CNOOC Begins Production at Panyu Fld in the South China Sea

CNOOC and its partners have started commercial production from oilfield PY 4-2/5-1 in the Eastern South China Sea. The field has a peak production capacity of 60,000 barrels of oil per day and is expected to ramp up to that level the third quarter of 2004.

PY 4-2/5-1 is located in Block 15/34 of the Pearl River Mouth Basin, approximately 200 kilometers south of Hong Kong in about 100 meters of water. Devon drilled the initial discovery well at Panyu in 1998 and a follow-up discovery in 1999. The field development included two platforms and an FPSO.

Mr. Zhou Shouwei, President of the Company said, "I am delighted to see the successful start-up of these fields on time. The successful partnership and other development activities continue to add fuels in CNOOC's growth engine."

CNOOC has a 51 percent working interests in the field. The other two partners Devon Energy China, Ltd. (acting as operator) and Burlington Resources China Limited each hold 24.5%.

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