China's CNOOC Net Income Hit New Record

Chinese offshore oil giant CNOOC Limited announced today its annual profit for the 12 months ended December 31, 2007.

Last year, our total revenues, net profits and net production all increased steadily. The total revenue of the Company amounted to RMB 90.72 billion. Net income hit a historical high of RMB 31.26 billion, representing a year on year (yoy) increase of 1.1%. Earnings per share reached RMB 0.72.

In 2007, the net oil and gas production of the Company exceeded expectations, increasing by 2.6% to 171 mm BOE, among which the net production from offshore China was 149 million BOE.

Under the pressure of inflation and overall surge in costs within the industry, the Company has maintained stringent cost control. The all-in cost was US$16.37 per barrel, which is competitive among global peers.