We expect CNOOC Ltd. to continue to generate robust cash flows despite a material increase in capital expenditure. We still see an "extremely high" likelihood that CNOOC Ltd. would receive timely and sufficient extraordinary government support if it comes under financial stress. We are affirming our 'AA-' long-term corporate credit rating and 'cnAAA' long-term Greater China regional scale rating on CNOOC Ltd. We are also affirming our 'AA-' issue rating and 'cnAAA' Greater China regional scale rating on the senior unsecured notes that the China-based oil company guarantees. The stable outlook on CNOOC Ltd. reflects the outlook on the sovereign rating on China. On April 17, 2014, Standard&Poor's Ratings Services affirmed its 'AA-' long-term corporate credit rating on
