| Exhibit 15.2 |
|--------------|

| The Americas                  | Europe, Africa, FSU            | Asia Pacific                  |
|-------------------------------|--------------------------------|-------------------------------|
|                          | and the Middle East            |                          |   |   |
| 1300 Post Oak Blvd.,          | Bentley Hall, Blacknest        | 80 Anson Road                 |
| Suite 1000                    | Alton, Hampshire               | 31-01C Fuji Xerox Towers      |
| Houston, Texas 77056          | United Kingdom GU34 4PU        | Singapore 079907              |
| Tel: +1 713 850 9955          | Tel: +44 1420 525366           | Tel: +65 6225 6951            |
| Fax: +1 713 850-9966          | Fax: +44 1420 525367           | Fax: +65 6224 0842            |
| email: gcah@gaffney-cline.com | email: gcauk@gaffney-cline.com | email: gcas@gaffney-cline.com |

|   |     |      |
|--------|----------|-----------|
| CNOOC  | Copy No. | KK1658.00 |

|  |  |
|--|--|

----

| YDH/jbi/L0008/2011/KK1658 | 8th March, 2011 |
|---------------------------|-----------------|

----

| UNITED KINGDOM                               UNITED STATES                               SINGAPORE                               AUSTRALIA                               ARGENTINA                               BRAZIL                              KAZAKHSTAN                              RUSSIA |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 2      | KK1658.00 |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 3      | KK1658.00 |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 4      | KK1658.00 |

| Field         | Oil(MMbbl) | Gas(Bscf) |
|---------------|------------|-----------|
| Aripo         | 11         | 301       |
| Canteen       | 62         | 58        |
| Kairi         | 146        | 392       |
| E Kairi Horst | 8          | 65        |
| Total         | 227        | 816       |

| Field                                                    | Oil(MMbbl) | Gas(Bscf) |
|----------------------------------------------------------|------------|-----------|
| Aripo                                                    | -          | 243       |
| Canteen                                                  | 21.3       | 40        |
| Kairi                                                    | 48.4       | 288       |
| E Kairi Horst                                            | -          | 38        |
| Total                                                    | 69.7       | 610       |
| Note: Totals may not add exactly due to rounding errors. |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 5      | KK1658.00 |

| Field         | PDP       | 1P         |
|---------------|-----------|------------|
| Oil(MMbbl)    | Gas(Bscf) | Oil(MMbbl) | Gas(Bscf) |
| Aripo         | -         | 0.0        | - | 17.2 |
| Canteen       | 0.32      | 0.0        | 0.37 | 2.9 |
| Kairi         | 0.67      | 0.0        | 0.78 | 20.1 |
| E Kairi Horst | -         | 0.0        | - | 2.7 |
| Total         | 0.99      | 0.0        | 1.15 | 42.9 |

| 1.   | All 1P gas reserves are PDNP (Produced Developed Non-producing). No PUD (Proved Undeveloped) reserves. |
|----------------|--------------------------------------------------------------------------------------------------------|

| 2.   | Totals may not add exactly due to rounding errors. |
|----------------|----------------------------------------------------|

| 1.4   | Gross Proved Reserves |
|-----------------|-----------------------|

| Field         | PDP       | 1P         |
|---------------|-----------|------------|
| Oil(MMbbl)    | Gas(Bscf) | Oil(MMbbl) | Gas(Bscf) |
| Aripo         | -         | 0          | - | 238.6 |
| Canteen       | 5.43      | 0          | 5.51 | 40.0 |
| Kairi         | 11.45     | 0          | 11.45 | 278.8 |
| E Kairi Horst | -         | 0          | - | 38.1 |
| Total         | 16.88     | 0          | 16.96 | 595.5 |

| 1.   | All 1P gas reserves are PDNP (Produced Developed Non-producing). No PUD (Proved Undeveloped) reserves. |
|----------------|--------------------------------------------------------------------------------------------------------|

| 2.   | Totals may not add exactly due to rounding errors. |
|----------------|----------------------------------------------------|

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 6      | KK1658.00 |

|   Case | Pre-Tax NPV10U.S.$ MM | Post-Tax NPV10U.S.$ MM |
|-------------|-----------------------|------------------------|
| PDP         | 44.7                  | 44.7                   |
| 1P          | 76.7                  | 76.7                   |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 7      | KK1658.00 |

|           | 31st Dec, 2008 | 31st Dec, 2009 | 31st Dec, 2010 |
|----------------|----------------|----------------|----------------|
| Reserves       | Oil            | Gas            | Oil            | Gas | Oil | Gas |
| Classification | (MMbbl)        | (Bscf)         | (MMbbl)        | (Bscf) | (MMbbl) | (Bscf) |
| PDP            | N/A            | N/A            | 1.97           | 0.0 | 0.99 | 0.0 |
| 1P             | N/A            | N/A            | 1.97           | 46.0 | 1.15 | 42.9 |

|                                                                | PDP     | 1P     |
|---------------------------------------------------------------------|---------|--------|
| Reserves Reconciliation                                             | Oil     | Gas    | Oil | Gas |
|                                                                | (MMbbl) | (Bscf) | (MMbbl) | (Bscf) |
| Reserves as of 31st Dec, 2008                                       | N/A     | N/A    | N/A | N/A |
| Annual Production                                                   | N/A     | N/A    | N/A | N/A |
| Revisions                                                           | N/A     | N/A    | N/A | N/A |
| Extensions and Discoveries                                          | N/A     | N/A    | N/A | N/A |
| Improved Recovery                                                   | N/A     | N/A    | N/A | N/A |
| Acquisition and Sales                                               | N/A     | N/A    | N/A | N/A |
| Reserves as of 31st Dec, 2009                                       | 1.97    | 0.0    | 1.97 | 46.0 |
| Annual Production                                                   | -0.26   | 0.0    | -0.26 | 0.0 |
| Revisions                                                           | -0.72   | 0.0    | -0.56 | -3.1 |
| Extensions and Discoveries                                          | -       | -      | - | - |
| Improved Recovery                                                   | -       | -      | - | - |
| Acquisition and Sales                                               | -       | -      | - | - |
| Reserves as of 31st Dec, 2010                                       | 0.99    | 0.0    | 1.15 | 42.9 |
| Note:  Totals may not add exactly due to rounding errors. |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 8      | KK1658.00 |

|           | 31st Dec, 2008 | 31st Dec, 2009 | 31st Dec, 2010 |
|----------------|----------------|----------------|----------------|
| Reserves       | Oil            | Gas            | Oil            | Gas | Oil | Gas |
| Classification | (MMbbl)        | (Bscf)         | (MMbbl)        | (Bscf) | (MMbbl) | (Bscf) |
| PDP            | N/A            | N/A            | 17.99          | 0.0 | 16.88 | 0.0 |
| 1P             | N/A            | N/A            | 17.99          | 574.2 | 16.96 | 595.5 |

|                                                                | PDP     | 1P     | 2P      | 3P     |
|---------------------------------------------------------------------|---------|--------|---------|--------|
| Reserves Reconciliation                                             | Oil     | Gas    | Oil     | Gas    | Oil | Gas | Oil | Gas |
|                                                                | (MMbbl) | (Bscf) | (MMbbl) | (Bscf) | (MMbbl) | (Bscf) | (MMbbl) | (Bscf) |
| Reserves as of 31st Dec., 2008                                      | N/A     | N/A    | N/A     | N/A    | N/A | N/A | N/A | N/A |
| Annual Production                                                   | N/A     | N/A    | N/A     | N/A    | N/A | N/A | N/A | N/A |
| Revisions                                                           | N/A     | N/A    | N/A     | N/A    | N/A | N/A | N/A | N/A |
| Extensions and Discoveries                                          | N/A     | N/A    | N/A     | N/A    | N/A | N/A | N/A | N/A |
| Improved Recovery                                                   | N/A     | N/A    | N/A     | N/A    | N/A | N/A | N/A | N/A |
| Acquisition and Sales                                               | N/A     | N/A    | N/A     | N/A    | N/A | N/A | N/A | N/A |
| Reserves as of 31st Dec., 2009                                      | 17.99   | 0.0    | 17.99   | 574.2  | 22.64 | 725.1 | 26.54 | 862.0 |
| Annual Production                                                   | -3.45   | 0.0    | -3.45   | 0.0    | -3.45 | 0.0 | -3.45 | 0.0 |
| Revisions                                                           | 2.34    | 0.0    | 2.34    | 21.3   | 0.8 | -8.5 | -0.27 | -27.9 |
| Extensions and Discoveries                                          | -       | -      | -       | -      | - | - | - | - |
| Improved Recovery                                                   | -       | -      | -       | -      | - | - | - | - |
| Acquisition and Sales                                               | -       | -      | -       | -      | - | - | - | - |
| Reserves as of 31st Dec., 2010                                      | 16.88   | 0.0    | 16.96   | 595.5  | 19.99 | 716.6 | 22.82 | 834.9 |
| Note:  Totals may not add exactly due to rounding errors. |    |   |    |   |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 9      | KK1658.00 |

| CPP         | Equipped with production, gas compression, gas dehydration, MCC/switch gear, power generation, utilities, and Living Quarters building, bridge connected to the K2 WPP. |
|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Kairi-1 WPP | Connected to CPP via flowline and umbilical                                                                                                                                  |
| Kairi-2 WPP | Bridge connected to CPP                                                                                                                                                      |
| Canteen WPP | Connected to CPP via flowline and umbilical                                                                                                                                  |
| Aripo WPP   | Monitoring wells only, no connections to CPP installed                                                                                                                       |
| Terminal    | Onshore tank farm for receiving, handling and offloading of produced oil                                                                                                     |
| CALM Buoy   | Offshore Tie In Point for tanker offloading operations                                                                                                                       |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 10     | KK1658.00 |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 11     | KK1658.00 |

| Well Type              | Angostura | Aripo | Kairi | Canteen | E KairiHorst | Total |
|------------------------|-----------|-------|-------|---------|--------------|-------|
| Exploration            | 1         | 1     | 1     | 1       | 0            | 4     |
| Appraisal              | 2         | 0     | 1     | 1       | 0            | 4     |
| Oil Producer           | 0         | 0     | 10    | 5       | 0            | 15    |
| Gas Injector           | 0         | 0     | 4     | 2       | 0            | 6     |
| Converted Gas Injector | 0         | 0     | 1     | 0       | 1            | 2     |
| Shut-in Gas Producer   | 0         | 3     | 0     | 0       | 0            | 3     |
| Dry Hole               | 0         | 0     | 0     | 1       | 1            | 2     |
| Total                  | 3         | 4     | 17    | 10      | 2            | 36    |

| 2.2.2   | Phase II - Angostura Gas Project |
|-------------------|----------------------------------|

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 12     | KK1658.00 |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 13     | KK1658.00 |

| Year | PDP CaseCAPEXx(U.S.$MM) | PDP CaseOPEX(U.S.$MM) | 1PCaseCAPEX(U.S.$MM) | 1PCaseOPEX(U.S.$MM) |
|------|-------------------------|-----------------------|----------------------|---------------------|
| 2011 |                    | 33.4                  | 67.00                | 55.0                |
| 2012 |                    | 28.3                  |                 | 54.1                |
| 2013 |                    | 28.8                  |                 | 52.3                |
| 2014 |                    | 25.1                  |                 | 50.8                |
| 2015 |                    | 25.3                  |                 | 49.5                |
| 2016 |                    | 20.3                  |                 | 47.9                |
| 2017 |                    | 19.8                  |                 | 40.2                |
| 2018 |                    | 15.1                  |                 | 30.5                |
| 2019 |                    | 15.0                  |                 | 24.8                |
| 2020 | 13.30                   | 10.8                  | 16.00                | 20.3                |
| 2021 | 13.30                   | 3.2                   | 16.00                | 5.41                |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 14     | KK1658.00 |

| 3.3   | Economic Analysis |
|-----------------|-------------------|

|   | U.S.$/MCF |
|--------|-----------|
| 2011   | 1.51      |
| 2012   | 1.54      |
| 2013   | 1.58      |
| 2014   | 1.61      |
| 2015   | 1.65      |
| 2016   | 1.69      |
| 2017   | 1.73      |
| 2018   | 1.77      |
| 2019   | 1.81      |
| 2020   | 1.85      |
| 2021   | 1.90      |

| 3.4 | Reserves |
|-----|----------|

| Field                | PDP       | 1P         |
|----------------------|-----------|------------|
| Oil(MMbbl)           | Gas(Bscf) | Oil(MMbbl) | Gas(Bscf) |
|   Aripo         | -         | 0          | - | 238.6 |
|   Canteen       | 5.43      | 0          | 5.51 | 40.0 |
|   Kairi         | 11.45     | 0          | 11.45 | 278.8 |
|   E Kairi Horst | -         | 0          | - | 38.1 |
|   Total         | 16.88     | 0          | 16.96 | 595.5 |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 15     | KK1658.00 |

----

| Field                | PDP       | 1P         |
|----------------------|-----------|------------|
| Oil(MMbbl)           | Gas(Bscf) | Oil(MMbbl) | Gas(Bscf) |
|   Aripo         | -         | 0.0        | - | 17.2 |
|   Canteen       | 0.32      | 0.0        | 0.37 | 2.9 |
|   Kairi         | 0.67      | 0.0        | 0.78 | 20.1 |
|   E Kairi Horst | -         | 0.0        | - | 2.7 |
|   Total         | 0.99      | 0.0        | 1.15 | 42.9 |

| 1.   | PDNP (Proved Developed Non-producing) oil reserves, 0.16 MMbbl, are in the Canteen field. All 1P gas reserves are PDNP (Produced Developed Non-producing). No PUD (Proved Undeveloped) reserves. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Because of the way that the PSC works in terms of allocating costs for recovery purposes and how the cross gas:oil cost recovery mechanism works, the 1P (or PD) net entitlement oil reserves here are estimated to be slightly lower than the oil PDP reserves. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Totals may not add exactly due to rounding errors. |
|----------------|----------------------------------------------------|

| 3.5 | Economic Test Results |
|-----|-----------------------|

| Case     | Pre-Tax NPV10 | Post-Tax NPV10 |
|----------|---------------|----------------|
| U.S.$ MM | U.S.$ MM      |
|     |
| PDP      | 44.7          | 44.7           |
| 1P       | 76.7          | 76.7           |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 16     | KK1658.00 |

----

| 4. | QUALIFICATIONS |
|----|----------------|

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 17     | KK1658.00 |

----

|   |   |      |
|--------|--------|-----------|
| CNOOC  | 18     | KK1658.00 |

----

|   |   |      |
|--------|--------|-----------|
| CNOOC  |   | KK1658.00 |

----

| ABEX            | Abandonment Expenditure                | EUR         | Estimated Ultimate Recovery       |
|-----------------|----------------------------------------|-------------|-----------------------------------|
| ACQ             | Annual Contract Quantity               | FDP         | Field Development Plan            |
| oAPI            | Degrees API (American                  | FEED        | Front End Engineering and Design  |
|            | Petroleum Institute)                   | FPSO        | Floating Production, Storage and  |
| AAPG            | American Association of                |        | Offloading                        |
|            | Petroleum Geologists                   | FSO         | Floating Storage and Offloading   |
| AVO             | Amplitude versus Offset                | ft          | Foot/feet                         |
| A$              | Australian Dollars                     | Fx          | Foreign Exchange Rate             |
| B               | Billion (109)                          | g           | gram                              |
| Bbl             | Barrels                                | g/cc        | grams per cubic centimetre        |
| /Bbl            | per barrel                             | gal         | gallon                            |
| Bbbl            | Billion Barrels                        | gal/d       | gallons per day                   |
| BHA             | Bottom Hole Assembly                   | G&A     | General and Administrative costs  |
| BHC             | Bottom Hole Compensated                | GBP         | Pounds Sterling                   |
| Bscf or Bcf     | Billion standard cubic feet            | GDT         | Gas Down to                       |
| Bscf/d or Bcf/d | Billion standard cubic feet per day    | GIIP        | Gas initially in place            |
| Bm3             | Billion cubic metres                   | Gj          | Gigajoules (one billion Joules)   |
| bcpd            | Barrels of condensate per day          | GOR         | Gas Oil Ratio                     |
| BHP             | Bottom Hole Pressure                   | GRV         | Gross Rock Volume                 |
| blpd            | Barrels of liquid per day              | GTL         | Gas to Liquids                    |
| bpd             | Barrels per day                        | GWC         | Gas water contact                 |
| boe             | Barrels of oil equivalent @xxx mcf/bbl | HDT         | Hydrocarbons Down to              |
| boepd           | Barrels of oil equivalent per day@     | HSE         | Health, Safety and Environment    |
|            | xxx mcf/bbl                            | HSFO        | High Sulphur Fuel Oil             |
| BOP             | Blow Out Preventer                     | HUT         | Hydrocarbons up to                |
| bopd            | Barrels oil per day                    | H2S         | Hydrogen Sulphide                 |
| bwpd            | Barrels of water per day               | IOR         | Improved Oil Recovery             |
| BS&W        | Bottom sediment and water              | IPP         | Independent Power Producer        |
| BTU             | British Thermal Units                  | IRR         | Internal Rate of Return           |
| bwpd            | Barrels water per day                  | J           | Joule (Metric measurement of      |
| CBM             | Coal Bed Methane                       |        | energy. I kilojoule = 0.9478 BTU) |
| CO2             | Carbon Dioxide                         | k           | Permeability                      |
| CAPEX           | Capital Expenditure                    | KB          | Kelly Bushing                     |
| CCGT            | Combined Cycle Gas Turbine             | KJ          | Kilojoules (one Thousand Joules)  |
| cm              | centimetres                            | kl          | Kilolitres                        |
| CMM             | Coal Mine Methane                      | km          | Kilometres                        |
| CNG             | Compressed Natural Gas                 | km2         | Square kilometres                 |
| Cp              | Centipoise (a measure of viscosity)    | kPa         | Thousands of Pascals              |
| CSG             | Coal Seam Gas                          |        | measurement of pressure)          |
| CT              | Corporation Tax                        | KW          | Kilowatt                          |
| DCQ             | Daily Contract Quantity                | KWh         | Kilowatt hour                     |
| Deg C           | Degrees Celsius                        | LKG         | Lowest Known Gas                  |
| Deg F           | Degrees Fahrenheit                     | LKH         | Lowest Known Hydrocarbons         |
| DHI             | Direct Hydrocarbon Indicator           | LKO         | Lowest Known Oil                  |
| DST             | Drill Stem Test                        | LNG         | Liquefied Natural Gas             |
| DWT             | Dead-weight ton                        | LoF         | Life of Field                     |
| E&A         | Exploration & Appraisal            | LPG         | Liquefied Petroleum Gas           |
| E&P         | Exploration and Production             | LTI         | Lost Time Injury                  |
| EBIT            | Earnings before Interest and Tax       | LWD         | Logging while drilling            |
| EBITDA          | Earnings before interest, tax,         | m           | Metres                            |
|            | depreciation and amortisation          | M           | Thousand                          |
| EI              | Entitlement Interest                   | m3          | Cubic metres                      |
| EIA             | Environmental Impact Assessment        | Mcf or Mscf | Thousand standard cubic feet      |
| EMV             | Expected Monetary Value                | MCM         | Management Committee Meeting      |
| EOR             | Enhanced Oil Recovery                  | m3d         | Cubic metres per day              |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | AI.I   | KK1658.00 |

----

| MDT           | Modular Dynamic Tester               | scf or cf     | Standard Cubic Feet                 |
|---------------|--------------------------------------|---------------|-------------------------------------|
| mD            | Measure of Permeability in           | scf/d or cf/d | Standard Cubic Feet per day scf/ton |
|          | millidarcies                         |          | Standard cubic foot per ton         |
| MD            | Measured Depth                       | SL            | Straight line (for depreciation)    |
| Mean          | Arithmetic average of a set of       | so            | Oil Saturation                      |
|          | numbers                              | SPE           | Society of Petroleum Engineers      |
| Median        | Middle value in a set of values      | SPEE          | Society of Petroleum Evaluation     |
| MFT           | Multi Formation Tester               |          | Engineers                           |
| mg/l          | milligrames per litre                | ss            | Subsea                              |
| MJ            | Megajoules (One Million Joules)      | stb           | Stock tank barrel                   |
| Mm3           | Thousand Cubic metres                | STOIIP        | Stock tank oil initially in place   |
| Mm3d          | Thousand Cubic metres per day        | sw            | Water Saturation                    |
| MM            | Million                              | T             | Tonnes                              |
| MMbbl         | Millions of barrels                  | TD            | Total Depth                         |
| MMBTU         | Millions of British Thermal Units    | Te            | Tonnes equivalent                   |
| MMcf or MMscf | Million standard cubic feet          | THP           | Tubing Head Pressure                |
| Mode          | Value that exists most frequently in | TJ            | Terajoules (1012 Joules)            |
|          | a set of values = most likely        | Tscf or Tcf   | Trillion standard cubic feet        |
| Mscf/d        | Thousand standard cubic feet per day | TCM           | Technical Committee Meeting         |
| MMscf/d       | Million standard cubic feet per day  | TOC           | Total Organic Carbon                |
| MW            | Megawatt                             | TOP           | Take or Pay                         |
| MWD           | Measuring While Drilling             | Tpd           | Tonnes per day                      |
| MWh           | Megawatt hour                        | TVD           | True Vertical Depth                 |
| mya           | Million years ago                    | TVDss         | True Vertical Depth Subsea          |
| NGL           | Natural Gas Liquids                  | USGS          | United States Geological Survey     |
| N2            | Nitrogen                             | U.S.$         | United States Dollar                |
| NPV           | Net Present Value                    | VSP           | Vertical Seismic Profiling          |
| OBM           | Oil Based Mud                        | WC            | Water Cut                           |
| OCM           | Operating Committee Meeting          | WI            | Working Interest                    |
| ODT           | Oil down to                          | WPC           | World Petroleum Council             |
| OPEX          | Operating Expenditure                | WTI           | West Texas Intermediate             |
| OWC           | Oil Water Contact                    | wt%           | Weight percent                      |
| p.a.          | Per annum                            | 1H05          | First half (6 months) of 2005       |
| Pa            | Pascals (metric measurement of       |          | (example of date)                   |
|          | pressure)                            | 2Q06          | Second quarter (3 months) of 2006   |
| P&A       | Plugged and Abandoned                |          | (example of date)                   |
| PD            | Proved Developed                     | 2D            | Two dimensional                     |
| PDP           | Proved Developed Producing           | 3D            | Three dimensional                   |
| PDNP          | Proved Developed Non-producing       | 4D            | Four dimensional                    |
| PI            | Productivity Index                   | 1P            | Proved Reserves                     |
| PJ            | Petajoules (1015 Joules)             | 2P            | Proved plus Probable Reserves       |
| PSDM          | Post Stack Depth Migration           | 3P            | Proved plus Probable plus Possible  |
| psi           | Pounds per square inch               |          | Reserves                            |
| psia          | Pounds per square inch absolute      | %             | Percentage                          |
| psig          | Pounds per square inch gauge         |          |                                |
| PUD           | Proved Undeveloped                   |          |                                |
| PVT           | Pressure volume temperature          |          |                                |
| P10           | 10% Probability                      |          |                                |
| P50           | 50% Probability                      |          |                                |
| P90           | 90% Probability                      |          |                                |
| RF            | Recovery factor                      |          |                                |
| RFT           | Repeat Formation Tester              |          |                                |
| RT            | Rotary Table                         |          |                                |
| Rw            | Resistivity of water                 |          |                                |
| SCAL          | Special core analysis                |          |                                |

|   |   |      |
|--------|--------|-----------|
| CNOOC  | AI.II  | KK1658.00 |

----

|   |   |      |
|--------|--------|-----------|
| CNOOC  |   | KK1658.00 |

----

|   |   |                            | NPV7, US$MM =  | 46.7 |
|--------|--------|---------------------------------|----------------|------|
|   |   |                            | NPV8, US$MM =  | 46.0 |
|   |   |                            | NPV9, US$MM =  | 45.3 |
|   |   |                            | NPV10, US$MM = | 44.7 |
|   |   |                            | NPV11, US$MM = | 44.1 |
|   |   | CNOOC Net Oil Reserves, MMstb = | 0.987          |
|   |   | CNOOC Net Gas Reserves, Bscf =  | 0.0            |

|   |   |   |   |    |      |        |   |          |      | CNOOC  |   | Pre-Tax  |    |     |     |
|--------|--------|--------|--------|---------|-----------|-------------|--------|---------------|-----------|--------|--------|----------|---------|----------|----------|
|   | WI Oil |   | WI Gas | Crude   |      | Opex        |   | Cost          | Profit    |   | Cash   | Net Cash | Net Oil | Net Gas  |
| Year   | Prod'n |   | Prod'n | Price   | Gas Price |        |   | Capex         | Recovered | Share  |   | Flow     | Flow    | Reserves | Reserves |
|   |   |   |   |    |      | Recoverable |   | Unrecoverable |      |   |   |     |    |     |     |   |
|   | MMstb  |   | Bscf   | US$/bbl | US$/Mscf  | US$M        |   | US$M          | US$M      | US$M   | US$M   |     | US$M    | US$M     | MMstb    | Bscf |
|   |   |   |   |    |      |        |   |          |      |   |   |     |    |     |     |   |
| 2011   | 0.563  |   | 0.000  | 79.13   | 1.51      | 4,179       |   | 126           | 0         | 4,179  | 15,777 |     | 15,651  | 15,651   | 0.252    | 0.000 |
| 2012   | 0.418  |   | 0.000  | 79.13   | 1.54      | 3,543       |   | 134           | 0         | 3,543  | 11,824 |     | 11,690  | 11,690   | 0.194    | 0.000 |
| 2013   | 0.334  |   | 0.000  | 79.13   | 1.58      | 3,604       |   | 142           | 0         | 3,604  | 9,116  |     | 8,974   | 8,974    | 0.161    | 0.000 |
| 2014   | 0.258  |   | 0.000  | 79.13   | 1.61      | 3,143       |   | 150           | 0         | 3,143  | 6,917  |     | 6,767   | 6,767    | 0.127    | 0.000 |
| 2015   | 0.194  |   | 0.000  | 79.13   | 1.65      | 3,164       |   | 159           | 0         | 3,164  | 4,888  |     | 4,728   | 4,728    | 0.102    | 0.000 |
| 2016   | 0.123  |   | 0.000  | 79.13   | 1.69      | 2,540       |   | 169           | 0         | 2,540  | 2,876  |     | 2,707   | 2,707    | 0.068    | 0.000 |
| 2017   | 0.079  |   | 0.000  | 79.13   | 1.73      | 2,477       |   | 179           | 0         | 2,196  | 1,631  |     | 1,171   | 1,171    | 0.048    | 0.000 |
| 2018   | 0.056  |   | 0.000  | 79.13   | 1.77      | 1,893       |   | 190           | 0         | 1,561  | 1,159  |     | 638     | 638      | 0.034    | 0.000 |
| 2019   | 0.042  |   | 0.000  | 79.13   | 1.81      | 1,879       |   | 201           | 0         | 1,163  | 864    |     | -54     | -54      | 0.000    | 0.000 |
| 2020   | 0.032  |   | 0.000  | 79.13   | 1.85      | 1,353       |   | 213           | 0         | 888    | 660    |     | -18     | -18      | 0.000    | 0.000 |
| 2021   | 0.009  |   | 0.000  | 79.13   | 1.90      | 400         |   | 75            | 3,325     | 244    | 181    |     | -3,375  | -3,375   | 0.000    | 0.000 |
|   |   |   |   |    |      |        |   |          |      |   |   |     |    |     |     |   |
| TOTAL  | 2.11   |   | 0.00   |    |      | 28,173      |   | 1,739         | 3,325     | 26,223 | 55,893 |     | 48,878  | 48,878   | 0.99     | 0.0 |

| 1.   | WI oil and gas production refer to gross production x CNOOC WI. |
|----------------|-----------------------------------------------------------------|

| 2.   | CNOOC Net Oil and Gas Reserves are CNOOC's economic entitlement (Cost Recovery + Profit Share). |
|----------------|-------------------------------------------------------------------------------------------------|

| 3.   | Tax liability paid from government share of Profit. |
|----------------|-----------------------------------------------------|

| 4.   | Mid-year discounting assumed. |
|----------------|-------------------------------|

| 5.   | Gas price assumed as for YE2009 audit. |
|----------------|----------------------------------------|

| 6.   | Unrecoverable costs assumed as for YE2009 audit. |
|----------------|--------------------------------------------------|

| 7.   | U.S.$0.30/bbl discount off WTI based on information provided by CNOOC. |
|----------------|------------------------------------------------------------------------|

| 8.   | PD gas profile assumed same as 1P case. |
|----------------|-----------------------------------------|

| 9.   | Totals may not add exactly due to rounding errors. |
|----------------|----------------------------------------------------|

|   |   |      |
|--------|--------|-----------|
| CNOOC  | AII.I  | KK1658.00 |

----

|   |   | NPV7, US$MM =                   | 82.0           |
|--------|--------|---------------------------------|----------------|
|   |   |                            | NPV8, US$MM =  | 80.2 |
|   |   |                            | NPV9, US$MM =  | 78.4 |
|   |   |                            | NPV10, US$MM = | 76.7 |
|   |   |                            | NPV11, US$MM = | 75.0 |
|   |   | CNOOC Net Oil Reserves, MMstb = | 1.152          |
|   |   | CNOOC Net Gas Reserves, Bscf =  | 42.9           |

|   |   |   |   |    |      |        |   |          |      | CNOOC  |   | Pre-Tax  |    |     |     |
|--------|--------|--------|--------|---------|-----------|-------------|--------|---------------|-----------|--------|--------|----------|---------|----------|----------|
|   | WI Oil |   | WI Gas | Crude   |      | Opex        |   | Cost          | Profit    |   | Cash   | Net Cash | Net Oil | Net Gas  |
| Year   | Prod'n |   | Prod'n | Price   | Gas Price |        |   | Capex         | Recovered | Share  |   | Flow     | Flow    | Reserves | Reserves |
|   |   |   |   |    |      | Recoverable |   | Unrecoverable |      |   |   |     |    |     |     |   |
|   | MMstb  |   | Bscf   | US$/bbl | US$/Mscf  | US$M        |   | US$M          | US$M      | US$M   | US$M   |     | US$M    | US$M     | MMstb    | Bscf |
|   |   |   |   |    |      |        |   |          |      |   |   |     |    |     |     |   |
| 2011   | 0.570  |   | 8.789  | 79.13   | 1.51      | 6,880       |   | 126           | 8,410     | 10,244 | 19,728 |     | 14,556  | 14,556   | 0.275    | 5.438 |
| 2012   | 0.421  |   | 10.044 | 79.13   | 1.54      | 6,759       |   | 134           | 0         | 8,441  | 17,299 |     | 18,847  | 18,847   | 0.220    | 5.425 |
| 2013   | 0.335  |   | 10.044 | 79.13   | 1.58      | 6,544       |   | 142           | 0         | 8,226  | 14,827 |     | 16,367  | 16,367   | 0.183    | 5.412 |
| 2014   | 0.259  |   | 10.044 | 79.13   | 1.61      | 6,354       |   | 150           | 0         | 8,036  | 12,678 |     | 14,210  | 14,210   | 0.152    | 5.400 |
| 2015   | 0.195  |   | 10.044 | 79.13   | 1.65      | 6,194       |   | 159           | 0         | 6,194  | 11,642 |     | 11,482  | 11,482   | 0.119    | 5.114 |
| 2016   | 0.123  |   | 10.615 | 79.13   | 1.69      | 5,990       |   | 169           | 0         | 5,990  | 9,934  |     | 9,765   | 9,765    | 0.075    | 5.910 |
| 2017   | 0.079  |   | 7.652  | 79.13   | 1.73      | 5,030       |   | 179           | 0         | 6,630  | 5,984  |     | 7,405   | 7,405    | 0.048    | 5.081 |
| 2018   | 0.056  |   | 3.582  | 79.13   | 1.77      | 3,818       |   | 190           | 0         | 4,618  | 2,800  |     | 3,411   | 3,411    | 0.034    | 2.655 |
| 2019   | 0.042  |   | 2.059  | 79.13   | 1.81      | 3,098       |   | 201           | 0         | 3,027  | 1,796  |     | 1,523   | 1,523    | 0.026    | 1.544 |
| 2020   | 0.032  |   | 1.258  | 79.13   | 1.85      | 2,536       |   | 213           | 0         | 2,054  | 1,243  |     | 548     | 548      | 0.020    | 0.944 |
| 2021   | 0.009  |   | 0.302  | 79.13   | 1.90      | 669         |   | 75            | 4,000     | 531    | 325    |     | -3,889  | -3,889   | 0.000    | 0.000 |
|   |   |   |   |    |      |        |   |          |      |   |   |     |    |     |     |   |
| TOTAL  | 2.12   |   | 74.4   |    |      | 53,871      |   | 1,739         | 12,410    | 63,990 | 98,255 |     | 94,224  | 94,224   | 1.15     | 42.9 |

| 1.   | WI oil and gas production refer to gross production x CNOOC WI. |
|----------------|-----------------------------------------------------------------|

| 2.   | CNOOC Net Oil and Gas Reserves are CNOOC's economic entitlement (Cost Recovery + Profit Share). |
|----------------|-------------------------------------------------------------------------------------------------|

| 3.   | Tax liability paid from government share of Profit. |
|----------------|-----------------------------------------------------|

| 4.   | Mid-year discounting assumed. |
|----------------|-------------------------------|

| 5.   | Gas price assumed as for YE2009 audit. |
|----------------|----------------------------------------|

| 6.   | Unrecoverable costs assumed as for YE2009 audit. |
|----------------|--------------------------------------------------|

| 7.   | U.S.$0.30/bbl discount off WTI based on information provided by CNOOC. |
|----------------|------------------------------------------------------------------------|

| 8.   | There is no PUD (proved Undeveloped) reserves, PD (Proved Developed) reserves are the same as 1P reserves. |
|----------------|------------------------------------------------------------------------------------------------------------|

| 9.   | Totals may not add exactly due to rounding errors. |
|----------------|----------------------------------------------------|

|   |   |      |
|--------|--------|-----------|
| CNOOC  | AII.II | KK1658.00 |

----

|   |   |      |
|--------|--------|-----------|
| CNOOC  |   | KK1658.00 |

----

|   |   Aripo | Canteen |  Kairi |  E Kairi Horst |   Total |
|--------|--------------|---------|-------------|---------------------|--------------|
|   | Gross        | WI      | Gross       | WI                  | Gross        | WI | Gross | WI | Gross | WI |
| Year   | Oil          | Gas     | Oil         | Gas                 | Oil          | Gas | Oil | Gas | Oil | Gas | Oil | Gas | Oil | Gas | Oil | Gas | Oil | Gas | Oil | Gas |
|   | Prod         | Prod'n  | Prod'n      | Prod'n              | Prod'n       | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n |
|   | Mstb         | Bscf    | MMstb       | Bscf                | Mstb         | Bscf | Mstb | Bscf | Mstb | Bscf | Mstb | Bscf | Mstb | Bscf | MMstb | Bscf | Mstb | Bscf | Mstb | Bscf |
| 2011   | -            | -       | -           | -                   | 1306         | 0.0 | 163.3 | 0.0 | 3201 | 0.0 | 400.1 | 0.0 | - | - | - | - | 4507 | 0.0 | 563.4 | 0.0 |
| 2012   | -            | -       | -           | -                   | 1014         | 0.0 | 126.8 | 0.0 | 2332 | 0.0 | 291.5 | 0.0 | - | - | - | - | 3347 | 0.0 | 418.3 | 0.0 |
| 2013   | -            | -       | -           | -                   | 785          | 0.0 | 98.1 | 0.0 | 1884 | 0.0 | 235.5 | 0.0 | - | - | - | - | 2668 | 0.0 | 333.5 | 0.0 |
| 2014   | -            | -       | -           | -                   | 610          | 0.0 | 76.2 | 0.0 | 1456 | 0.0 | 182.0 | 0.0 | - | - | - | - | 2066 | 0.0 | 258.3 | 0.0 |
| 2015   | -            | -       | -           | -                   | 475          | 0.0 | 59.3 | 0.0 | 1081 | 0.0 | 135.1 | 0.0 | - | - | - | - | 1555 | 0.0 | 194.4 | 0.0 |
| 2016   | -            | -       | -           | -                   | 371          | 0.0 | 46.4 | 0.0 | 612 | 0.0 | 76.5 | 0.0 | - | - | - | - | 984 | 0.0 | 122.9 | 0.0 |
| 2017   | -            | -       | -           | -                   | 289          | 0.0 | 36.1 | 0.0 | 345 | 0.0 | 43.2 | 0.0 | - | - | - | - | 634 | 0.0 | 79.3 | 0.0 |
| 2018   | -            | -       | -           | -                   | 226          | 0.0 | 28.2 | 0.0 | 225 | 0.0 | 28.1 | 0.0 | - | - | - | - | 451 | 0.0 | 56.4 | 0.0 |
| 2019   | -            | -       | -           | -                   | 177          | 0.0 | 22.1 | 0.0 | 159 | 0.0 | 19.9 | 0.0 | - | - | - | - | 336 | 0.0 | 42.0 | 0.0 |
| 2020   | -            | -       | -           | -                   | 139          | 0.0 | 17.3 | 0.0 | 118 | 0.0 | 14.7 | 0.0 | - | - | - | - | 257 | 0.0 | 32.1 | 0.0 |
| 2021   | -            | -       | -           | -                   | 39           | 0.0 | 4.8 | 0.0 | 32 | 0.0 | 4.0 | 0.0 | - | - | - | - | 70 | 0.0 | 8.8 | 0.0 |
| Total  | -            | -       | -           | -                   | 5429         | 0 | 678.7 | 0.0 | 11446 | 0 | 1430.7 | 0 | - | - | - | - | 16875 | 0 | 2109.4 | 0 |

| 1. | Gross production volumes represent a 100% interest in commercially recoverable volumes as of 31st December, 2010, i.e. after economic cutoffs have been applied. Gross volumes include volumes attributable to third parties (government and other working interest partners). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | WI production volumes represent CNOOC’s 12.5% working interests in commercially recoverable volumes as of 31stDecember, 2010, i.e. after economic cutoffs have been applied.This volumes still includes volumes attributable to government. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Totals may not add exactly due to rounding errors. |
|----------------|----------------------------------------------------|

|   |   |      |
|--------|--------|-----------|
| CNOOC  | AIII.I | KK1658.00 |

----

|   | Aripo  | Canteen | Kairi  | E Kairi Horst | Total  |
|--------|--------|---------|--------|---------------|--------|
|   | Gross  | WI      | Gross  | WI            | Gross  | WI | Gross | WI | Gross | WI |
| Year   | Oil    | Gas     | Oil    | Gas           | Oil    | Gas | Oil | Gas | Oil | Gas | Oil | Gas | Oil | Gas | Oil | Gas | Oil | Gas | Oil | Gas |
|   | Prod'n | Prod'n  | Prod'n | Prod'n        | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n | Prod'n |
|   | Mstb   | Bscf    | MMstb  | Bscf          | Mstb   | Bscf | Mstb | Bscf | Mstb | Bscf | Mstb | Bscf | Mstb | Bscf | Mstb | Bscf | Mstb | Bscf | Mstb | Bscf |
| 2011   | -      | 54.3    | -      | 6.8           | 1356   | 0.0 | 169.5 | 0.0 | 3201 | 0.0 | 400.1 | 0.0 | - | 16.0 | - | 2.0 | 4557 | 70.3 | 569.7 | 8.8 |
| 2012   | -      | 59.7    | -      | 7.5           | 1035   | 0.0 | 129.4 | 0.0 | 2332 | 4.7 | 291.5 | 0.6 | - | 16.0 | - | 2.0 | 3367 | 80.4 | 420.9 | 10.0 |
| 2013   | -      | 42.6    | -      | 5.3           | 793    | 0.0 | 99.1 | 0.0 | 1884 | 33.0 | 235.5 | 4.1 | - | 4.8 | - | 0.6 | 2677 | 80.4 | 334.6 | 10.0 |
| 2014   | -      | 28.6    | -      | 3.6           | 613    | 0.0 | 76.7 | 0.0 | 1456 | 50.7 | 182.0 | 6.3 | - | 1.1 | - | 0.1 | 2069 | 80.4 | 258.7 | 10.0 |
| 2015   | -      | 19.1    | -      | 2.4           | 476    | 0.0 | 59.5 | 0.0 | 1081 | 61.0 | 135.1 | 7.6 | - | 0.2 | - | 0.0 | 1557 | 80.4 | 194.6 | 10.0 |
| 2016   | -      | 12.8    | -      | 1.6           | 372    | 17.5 | 46.5 | 2.2 | 612 | 54.6 | 76.5 | 6.8 | - | 0.1 | - | 0.0 | 984 | 84.9 | 123.0 | 10.6 |
| 2017   | -      | 8.6     | -      | 1.1           | 289    | 19.3 | 36.1 | 2.4 | 345 | 33.3 | 43.2 | 4.2 | - | 0.0 | - | 0.0 | 635 | 61.2 | 79.3 | 7.7 |
| 2018   | -      | 5.8     | -      | 0.7           | 226    | 2.7 | 28.2 | 0.3 | 225 | 20.2 | 28.1 | 2.5 | - | 0.0 | - | 0.0 | 451 | 28.7 | 56.4 | 3.6 |
| 2019   | -      | 3.9     | -      | 0.5           | 177    | 0.4 | 22.1 | 0.0 | 159 | 12.2 | 19.9 | 1.5 | - | 0.0 | - | 0.0 | 336 | 16.5 | 42.0 | 2.1 |
| 2020   | -      | 2.6     | -      | 0.3           | 139    | 0.0 | 17.3 | 0.0 | 118 | 7.4 | 14.7 | 0.9 | - | 0.0 | - | 0.0 | 257 | 10.1 | 32.1 | 1.3 |
| 2021   | -      | 0.7     | -      | 0.1           | 39     | 0.0 | 4.8 | 0.0 | 32 | 1.8 | 4.0 | 0.2 | - | 0.0 | - | 0.0 | 70 | 2.4 | 8.8 | 0.3 |
| Total  | 0      | 238.6   | 0      | 29.8          | 5514   | 40.0 | 689.3 | 5.0 | 11446 | 278.8 | 1430.7 | 34.9 | 0 | 38.1 | 0 | 4.8 | 16960 | 595.5 | 2120.0 | 74.4 |

| 1. | Gross production volumes represent a 100% interest in commercially recoverable volumes as of 31st December, 2010, i.e. after economic cutoffs have been applied. Gross volumes include volumes attributable to third parties (government and other working interest partners). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | WI production volumes represent CNOOC’s 12.5% working interests in commercially recoverable volumes as of 31stDecember, 2010, i.e. after economic cutoffs have been applied. This volumes still includes volumes attributable to government. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | There is no PUD (proved Undeveloped) reserves, PD (Proved Developed) reserves are the same as 1P reserves. |
|----------------|------------------------------------------------------------------------------------------------------------|

| 4.   | Totals may not add exactly due to rounding errors. |
|----------------|----------------------------------------------------|

|   |    |      |
|--------|---------|-----------|
| CNOOC  | AIII.II | KK1658.00 |

----