The Development of Xihu Trough Project Began

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March 22, 2002

CNOOC Limited (the "Company", SEHK:883; NYSE: CEO) announced today that the development of Xihu Trough in the East China Sea has been inaugurated. Current partners, CNOOC Limited and Sinopec, have formed a joint management committee and established the East China Sea Xihu Oil and Gas Operating Company to oversee the overall development of the region. CNOOC Limited is the operator.

The Xihu Trough is located in the East China Sea and 450 kilometers southeast of Shanghai. The total block area covers approximately 59,565 square kilometers. A few oil and gas fields including Chunxiao, Tianwaitian, Duanqiao gas fields and Canxue oil and gas field have been discovered. The development of gas fields will be in phases with estimated first production at the end of 2004. The first phase development plan of Chunxiao gas field is being formulated. The project also involves further exploration activities.

CNOOC Limited acquired the asset from its parent (CNOOC) last August. The Company owns 50% working interest of the area and is the operator of the project while Sinopec owns the other half. The joint partners are exploring the possibility of attracting foreign partners in the area development.