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33

CNOOC Production Increased

China National Offshore Oil Corporation Limited announced here Monday

China National Offshore Oil Corporation Limited announced here Monday that its total budgeted net production volume in 2006 will increase 9 percent over the previous year.

Speaking at a press conference about the Company's business strategy and development plan for 2006, Executive Vice President of the Company Yang Hua said that the company's total budgeted net production volume in 2006 is approximately 168-170 million barrels of oil equivalent (BOE), about a 9 percent year-on-year (YOY) increase over the estimated 153-157 million BOE in 2005.

Net production offshore China is estimated to be 148-149 million BOE in 2006. The Company's overseas output is expected to be enhanced by the North West Shelf Project in Australia, which is scheduled to supply gas to Guangdong LNG terminal in the first half of this year. With this project, the Company's net entitlement overseas is expected to reach 20-21 million BOE, Yang said.

During the year, ten projects offshore China are expected to come on stream, two of which are ready for production. Overall, for 2006 and 2007, it is expected that 16 projects will be completed, Yang added.