CNOOC and ChevronTexaco Step Forward to Develop the Large BZ25-1/25-1S Field in Bohai Bay

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October 14, 2002

CNOOC Limited (the "Company", SEHK: 883; NYSE: CEO) announced today that its parent company, China National Offshore Oil Corporation ("CNOOC") and Texaco China B.V., a subsidiary of ChevronTexaco, ("ChevronTexaco"), had entered into an agreement for the unitization development of BZ25-1/25-1S oil field in the Bohai Bay.

The agreement was reached under the following five principles, "one development project, one set of producing facilities, one management structure, one operator and one equity determination."

BZ25-1/25-1S oil field is situated about 150 kilometers southeast of Tanggu in the Bohai Bay. The agreement covers a total area of 218 square kilometers.

Under the terms of the agreement, CNOOC will be the operator and own 83.8% (55% in self-financed area and 28.8% in Block 11/19) working interests in the entire unitized project. ChevronTexaco holds the remaining 16.2%.

"The agreement signed today to unitize the development of BZ25-1/25-1S oil field is another significant milestone of CNOOC′s cooperation in developing oil fields with foreign partners. It is the first-ever unitization agreement signed between CNOOC and our foreign partners on one field straddling the boundary of two blocks. The signing of the agreement also marked that CNOOC′s cooperation with foreign partners and corporate management expertise come on a new horizon. The significance lies in that, firstly, the oil field is the first one discovered by a world-class oil company via risk exploration but CNOOC acts as the operator at the beginning of development stage. Secondly, it demonstrates our capability to walk through difficult times." Commented Mr. Zhou shouwei, President of the Company.

The petroleum contract for Block 11/19 in the Bohai Bay was signed between CNOOC and ChevronTexaco in April 1992. BZ25-1 oil field was discovered by ChevronTexaco via explorations in the block. The field was re-designated BZ25-1S and determined to be an oil field straddling the boundary between Block 11/19 and the self-financed area of CNOOC.

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