CNOOC Reports a 48.1% Surge of Oil & Gas Revenue

CNOOC Limited announced that its oil & gas revenue for the first quarter amounts to RMB11.42 billion (US$ 1.380 billion) 2005, an increase of 48.1% year on year (yoy). Reported total net daily production for the Company was 411,424 BOE, an increase of 13.4% yoy.

The Company also reports a 19.0% yoy increase of its net production offshore China, which reached 373,984 barrels of oil equivalent (BOE) per day. Crude oil and liquids production offshore China was 327,755 barrels per day, an increase of 20.0% largely due to increases of production volume from Bohai Bay and Eastern South China Sea. Gas production was 266 million cubic feet per day offshore China representing an increase of 7.7%.

Total unaudited revenues were RMB11.48 billion (US$ 1.387 billion) for the first quarter of 2005, a 47.6% surge from the same quarter last year as a result of larger production volume and higher realized oil and gas prices. In the first quarter, the Company realized an oil price of US$ 41.73 per barrel, representing an increase of 40.1% over the same period last year.

Reflecting active development activities, the Company's development capital expenditures increased 65.8% to RMB 2.99 billion while exploration capital expenditures were flat at RMB 0.34 billion.

"Our production growth and surge in revenue are exciting and encouraging. We are confident in the continuing growth of the Company," commented Mr. Fu Chengyu, Chairman and Chief Executive Officer.

"The Company is taking solid steps in meeting our targets for 2005. We will continue to implement our strategies to further enhance our corporate value," said Mr. Yang Hua, Chief Financial Officer and Senior Vice President.

In the first quarter this year, LD 10-1, an independent field in Bohai Bay, came on stream ahead of schedule in early 2005 and outperforms the initial target.

The Company also completed the acquisition of a 16.69% stake in MEG Energy Corp, a Canada based pure oil sand company during the period.

"The Company is making solid progress in operations, all major development projects are progressing on track," commented Mr. Zhou Shouwei, President of the Company.


              First Quarter and Year-to-Date Production Summary

                                        2004                2005
    Crude Oil & Liquids (b/d)      Q1        YTD        Q1          YTD
     Bohai Bay                   129,530   129,530    162,420    162,420
     Western South China Sea      61,279    61,279     54,146     54,146
     Eastern South China Sea      79,801    79,801    109,037    109,037
     East China Sea                2,444     2,444      2,152      2,152
     Overseas                     33,926    33,926     23,824     23,824
     Subtotal (b/d)              306,980   306,980    351,579    351,579

    Natural Gas (mmcf/d)
     Bohai Bay                        45        45         51         51
     Western South China Sea         173       173        196        196
     Eastern South China Sea          --        --         --         --
     East China Sea                   19        19         19         19
     Overseas                         86        86         82         82
     Subtotal (mmcf/d)               323       323        348        348

    Total Production (boe/d)     362,671   362,671    411,424    411,424



      First Quarter and Year-to-Date Revenue and Expenditure (Unaudited)


                                                 RMB millions
                                         2004                 2005
                                      Q1       YTD        Q1         YTD
    Sales Revenue
     Crude oil and liquids        7,094.80  7,094.80  10,727.20  10,727.20
     Natural gas                     619.9     619.9      696.8      696.8
     Marketing Revenue, net           34.5      34.5       37.5       37.5
     Others                           32.5      32.5       21.3       21.3
    Total                         7,781.80  7,781.80  11,482.80  11,482.80

    Capital Expenditures
     Exploration                     363.6     363.6      344.9      344.9
     Development                  1,804.80  1,804.80   2,991.90   2,991.90
    Total                         2,168.40  2,168.40   3,336.80   3,336.80




      First Quarter and Year-to-Date Revenue and Expenditure (Unaudited)

                                           US$ millions (1)
                                       2004                   2005
                                     Q1     YTD            Q1       YTD
    Sales Revenue
     Crude oil and liquids          857.2  857.2        1,296.10  1,296.10
     Natural gas                     74.9   74.9            84.2      84.2
     Marketing Revenue, net           4.2    4.2             4.5       4.5
     Others                           3.9    3.9             2.6       2.6
    Total                           940.2  940.2        1,387.40  1,387.40

    Capital Expenditures
     Exploration                     43.9   43.9            41.7      41.7
     Development                      218    218           361.5     361.5
    Total                           261.9  261.9           403.2     403.2

    (1) Converted to US dollars at: RMB 8.2765 = US$1.00

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