HONG KONG (Standard&Poor's) April 25, 2012--Standard&Poor's Ratings Services today assigned its 'AA-' issue rating to the proposed issue of U.S. dollar denominated senior unsecured notes that CNOOC Ltd. (AA-/Stable/--; cnAAA/--) irrevocably and unconditionally guarantees. CNOOC Finance (2012) Ltd. will issue the notes. Standard&Poor's also assigned its 'cnAAA' Greater China credit scale rating to the proposed issue. CNOOC Ltd. will use the proceeds from the proposed issue for general corporate purposes. The rating on the notes is subject to our review of the final issuance documentation. The rating on CNOOC Ltd. reflects the company's strong stand-alone credit profile and Standard&Poor's opinion that there is an "extremely high" likelihood that the government of China
