CNOOC Limited Appoints New Chief Financial Officer

CNOOC Limited reports that Mr. Yang Hua, Senior Vice President of the Company and President of CNOOC International Limited will succeed Dr. Mark Qiu as Chief Financial Officer effective on January 1, 2005.

After joining the Company in 1982, Mr. Yang became an Acting Director of Overseas Development Department of CNOOC, President of CNOOC International Limited and Senior Vice President of the Company, and is mainly responsible for overseas development of the Company. He has many years of experience in petroleum exploration and production. Mr. Yang is a senior engineer and received his B.S. degree from China Petroleum University. Moreover, he received a MBA degree from the Sloan School of Management at Massachusetts Institute of Technology as a Sloan Fellow.

Mr. Yang is also experienced in financial management. He helped to lead the initial public offering ("IPO") of the Company in New York and Hong Kong in 2001. He was also a key member for private placements pre-IPO with 460 million USD from strategic investors. As a core member of the merger and acquisition committee in the Company, he has participated in the decision-making and execution of important merger and acquisition transactions for the Company in the past several years. He served as the leading member and/or chief negotiator for all major acquisition deals between 2001 and 2003, he and other executives lead the company to leading CNOOC international business group in acquire successfully over a billion US dollars oil and gas assets in Indonesia and Australia.

Mr. Fu Chengyu, President and the Chief Executive Officer of the Company said, "We are very pleased that Mr. Yang Hua will become our Chief Financial Officer. He has been long working with us and is very familiar with our business. His knowledge of the petroleum exploration and production in the country and overseas is also beyond question. With years of experience in overseas business and operations, Mr. Yang has proved himself a man with global vision. We are confident that he will make an outstanding contribution to our Company."

Mr. Yang Hua said, "I am very grateful to the full confidence from the Board of Directors. I shall be dedicated to the Company and make efforts to increase the shareholders' value in the future."
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