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 July 18, 2003
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.)
FOR IMMEDIATE RELEASE
CNOOC LIMITED RAISES ITS STAKES IN TWO OFFSHORE CHINA OILFIELDS
(Hong Kong, July 18, 2003) CNOOC Limited (the "Company") announced today that
the Company has increased its equity interest in the Qinhuangdao ("QHD") 32-6
oilfield to 75.5% and in the Liuhua ("LH") 11-1 oilfield to 100%. The Company
paid US$150 million for a 24.5% interest in QHD 32-6 and US$20 million for
each of two 24.5% interests in LH 11-1.
BP China Exploration and Production Company has transferred its 24.5%
interests in both QHD 32-6 and LH 11-1 and Kerr-McGee China Petroleum Limited
has agreed to transfer the remaining 24.5% foreign interest in LH 11-1 to
CNOOC Limited.
"CNOOC Limited has taken advantage of opportunities provided by portfolio
adjustments by its foreign partners to strengthen its position in producing
fields offshore China", commented Mr. Zhou Shouwei, president of CNOOC
Limited. "These transactions will help the Company to meet its production
targets and increase near-term earnings."
"We continue to encourage foreign operators to pursue attractive exploration
opportunities offshore China", commented Mr. Wei Liucheng, Chairman and CEO of
CNOOC Limited. "Offshore China continues to witness successes recorded by
international oil companies."
End
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, 2002, its net proved
reserves were 2.0 billion barrels-of-oil equivalents and its net production
averaged 346,639 BOE per day in 2002.
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.
CNOOC LIMITED - RELATIONSHIP WITH ITS PARENT COMPANY
CNOOC Limited, incorporated in Hong Kong, is a 70.6% held subsidiary of China
National Offshore Oil Corporation ("CNOOC"). CNOOC Limited is the sole vehicle
through which CNOOC carries out oil and gas exploration, development,
production and selling activities offshore China and internationally.
CNOOC, the parent company, is involved in the administrative, research, and
services functions for the China offshore petroleum industry as well as other
mid- or downstream petroleum projects.
*** *** ***
This press release contains statements that are not historical facts,
including statements about beliefs and expectations of the directors of CNOOC
Ltd. (the Company). These forward-looking statements are based on current
plans, estimates and projections, and therefore you should not place undue
reliance on them. Forward-looking statements speak only as of the date they
are made, and the directors of the Company undertake no obligation to update
publicly any of them in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. You are
cautioned that a number of important factors could cause actual results to
differ materially from those contained in any forward-looking statement. Such
factors include, but are not limited to changes, of the PRC's economic,
political and social conditions as well as government policies.
*** *** ***
For further enquiries, please contact:
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Mr. Xiao Zongwei Ms Anne Lui/Ms. Maggie Chan/Ms. Carol Chan
CNOOC Limited Ketchum Newscan Public Relations
Tel : +86 10 8452 1646 Tel: 852-3141-8016/852-3141-8063/3141-8091
Fax: +86 10 8452 1441 Fax: 852-2510-8199 E-mail:
E-mail: xiaozw@cnooc.com.cn E-mail: anne.lui@knprhk.com
carol.chan@knprhk.com
maggie.chan@knprhk.com
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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
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Name: Cao Yunshi
Title: Company Secretary
Dated: July 18, 2003