CNOOC Production Increases in 2002

CNOOC Limited outlined its production target and development plan for year 2002.

The Company is targeting a production volume of 110 million BOE in 2002 against 95 million BOE planned in 2001. The production is expected to expand to as much as 125 million BOE if the Company's special investment program yields tangible results. The Company is fully prepared to take advantage of any special situations that may result from the current oil prices environment and the industry restructuring activities. The Company plans to deploy capital to increase less risky near term production that meets the return criteria.

The Company has further strengthened the development program. In 2002, three major projects are expected to come on stream, the second phase of QHD 32-6 (3Q 2002), WC 13-1/13-2 (1H 2002) and the first phase of PL 19-3 (The end of 2002).

New discoveries (HZ 19-3/19-2/19-1, WC 15-1 and WZ 12-1N) added potential incremental development projects and risk management flexibility in capital deployment. The base case development plans for the next several years remain intact.

"We are more excited and confident about the Company's growth prospect than ever before. The Company's execution track record has helped reduce uncertainties," commented Dr. Mark Qiu, CFO and Senior Vice President of the Company, "The current oil prices environment may have given us some further upside."


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