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NOT AN OFFICIAL UNCTAD RECORD. China National Offshore Oil Corporation. Zhang Guohua Apr.30, 2004,in Marrakesh. CNOOC Overview. Established in 1982 as the national offshore petroleum company. One of the 3 largest oil companies of China (CNPC, SINOPC, CNOOC).

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slide1

NOT AN OFFICIAL UNCTAD RECORD

China National Offshore Oil Corporation

Zhang GuohuaApr.30, 2004,in Marrakesh

cnooc overview
CNOOC Overview

Established in 1982 as the national offshore petroleum company

One of the 3 largest oil companies of China (CNPC, SINOPC, CNOOC)

Largest offshore oil and gas producer in China

Fast growing into integrated energy company

slide3

CNOOC Overview

China National Offshore Oil Corporation(CNOOC)

Finance

Mid & Downstream

Logistics

CNOOC Ltd (E&P)

Services

finance,trust, investment

and insurance

Logistics and services

LNG,Petro-chemicals,Refining

gas and power generation, bitumen and fertilizer

CNOOC Engi-

neering Ltd

Research Center

China Oilfield

Services Ltd

Tijin Branch

Zhanjiang Branch

Shenzhen Branch

Shanghai Branch

Overseas Subsidiaries

slide4

CNOOC Overview

E & P

Reserve: 2.1Billion BOE

Production: :357M BOE

in 2003

LNG Terminal & Pipeline

Production: :5.5MMt/a

in 2006

Gas power generation

Production: 430,000 kw

in 2007

Petro-chemical (PE & PP)

Production: 230,000 t

in 2006

Upstream

Downstream

Fertilizer (Urea & Ammonia)

Production: 1.3 MMt

in 2003

Integrated Energy

Independent E&P

cnooc ltd overview
CNOOC Ltd. Overview

Listed on the New York and Hong Kong Stock Exchange market in 2001

Limited

One of the world’s largest exploration and production companies with an offshore China focus

Highest credit ratings from both agencies (A2/BBB) among Chinese corporates

Limited

Only Chinese company permitted to enter into production sharing contracts with foreign companies offshore China

slide6

MALACCA STRAIT

Operation and Assets Location

As of December 31, 2003

Reserves (MMBOE) and Oil/Gas FieldsAs of December 31, 2003

CNOOC Ltd. Overview

Beijing

Offshore China

0 100 200 300 km

Tianjin

Bohai Bay

Korea

Offshore China

Reserve(MMBOE) 1,991.7

Oilfields in production 25 Gasfields in production 4

Oil & Gas fields in construction 8

Overseas

Reserve(MMBOE) in Indonesia 136.7

Reserve(MMBOE) in Australia

Total Reserve Booked 2,128

China

East China Sea

Shanghai

Guangzhou

Hong Kong

Eastern South China Sea

Western South

China Sea

Philippines

productionoffshore china and overseas

East China Sea

Overseas

Eastern South China Sea

Bohai Bay

Western South China Sea

2003 1-4Q

4,908(boepd)

2003 1-4Q

137,353 (boepd)

2003 1-4Q

84,010(boepd)

2003 1-4Q

57,477(boepd)

2003 1-4Q

72,981(boepd)

Core Operation Area

ProductionOffshore China and Overseas

CNOOC Ltd. Overview

356,729 BOE per day as of December 31, 2003

strong reserves and production growth

Significant Reserve Growth in 2002

Continuous Production Growth

Strong Reserves and Production Growth

CNOOC Ltd. Overview

CAGR (1995-2003) = 17.1%

(MMBOE)

2,128

2,016

1,795

1,787

1,757

1,742

1,455

736

668

CAGR (1995- 2003) = 18.2%

(MBOE/D)

356.7

346.6

261.4

239.3

208.8

206.9

201.2

175.4

107.6

Crude Oil

Natural Gas

slide9

CNOOC Ltd. Overview

Cost Per BOE offshore China

Maintained low production costs offshore China

slide11

With 3 overseas acquisitions CNOOC Ltd achieved a new milestone on the way of internationalization

CNOOC Ltd. Overview

Oversea production in 1998

China

Tangguh LNG Project

Repsol-YPF’s Indonesian Assets

Indonesia

Oversea production in 2003

24.8%

North West Shelf Venture and Gorgon

Australia

slide12

As at Dec. 31, 2002

As at Jun. 30, 2003

Increase in cash from debt offering and operation is partially offset by payment for acquisition of equity interest in Tangguh LNG Project

Cash(1)

Cash(1)

+19.8%

Other Current Assets

Other Current Assets

Non-current Assets

+8.4%

Non-current Assets

RMB billions

Liabilities

Liabilities

Debt portion increased by 69.2% due to recent debt offering

Debt

+69.2%

Debt

Equity

Equity

+9.2%

Total Assets: 61.1 67.7

CNOOC Ltd. Overview

Balance Sheet Movement

(1) Includes time deposits and short-term investments

cnooc ltd overview1
CNOOC Ltd. Overview

Highlight of CNOOC Ltd in 2003

Reserve Increase: 243 MMBOE

Oil/Gas Production: 130 MMBOE

Maximize exceptional value to shareholders

Total Revenue: USD $4.9 Billion

Oil & Gas Sales:USD $3.4 Billion 18.2% yoy Growth

Net Profit: USD $1.4 Billion 24.9% yoy Growth

ROE: 26.4%

slide14

CNOOC Ltd. Overview

Aug 15, 2003

Tangguh project chosen as supplier of LNG to SK Power and POSCO

Sep 27, 2002

Acquire from BP 12.5% stake in Indonesian Tangguh LNG gas Joint Venture for US$275m

July 23, 2001CNOOC Ltd. to become Hang Seng Index Constituent in Record Time Third Consecutive inclusion market indices

+142%

May 15, 2003

Issued US$500 mm 10-year and 30-year global bonds

Signed SPA to acquire reserves in the NWS Venture

Jul 28, 2003

Announced significant gas discoveries in Eastern and South China Sea

Mar 04, 2002

Raises financing through issue of US$500m Baa2 global bonds

Aug 23, 2002

Acquire approximately 5% interest in the upstream reserves of the NWS Gas Project for US$320m

Sep 4, 2003

CNOOC reported record 75% jump in first-half net profit

Oct 16, 2001QHD 32-6 development successfully completed

Jan 18, 2002

Agrees to buy Indonesian assets of Repsol-YPF for US$585m

Aug 19, 2003

Announced plans to explore and develop gas in East China Sea

Dec 12, 2002

CNOOC Ltd. earned Baa1 (positive) rating from Moody\'s

Jul 18, 2003

Increased interests in QHD 32-6 and LH 11-1 from BP and Kerr McGee

CNOOC Limited’s stock has increased 156% since its IPO as of Mar.31, 2004

slide15

CNOOC Ltd. Overview

Adding Reserves

  • Offshore China exploration
  • Opportunistic worldwide exploratio and acquisitions

Growing Production

  • Active offshore China development
  • Production uplift from Indonesia assets

Financial Performance

  • Maintain competitive cost structure and improve efficiency
  • Maintain financial prudence
  • Improve capital structure and increase returns

Superior Return

Long Dated Growth

Sustainability

Developing Natural Gas Business

  • Offshore China gas projects
  • Completion of LNG related upstream acquisitions
  • Natural gas market development in the coastal area

Continue to maximize exceptional value to shareholders,and maintain sustainable, stable and profitable growth

slide16

China

Africa

Potential for CNOOC in Africa

Rich in Petroleum Resources

Frontier Areas with Prolific Mature Areas

Competitive E &P Investment Environment

Good Relationship between China and African Counties

slide17

Potential for CNOOC in Morocco

Frontier Offshore for Exploration

Existence of Oil & Gas Discoveries in Neighboring Basins

Favorable Fiscal Terms and Policies

Economically & Politically Stable and Good Partnership

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