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Zhang Guohua Apr.30, 2004,in Marrakesh

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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Zhang Guohua Apr.30, 2004,in Marrakesh

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  1. NOT AN OFFICIAL UNCTAD RECORD China National Offshore Oil Corporation Zhang GuohuaApr.30, 2004,in Marrakesh

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. CNOOC Ltd. Overview Cost Per BOE offshore China Maintained low production costs offshore China

  10. Partnersin PSC in Offshore China CNOOC Ltd. Overview

  11. 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

  12. 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

  13. 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%

  14. 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

  15. 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

  16. 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

  17. 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

  18. THANKS!

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