CNOOC Says Xihu Reserves at 47 Million BOE

In response to market inquiries on certain partners' reserve booking in Xihu Trough, a gas field of five joint ventures of each of which CNOOC Limited (the "Company" or "CNOOC Ltd."; NYSE "CEO", SEHK "883") owns 30 percent, the Company disclosed that the Company has booked approximately 47 million BOE of net proved reserves for its 30% equity stake in Xihu Trough joint ventures as of the end of 2003.

"We have all along anticipated certain transactions in the property and have therefore taken a consistently conservative approach in our booking of reserves by excluding expected reserve sales," commented Mark Qiu, CFO and Senior Vice President of the Company.