SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
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REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For August 30, 2002
CNOOC Limited
(Translation of registrant's name into English)
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65th Floor
Bank of China Tower
One Garden Road
Central, Hong Kong
(Address of principal executive offices)
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(Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F)
Form 20-F X Form 40-F
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(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
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(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): N/A.)
Company Press Release
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[GRAPHIC OMITTED]
CNOOC Limited
(Incorporated in Hong Kong with limited liability under the Companies Ordinance)
ANNOUNCEMENT OF 2002 INTERIM RESULTS
CHAIRMAN'S STATEMENT
Despite a weaker oil price environment triggered by a slow down in the global
economy, our operating activities have remained strong. In April 2002, the
Company completed the acquisition of nine Repsol YPF S.A. subsidiaries which
together own working interests in five oil and gas properties in Indonesia. We
view this as an excellent opportunity to make a material acquisition of low-risk
assets at a compelling price and, at the same time, further strengthens the
Company's presence in the Asia Pacific region. Pro forma oil and gas revenues
overcame the impact of lower realized price and recorded a 10% increase over
that reported in the first half of last year. In March 2002, the Company took
advantage of the favorable low interest rate environment to issue US$500 million
10-year guaranteed bonds. Our unit costs remained competitive and the period was
also marked with increased development capital expenditure and an active
exploration program, both of which are core features of our growth strategy.
Review of Operations
For the six months ended 30 June 2002, the Company's production achieved
significant increase. Pro forma daily oil and gas production reached 340,321
barrels-of-oil-equivalent, representing a 30.1% increase over the same period
last year. Pro forma net crude oil production was 292,964 barrels per day, pro
forma net natural gas production was 279 million cubic feet per day,
representing a 27.5% and 46.5% increase over the first half of 2001
respectively. However, for the six months ended 30 June 2002, excluding the
first quarter production from our Indonesian operations, the Company's reported
net total daily production was 307,334 barrels-of-oil-equivalent, representing a
17.5% increase over the same period a year earlier. The reported net crude oil
production was 267,130 barrels per day, representing a 16.2% increase over the
same period last year. The reported net daily gas production was 238 million
cubic feet, which was up 25.3% from the same period a year earlier. The increase
in oil and gas production reflected both an increase in offshore China daily
production levels as well as the contribution of the Company's acquisition of
Repsol YPF S.A.'s subsidiaries. Realized oil price was US$21.81 per barrel and
gas price was US$ 3.07 per thousand cubic feet.
Despite the average realized oil price in the first half of 2002 being 15.5%
lower than the same period last year, our exploration and production activities
for the period generated pro forma oil and gas sales of RMB 10.56 billion, which
represented a 10% increase compared to RMB 9.56 billion of the same period last
year. Due to the lower oil price, crude trading activities generated marketing
revenue and gross profits of RMB 0.79 billion and RMB22 million, respectively in
the first half of 2002, whilst the marketing revenue and gross profits of the
same period in 2001 were RMB 1.38 billion and RMB 49.5 million, respectively.
The Company's pro forma total revenue for the period was RMB 11.57 billion, our
pro forma profit before tax was RMB 5.28 billion and pro forma profit after tax
was RMB 3.77 billion. We consolidated the income of our Indonesian operations
from the second quarter and our reported realized total revenue was RMB 10.64
billion,
which was down 5.3% from the first half of the previous year. The reported oil
and gas sales was RMB 9.63 billion, which remained at approximately the same
level as the first half of last year. The reported profit before tax was RMB
4.99 billion, representing a decrease of 22.8% compared to RMB 6.46 billion over
the same period last year. The reported net profit after tax for the period was
RMB 3.62 billion, representing a decrease of 21.6% compared to RMB 4.62 billion
over the same period last year. The basic and diluted net earnings per share was
RMB 0.44.
We have had an active exploration program and recorded nine wildcat discoveries
during the period. The Luda 4-2, Luda 10-1,Qinhuangdao 34-3, Penglai 2-2, Panyu
30-1 and Yacheng 13-4 discoveries were made through independent exploration
efforts. Our PSC partners made the Luda 27-2, Caofeidian 11-3 and Caofeidian
16-1 discoveries. Together with our PSC partners, we drilled a total of eight
appraisal wells to delineate reserves in discoveries made earlier. Notably,
positive results were recorded at Luda 4-2, Luda 5-2, Luda 10-1, Luda 27-2,
Yacheng 13-4 and Caofeidian 12-1S.
Development expenditure, which is a key driver of the near-term production
growth, increased during the period. Five projects are currently under active
development. During the period, C and D wellhead platforms of Qinhuangdao 32-6
and Wenchang 13-1/13-2 were on stream. Development activities for Dongfang 1-1,
Penglai 19-3 and Panyu 4-2/5-1also hit milestones on schedule.
We continue to focus on safety and sound environmental practices. The recordable
accident rate for the six months ended 30 June 2002 was 0.12 incidents per
200,000 man-hours, representing a decrease of 50% from 0.24 incidents per
200,000 man-hours last year. Work hours lost in the six months ended 30 June
2002 averaged 0.15 days per 200,000 man-hours, which was down from 1 day per
200,000 man-hours in the same period a year earlier.
Outlook
We will continue to implement our production and growth strategy in the second
half of 2002:
* We will focus on meeting our oil and gas production targets for the year
while controlling costs. We will also strive to meet our development
targets.
* We will continue our wildcat and appraisal well program, so as to increase
reserves through a balance of independent and production sharing contracts
exploration.
* We will explore the feasibility and economics of natural gas-related
businesses, expedite exploration and development of natural gas resources
and search for opportunities to participate in overseas gas field
development as part of our integrated LNG strategy.
* Finally, we will continue to upgrade our management and employee skill
levels, maintain and strive to further reduce our internationally
competitive cost structure and improve our efficiency through enhanced
management and advanced technology.
* Pro forma: Indonesia business effective from 1 January 2002.
Wei Liucheng
Chairman & CEO
INTERIM RESULTS
The Board of Directors of CNOOC Limited (the "Company") is pleased to announce
the unaudited interim results of the Company and its subsidiaries (the "Group")
for the six months ended 30 June 2002 (the "Period") as follows:
CONSOLIDATED INCOME STATEMENT
For the six months ended 30 June 2002
(All amounts expressed in thousands of Renminbi, except per share data)
Six months ended 30 June
---------------------------------
Notes 2002 2001
(unaudited) (unaudited)
Turnover
Oil and gas sales 9,628,871 9,561,986
Marketing revenue 794,063 1,377,457
Other income 217,464 301,462
--------------- ---------------
Total revenue 10,640,398 11,240,905
--------------- ---------------
Expenses
Operating expenses (1,584,014) (1,047,984)
Production taxes (420,921) (491,371)
Exploration costs (634,859) (451,619)
Depreciation, depletion and amortisation (1,590,079) (1,295,221)
Dismantlement and site restoration
allowance (59,810) (53,794)
Crude oil and product purchases (772,094) (1,327,994)
Selling and administrative expenses (358,105) (262,141)
Others (166,711) (206,650)
--------------- ---------------
Total expenses (5,586,593) (5,136,774)
--------------- ---------------
Profit from operating activities 5,053,805 6,104,131
Interest income 79,498 234,088
Interest expenses (138,213) (202,143)
Exchange (loss)/gain, net (146,269) 175,778
Investment income 102,287 42,563
Share of profit of an associate 38,577 103,798
Non-operating gain /(loss), net 2,417 (1,787)
--------------- ---------------
Profit before tax 4,992,102 6,456,428
Tax 5 (1,373,241) (1,838,330)
--------------- ---------------
Net profit 3,618,861 4,618,098
=============== ===============
Earnings per share - Basic 6 RMB 0.44 RMB 0.60
=============== ===============
- Diluted 6 RMB 0.44 RMB 0.60
=============== ===============
Interim dividend declared HK$0.11
(2001: HK$0.10) per share 9 958,314 871,194
=============== ===============
CONSOLIDATED BALANCE SHEET
As at 30 June 2002
(All amounts expressed in thousands of Renminbi)
30 June 31 December
Notes 2002 2001
(unaudited) (audited)
ASSETS
Non-current assets
Property, plant and equipment, net 33,675,179 23,827,499
Investment in an associate 440,567 461,990
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34,115,746 24,289,489
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Current assets
Cash and cash equivalents 7,840,092 6,393,724
Time deposits with maturities of
three months or more 1,250,000 2,050,000
Accounts receivable, net 2,255,613 1,194,180
Inventories and supplies 726,344 627,337
Short term investments 7,562,965 8,895,804
Due from related companies 346,716 176,519
Other current assets 922,410 692,595
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20,904,140 20,030,159
--------------- ----------------
Total assets 55,019,886 44,319,648
=============== ================
EQUITY AND LIABILITIES
Non-current liabilities
6.375% long term guaranteed notes 7 4,065,445 -
Long term bank loans 2,696,606 3,255,699
Dismantlement and site restoration allowance 1,946,846 1,598,130
Deferred tax liabilities 5,986,060 1,763,637
--------------- ----------------
14,694,957 6,617,466
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Current liabilities
Current portion of long term bank loans 178,832 1,231,840
Accounts payable 1,647,470 591,624
Other payables and accrued liabilities 1,110,380 813,146
Due to parent company 164,962 125,493
Due to related companies 328,744 157,823
Taxes payable 971,788 1,471,750
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4,402,176 4,391,676
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Total liabilities 19,097,133 11,009,142
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Shareholders' equity
Share capital 8 876,978 876,978
Reserves 35,045,775 32,433,528
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35,922,753 33,310,506
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Total equity and liabilities 55,019,886 44,319,648
=============== ================
STATEMENT OF CHANGES IN EQUITY
As at 30 June 2002
(All amounts expressed in thousands of Renminbi)
Cumulative
Share Share Revaluation translation Statutory Retained
capital premium reserve reserve reserves earnings Total
Unaudited
Balance at 1 January 2001 701,181 10,835,438 274,671 (6,350 ) 3,368,525 16,121,803
Issuance of ordinary shares 175,797 9,925,767 - - - - 10,101,564
Net profit for the period - - - - - 4,618,098 4,618,098
Foreign currency
translation differences - - - 907 - - 907
--------- ----------- ------------- ------------- ---------- ------------ ------------
Balances at 30 June 2001 876,978 20,761,205 274,671 (5,443 ) 948,338 7,986,623 30,842,372
========= =========== ============= ============= ========== ============ ============
Unaudited
Balances at 1 January 2002
as previously stated 876,978 20,761,205 274,671 (5,648 ) 1,535,360 9,867,940 33,310,506
Cumulative effect of
change in accounting
policy (Note 4) - - - - - 298,157 298,157
--------- ----------- ------------- ------------- ---------- ------------ ------------
Balances at 1 January 2002 876,978 20,761,205 274,671 (5,648 ) 1,535,360 10,166,097 33,608,663
as restated
Net profit for the period - - - - - 3,618,861 3,618,861
Dividends (Note 9) - - - - - (1,306,740) (1,306,740)
Foreign currency
translation differences - - - 1,969 - - 1,969
--------- ----------- ------------- ------------- ---------- ------------ ------------
Balance at 30 June 2002 876,978 20,761,205 274,671 (3,679 ) 1,535,360 12,478,218 35,922,753
========= =========== ============= ============= ========== ============ ============
NOTES
(All amounts expressed in thousands of Renminbi, except number of shares and
unless otherwise stated)
1. ACQUISITION
During the period, the Company acquired nine subsidiaries of Repsol YPF,
S.A. which hold a portfolio of operated and non-operated interests in oil
and gas production sharing and technical assistance contracts in contract
areas located offshore and onshore Indonesia. The assets acquired included
a 65.3% interest in the Offshore Southeast Sumatra Contract Area
production sharing contract, a 36.7% interest in the Offshore Northwest
Java Contract Area production sharing contract, a 25.0% interest in the
West Madura Offshore Block production sharing contract, a 50.0% interest
in the Poleng Field technical assistance contract and a 16.7% interest in
the Blora Block production sharing contract. The aggregate consideration
for the acquisition was a total cash consideration of US$585 million
(subject to adjustments). The effective date of the purchase agreement was
1 January 2002 and the profit of the acquired companies would accrue to
the Group from that date. The acquisition was completed on 19 April 2002.
Under the advice of the Company's auditors, the acquisition date for
accounting purposes should be 19 April 2002 and for practical reasons, the
operations of the acquired companies are included in the Company's
consolidated financial statements from 1 April 2002. The profit accrued to
the Group prior to 1 April 2002 has been treated as a purchase price
reduction. The Company is in the process of obtaining third-party
valuations of the oil and gas properties acquired and in the process of
finalising the tax structure and agreeing the purchase price adjustments
with the seller. Accordingly, the allocation of the purchase price is
subject to refinement.
The following unaudited pro forma consolidated financial information
reflects the results of the operation of the Company for the six months
ended 30 June 2002, as if the acquisition described above had completed on
1 January 2002.
Pro forma financial results for
the six months ended 30 June 2002
(unaudited)
RMB'000
Total revenue 11,572,781
Income before tax 5,281,032
Profit after tax 3,769,105
===============
Earnings per share - Basic RMB 0.46
===============
- Diluted RMB 0.46
===============
2. ORGANISATION AND PRINCIPAL ACTIVITIES
CNOOC Limited (the "Company") was incorporated in Hong Kong Special
Administrative Region ("Hong Kong"), the People's Republic of China (the
"PRC") on 20 August 1999. The Company and its subsidiaries (hereinafter
collectively referred to as the "Group") are principally engaged in the
exploration, development, production and sales of crude oil and natural
gas and other petroleum.
3. PRINCIPAL ACCOUNTING POLICIES
The accompanying interim financial statements are prepared under the
historical cost convention as modified by the revaluation of land and
buildings and short term investments, and in accordance with Hong Kong
Statement of Standard Accounting Practice ("SSAP") No.25 "Interim
financial reporting".
The principal accounting policies and basis of presentation used in the
preparation of the interim financial statements are the same as those used
in the annual audited financial statements for the year ended 31 December
2001, except as disclosed in note 4 below in, that the Group has changed
its accounting policy related to dismantlement and site restoration
allowance in compliance with SSAP 28 "Provisions, contingent liabilities
and contingent assets" issued in 2001 and changed certain of its
accounting policies following the adoption of the following new or revised
SSAPs issued by the Hong Kong Society of Accountants.
SSAP 1 (revised) Presentation of financial statements
SSAP 2 (revised) Net profit or loss for the period, fundamental
errors and change in
accounting policies
SSAP 11 (revised) Foreign currency translation
SSAP 15 (revised) Cash flow statements
SSAP 25 (revised) Interim financial reporting
SSAP 34 Employee benefits
The impact of adopting the above new or revised Hong Kong SSAPs is not
significant and, accordingly, no prior period adjustment has been made in
the financial statements of the Group.
4. CHANGE IN ACCOUNTING POLICY
During the period, the Group changed its method of accounting for
dismantlement and site restoration allowance in compliance with SSAP 28
"Provisions, contingent liabilities and
contingent assets". SSAP 28 requires the provision to be recorded for a
present obligation whether that obligation is legal or constructive. The
associated cost is capitalised and the liability is discounted and
accretion expense is recognised using the credit-adjusted risk-free
interest rate in effect when the liability is initially recognised.
The effect of this change in accounting policy was to increase the
retained earnings and property, plant and equipment, as at 1 January 2002
by RMB298,156,268 and RMB736,848,177, respectively, and to increase the
dismantlement and site restoration allowance and deferred tax liabilities
as at 1 January 2002 by RMB310,910,651 and RMB127,781,258, respectively.
No adjustment was made to the prior year amounts as the impact on the
financial statements for the year ended 31 December 2001 was not material.
5. TAX
(i) Income tax
The Company and its subsidiaries are subject to income taxes on an
entity basis on profit arising in or derived from the tax
jurisdictions in which they are domiciled and operated. The Company
is not liable for profits tax in Hong Kong as it does not have any
assessable income currently sourced from Hong Kong.
The Company's subsidiary, CNOOC China Limited, is a wholly
foreign-owned enterprise established in the PRC. It is exempt from
the 3% local surcharge and is subject to an enterprise income tax of
30% under the prevailing tax rules and regulations. During the
current period, an amount of approximately RMB101 million tax
exemption was deducted from the corporate income tax in accordance
with the State Tax Bureau [2000] No.90 regulation, . The exemption is in the process
of being approved by the relevant tax authorities but the directors
consider that all the relevant requirements had been met as at 30
June 2002.
The Company's subsidiary in Singapore, China Offshore Oil
(Singapore) International Pte. Ltd., is subject to income tax at
rates of 10% and 26%, respectively for its oil trading activities
and other income generating activities. The Company's subsidiaries
owning interests in oil properties in Indonesia along the Malacca
Strait are subject to corporate and dividend tax of 44%. The nine
subsidiaries of Repsol-YPF, S.A. in Indonesia acquired by the
Company during the period are all subject to corporate and dividend
tax at a rate of 48%. All of the Company's other subsidiaries are
not subject to any income taxes in their respective jurisdictions
for the period presented.
(ii) Other taxes
CNOOC China Limited is required to pay the following taxes:
- production taxes equal to 5% of independent production and
production under production sharing contracts; and
- business tax of 3% - 5% on other income.
6. EARNINGS PER SHARE
Six months ended 30 June
--------------------------------------------------
2002 2001
(unaudited) (unaudited)
Earnings:
Net profit for the period and earnings for the purpose
of basic and diluted earnings per share RMB 3,618,861,000 RMB 4,618,098,000
========================= =======================
Number of shares:
Weighted average number of ordinary shares for
the purpose of basic earnings per share 8,214,165,655 7,649,324,517
Effect of dilutive potential ordinary shares under
the share option scheme 2,378,206 651,256
------------------------- -----------------------
Weighted average number of ordinary shares for
the purpose of diluted earnings per share 8,216,543,861 7,649,975,773
========================= =======================
Earnings per share - Basic RMB 0.44 RMB 0.60
========================= =======================
- Diluted RMB 0.44 RMB 0.60
========================= =======================
7. 6.375% LONG TERM GUARANTEED NOTES
On 1 March 2002, CNOOC Finance (2002) Limited, a company incorporated in
the British Virgin Islands on 24 January 2002 and a wholly-owned
subsidiary of the Company, issued US$500,000,000 principal amount of
6.375% guaranteed notes due in 2012. The obligations of CNOOC Finance
(2002) Limited in respect of the notes are unconditionally and irrevocably
guaranteed by the Company.
8. SHARE CAPITAL
Number of shares Share capital
HK$'000
Authorised:
Ordinary shares of HK$0.10 each
As at 30 June 2002 and 31 December 2001 15,000,000,000 1,500,000
===================== ================
Issued and fully paid:
Ordinary shares of HK$0.10 each
As at 1 January 2001 6,557,575,755 655,758
Issue of shares during the initial public offering 1,656,589,900 165,659
--------------------- ----------------
As at 31 December 2001 (audited) 8,214,165,655 821,417
===================== ================
Ordinary shares of HK$0.10 each
As at 30 June 2002 (unaudited) 8,214,165,655 821,417
===================== ================
9. DIVIDEND
On 27 March 2002, the board of directors proposed a final dividend of
HK$0.15 per share, recognised HK$1,232,124,848 (equivalent to
RMB1,306,739,684) to its shareholders for the
year ended 31 December 2001. The dividend distribution was approved by
the shareholders in an annual meeting held on 6 June 2002. Subsequent to
30 June 2002, on 23 August 2002, the board of directors declared an
interim dividend of HK$0.11 per share (2001: HK$0.10 per share),
recognised HK$903,558,222, equivalent to approximately RMB958,314,000
(2001: RMB871,194,000).
10. SEGMENT INFORMATION
The Group is involved in the upstream operating activities of the
petroleum industry which comprises of production sharing contracts with
foreign partners and independent operations and trading business. These
segments are determined primarily because the senior management makes key
operating decisions and assesses performance of the segments separately.
An analysis of the Group's turnover and operating results by principal
activity and geographical area of operations for the six months ended 30
June 2002 is as follows:
For the six months ended 30 June 2002
-------------------------------------------------
Turnover Operating profit
(unaudited) (unaudited)
RMB'000 RMB'000
By principal activity:
Production sharing contracts ("PSC") 5,031,873 2,605,239
Independent operations 4,810,194 2,239,237
Trading business 794,063 21,969
Unallocated 4,268 (1,247,584 )
-------------------- ------------------------
10,640,398 3,618,861
==================== ========================
Approximately 89% of the total revenue of the Group is contributed by PRC
customers.
11. SUBSEQUENT EVENT
Further to the heads of agreement entered into by the Company with respect
to a joint venture to develop Northwest Shelf gas in Australia ("NWS Gas
Project") in November 2001, the Company received an offer to acquire an
interest in the upstream production and reserves of NWS Gas Project in
August 2002. The preliminary terms envisage the Company paying
approximately US$320 million to purchase an approximately 5% interest in
the upstream reserves of the NWS Gas Project. Under the terms of the
offer, the Company would also assume a 25% interest in the China LNG Joint
Venture ("CLNG JV"), which will be established to supply LNG from the NWS
Gas Project to the Guangdong LNG terminal. As of the date of this interim
results announcement, which were approved by the Board of the Directors,
the Company had not yet accepted the offer.
INDEPENDENT REVIEW
The interim results for the six months ended 30 June 2002 are unaudited, but
have been reviewed in accordance with Statement of Auditing Standards 700
"Engagement to review interim financial reports", issued by the Hong Kong
Society of Accountants, by Ernst & Young, whose unmodified review of the report
will be included in the interim report to be sent to shareholders.
PURCHASE, DISPOSAL AND REDEMPTION OF THE COMPANY'S LISTED SECURITIES
During the period, neither the Company nor any of its subsidiaries has
purchased, sold or redeemed any of the Company's listed securities.
INTERIM DIVIDEND
The Board of Directors has resolved to declare an interim dividend of HK$0.11
per share to the shareholders whose name appears on the Register of Members of
the Company on 23 September 2002. The dividend will be paid on 27 September
2002. The Register of Members will be closed from 18 September 2002 (Wednesday)
to 23 September 2002 (Monday) (both dates inclusive). In order to qualify for
the interim dividend, all transfers, accompanied by the relevant share
certificates, must be lodged with Computershare Hong Kong Investor Services
Limited, Room 1712, 17th Floor, Hopewell Centre, Queen's Road East, Wanchai,
Hong Kong, not later than 4:00 p.m. on 17 September 2002 (Tuesday).
COMPLIANCE WITH THE CODE OF BEST PRACTICE
None of the Directors is aware of any information that would reasonably indicate
that the Company is not, or was not, for any part of the six months ended 30
June 2002, in compliance with the Code of Best Practice as set out in Appendix
14 of the Rules Governing the Listing of Securities on the Stock Exchange of
Hong Kong Limited (the "Listing Rules"), except that non-executive directors of
the Company are not appointed for a specific term but are subject to retirement
by rotation and re-election at the Company's annual general meeting in
accordance with the Company's articles of association.
PUBLICATION OF DETAILED RESULTS ANNOUNCEMENT ON THE EXCHANGE'S WEBSITE
A detailed results announcement containing all the information required by
paragraphs 46(1) to 46(6) of Appendix 16 of the Listing Rules will be published
on the Stock Exchange's website in due course.
By order of the Board
CNOOC Limited
Cao Yunshi
Company
Secretary
Hong Kong, 23 August 2002
CLOSURE OF REGISTER OF MEMBERS
The Register of Members will be closed from 18 September 2002 (Wednesday) to 23
September 2002 (Monday) (both dates inclusive). In order to qualify for the
interim dividend, all transfers, accompanied by the relevant share certificates,
must be lodged with the Company's Registrar, Computershare Hong Kong Investor
Services Limited, Room 1712, 17th Floor, Hopewell Centre, Queen's Road East,
Wanchai, Hong Kong, no later than 4:00 pm on 17 September 2002 (Tuesday).
Please also refer to the published version of this announcement in the South
China Morning Post dated 26 August 2002.
*** *** ***
Notes to Editors:
CNOOC LIMITED - BACKGROUND
Incorporated in Hong Kong in August 1999, CNOOC Limited (SEHK: 883; NYSE: CEO)
is the dominant producer of crude oil and natural gas offshore China. CNOOC
Limited is also one of the largest independent crude oil and gas exploration and
production companies in the world. As of December 31, 2001, its net proved
reserves were 1.8 billion barrels-of-oil equivalents and its net production
totaled 261,379 BOE per day.
CNOOC Limited has interests in 45 crude oil and gas properties in four major
producing areas: Bohai Bay, Western South China Sea, Eastern South China Sea and
East China Sea. The Company is a major oil and gas company in China with
slightly over 1,000 employees. The Company has become the largest offshore
producer in Indonesia after the acquisition of Indonesian assets.
*** *** ***
For further enquiries, please contact:
Mr. Xiao Zongwei
CNOOC Limited
Tel: +86 10 8452 1646
Fax: +86 10 8452 1441
E-mail: xiaozw@cnooc.com.cn
-------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be issued on its behalf
by the undersigned, thereunto duly authorized.
CNOOC Limited
By: /s/ Cao Yunshi
-----------------------------
Name: Cao Yunshi
Title: Company Secretary
Dated: August 30, 2002