CNOOC Limited Announces QK17-2 Production Commencement in Bohai Bay

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June 19, 2000

CNOOC Limited (the "Company") announced today that QK 17-2 Oil Field commenced production on June 15, two weeks ahead of the schedule. 19 production wells are flowing at 471. 75 barrels per day.

QK 17-2 oil fields lie in Boxi Block, which is located in the western part of the Bohai Bay, approximately 20 kilometers east of Tianjin. In 1999, average daily net production was approximately 6,400 barrels of oil and condensate and 8.95 million cubic feet of natural gas in Boxi Block.

The company is the sole operator of Boxi Block and now has three oil fields under production, Qikou 17-3, Qikou 18-1 and Qikou 17-2. Natural gas produced in this area is currently used for power generation and residential gas in Tianjin, one of the largest cities in northern China.

QK 17-2 will add 11,500 barrels per day of production capacity to the block and improve the economics of the block. It will also help Tianjin, which is in short supply of residence gas,clean fuel.

Mr. Shouwei Zhou,executive vice president is quite pleased about this commencement."BoHai Bay,with the largest net proved reserves of the company,is the key area for the company to materialize its growth targets." he said. "The start-up of QK17-2 will not only add certain production capacity for the company,but also improve the economics and cut costs of Boxi Blocks through intergration and synergy with existing fields in this block."


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