| | 7.1 | Party
                                         A represents and warrants that:
| | --- | ------------------------------------------------------------------------------



| | 7.1.1 | Party
                                         A is a state-owned enterprise incorporated under the laws of the PRC as an independent
                                         legal entity and is currently holding a valid business licences;
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.1.2 | Party
                                         A has obtained all government approvals (if necessary) and internal authorisations as
                                         required for the purpose of execution of this Agreement and performance of all obligations
                                         under this Agreement. This Agreement shall be binding to Party A once it has been executed
                                         by the authorised representative of Party A;
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.1.3 | The
                                         execution of this Agreement or performance of the obligations thereunder by Party A will
                                         not violate any other agreements executed by it or its articles of association, and will
                                         not create any legal conflicts with other agreements executed by it or its articles of
                                         association.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.2 | Party
                                         B represents and warrants that:
| | --- | ------------------------------------------------------------------------------



| | 7.2.1 | Party B is incorporated
under the laws of the Hong Kong Special Administrative Region of the PRC with limited liability as an independent legal entity
and is currently holding a valid business license;
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.2.2 | Party B has obtained all
internal authorisations necessary for the execution of this Agreement. This Agreement shall be binding to Party B once it has
been executed by the authorised representative of Party B;
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.2.3 | The execution of this Agreement
or performance of the obligations thereunder by Party B will not violate any other agreements executed by it or its articles of
association, and will not create any legal conflicts with other agreements executed by it or its articles of association.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





12






Article
8Performance of this Agreement



| | 8.1 | If
                                         any of the transactions under this Agreement constitutes a connected transaction pursuant
                                         to the Listing Rules, these transactions shall only be implemented upon obtaining a waiver
                                         from The Stock Exchange of Hong Kong Limited ("Stock Exchange") or obtaining
                                         independent shareholders' approval in accordance with the Listing Rules. The independent
                                         shareholders' approval or the compliance with any other provisions related to connected
                                         transactions under the Listing Rules shall be a condition precedent to this Agreement
                                         and such transactions.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.2 | If
                                         a conditional waiver is granted by the Stock Exchange, this Agreement shall be implemented
                                         according to the conditions so stipulated.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.3 | If
                                         a waiver in respect of a certain connected transaction is withdrawn, revoked or lapsed,
                                         and the transaction fails to comply with the requirements of the Listing Rules regarding
                                         connected transactions, then the performance under this Agreement regarding that transaction
                                         shall be terminated.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.4 | If
                                         the performance of all transactions under this Agreement are terminated pursuant to Article
                                         8.3, this Agreement shall be terminated.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Article
9Force Majeure



| | 9.1 | If
                                         an event of Force Majeure occurs to any Party of this Agreement (Force Majeure events
                                         shall mean any event which is beyond the reasonable control of the affected Party, unforeseen
                                         or unavoidable and insurmountable even if foreseeable, and which arises after the date
                                         of this Agreement and which makes the total or partial performance of this Agreement
                                         by that Party become impossible or impracticable (including but not limited to the failure
                                         to perform even when a reasonable amount of money has been spent). Such events shall
                                         include but not limited flood, fire, drought, typhoons, earthquakes and other natural
                                         disasters, traffic accidents, unrests, riots and war (whether declared or not) and acts
                                         or omissions of government agencies) and the impact of such event of Force Majeure has
                                         resulted in the failure to perform all or part of its obligations under this Agreement,
                                         the performance of such obligations shall be suspended during the period of an event
                                         of Force Majeure.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





13






| | 9.2 | The
                                         Party claiming Force Majeure shall make its best efforts to inform the other Party in
                                         writing within the shortest period of time and shall furnish within fifteen days thereafter
                                         proper proof of the occurrence and duration of such Force Majeure by hand or registered
                                         post. The Party claiming a Force Majeure event such that objectively the performance
                                         of this Agreement has become impossible or impracticable shall have the liability to
                                         use all reasonable endeavours to eliminate or mitigate the impact of Force Majeure.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9.3 | In
                                         the event of Force Majeure, both Parties shall promptly decide how to implement this
                                         Agreement through friendly consultations. After the termination or elimination of the
                                         Force Majeure events or its consequences, both Parties shall promptly resume the performance
                                         of their respective obligations under this Agreement.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Article
10Announcement



| | 10.1 | Save
                                         for announcements made pursuant to the laws of the PRC or the requirements of China Securities
                                         Regulatory Commission, the Stock Exchange, Securities and Futures Commission of Hong
                                         Kong, New York Stock Exchange, US Securities and Exchange Commission or any other governmental
                                         or regulatory authorities, neither party shall make any announcement regarding this Agreement
                                         without the prior written consent of the other party.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Article
11	Miscellaneous



| | 11.1 | Save
                                         as otherwise provided in this Agreement, neither Party shall transfer all or part of
                                         its rights or obligations under this Agreement without the prior written consent of the
                                         other Party.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.2 | This
                                         Agreement shall constitute the entire agreement between the Parties and shall supersede
                                         all prior verbal or written agreements, contracts, understanding and communication between
                                         them with respect to such matters.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.3 | If
                                         any provision in this Agreement becomes illegal, invalid or unenforceable, it shall not
                                         affect the validity and enforceability of the other provisions of this Agreement.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.4 | Both
                                         Parties agree to be liable for all fees and expenses arising from the execution of this
                                         Agreement pursuant to relevant PRC laws. If there is no relevant law in relation to such
                                         payments, the fees and expenses shall be borne equally by both Parties.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





14






| | 11.5 | This
                                         Agreement shall only be amended in writing, signed and sealed by the authorised representatives
                                         from the Parties and shall be subject to approvals given through appropriate corporate
                                         actions from the Parties.. If such amendment constitutes a substantive or material amendment
                                         to this Agreement, then such amendment shall only be valid upon notification or obtaining
                                         the approval (subject to the requirements of the Stock Exchange then) from the Stock
                                         Exchange and Party B's shareholders at the shareholders' meeting (if applicable).
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.6 | Unless
                                         otherwise provided, no failure or delay on the part of either Party to this Agreement
                                         in exercising any right, power or privilege hereunder shall operate as a waiver of any
                                         right, power or privilege of the other party hereto. The single or partial exercise of
                                         any right, power or privilege hereunder by any Party shall not preclude any other exercise
                                         of any other right, power or privilege hereunder.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Article
12 Notices



| | 12.1 | A
                                         notice or other correspondences made by a Party pursuant to this Agreement must be in
                                         writing and in Chinese, and must be left at the designated address of the other Party
                                         by hand or registered post, or sent by facsimile to the designated facsimile number of
                                         the other Party. A notice is deemed to have validly made on a date subject to the following
                                         provisions:
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.1.1 | in the case of a notice
delivered by hand, the date of receipt by a designated person of the other Party;
| | ------ | ---------------------------------------------------------------------------------------------------------



| | 12.1.2 | in the case of a notice
by registered post, on the seventh day after the posting (dated on postage stamp) (if the last day is Saturday, Sunday or statutory
holiday, then the next following working day).
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.1.3 | in the case of a notice
by facsimile, upon the facsimile being sent.
| | ------ | --------------------------------------------------------------------



Article
13 Governing Law and Dispute Resolution



| | 13.1 | This
                                         Agreement shall be governed and construed in accordance with the laws of the People's
                                         Republic of China.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





15






| | 13.2 | Any
                                         dispute arising out of or relating to this Agreement shall be settled by consultation
                                         between Party A and Party B. If consultation fails, Party A or Party B may submit such
                                         dispute to China International Economic and Trade Arbitration Commission for arbitration
                                         in accordance with the arbitration rules of such arbitration commission in effective
                                         at the time of application of such arbitration. Any arbitral award shall be final and
                                         binding upon both Parties.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Article
14 Supplementary



| | 14.1 | Unless
                                         otherwise provided, in this Agreement:
| | ---- | --------------------------------------------------------------------------------------



| | 14.1.1 | a Party shall include its
successors;
| | ------ | -------------------------------------



| | 14.1.2 | the headings of the respective
articles of this Agreement shall be solely for ease of reference and shall not have any legal force or prejudice the interpretation
of this Agreement.
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14.2 | This
                                         Agreement shall be in Chinese.
| | ---- | ----------------------------------------------------------------------------



16




IN WITNESS
whereof which the parties have executed this Agreement on the date and place first above written.







China
National Offshore Oil Corporation









| | 
| | 









Authorised
Representative



| | Title: | 
| | ------ | 











CNOOC
Limited











| | 
| | 





Authorised
Representative



| | Title: | 
| | ------ | 









17