CNOOC Confirms Bohai Bay Discovery

CNOOC and its partners, ChevronTexaco and Petronas Carigali have confirmed an oil discovery in the Liaodong Bay 02/31 Block in Bohai Bay, China. Appraisal well, LD 27-2-3, which was drilled in 21 meters of water to a total depth of 2,700 meters, encountered multiple oil zones in the Minghuazhen, Guantao, and Dongying Formations. Four light-oil zones were tested and yielded 33-36 API oil at a combined rate of 4,600 barrels per day. Under the production sharing contract, CNOOC Ltd has the right to take up to a 51% participating interest in the development of the oil discovery.

Located about 104 kilometers southeast of Qinghuangdao City, LD 27-2 structure had its first wildcat well LD 27-2-1 drilled in 2000 and encountered over 100 meters of oil show without tests. Since the end of 2001, two wells LD 27-2-2 and LD 27-2-3 were drilled.

"We are encouraged by the exploration success in LD 27-2 structure which is another piece of evidence of the huge oil potential in Bohai Bay," commented Mr. Ru Ke, Senior Vice President of CNOOC Ltd, "Several major discoveries have been made in Bohai Bay in recent years. The new discovery will further enlarge our reserves in the area which has become the largest producing area of CNOOC Ltd."

"We are very happy with the confirmation of high quality oil and high production rates from the LD 27-2 prospect," said Sam Snyder, Managing Director of ChevronTexaco's China Business Unit, "We will be working diligently with our partners, Petronas Carigali and CNOOC Ltd., to evaluate this discovery through further appraisal drilling." This latest drilling success continues to build on the Company's enlarged portfolio of assets in China following the ChevronTexaco merger last year.

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