CNOOC Appoints New Chairman and Chief Executive Officer

CNOOC reports that Mr. Wei Liucheng has resigned as Chairman and Chief Executive Officer of the Company and that Mr. Fu Chengyu has been appointed as Chairman and Chief Executive Officer of the Company with effect from October 16, 2003.

Mr. Fu becomes the President of China National Offshore Oil Corporation ("CNOOC"), the Company's parent, following a recent appointment.

Mr. Fu is a board member and was the chief operating officer and president of CNOOC Limited. As the Chairman and CEO of China Oilfield Services Limited, he is experienced He has very extensive experience in the industry after working for both local and foreign oil companies in China for over 28 years. He graduated from Northeast Petroleum Institute in China and received a Master's degree in petroleum engineering from University of Southern California in the United States.

Mr. Fu said, "I am excited about this new leadership position and appointment and the challenges and opportunities associated with it. I am CNOOC Limited is familiar to me. I will work closely with the board, management team and staff, to lead with a view to bringing the Company to new heights."

Mr. Zhou Shouwei, president of the Company said, "Mr. Fu is a familiar face to shareholders and the market. He had contributed a lot to the company's credibility and reputation. I am full of confidence that his leadership is a positive development during the company's history, the Company will further grow and develop under his leadership."