SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
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REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For April 30, 2003
CNOOC Limited
(Translation of registrant's name into English)
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65th Floor
Bank of China Tower
One Garden Road
Central, Hong Kong
(Address of principal executive offices)
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(Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F)
Form 20-F X Form 40-F
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(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
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(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): N/A.)
FOR IMMEDIATE RELEASE
Strong Oil Prices Boosted CNOOC Limited's First Quarter Revenues by 87%
(Hong Kong, 30 April 2003) CNOOC Limited (NYSE "CEO", SEHK "883") today
reported unaudited revenues of RMB 7.50 billion (US$ 906.0 million) for the
first quarter of 2003, an 87.3% increase from the first quarter of 2002. The
significant revenue growth was a result of both higher production volume and
higher oil prices.
Total production increased by 23.2% from the same quarter last year to reach
the level of 351,378 barrels of oil equivalent (boe) per day. Crude oil and
liquids production was 308,777 barrels per day and natural gas production was
242 million cubic feet per day. The increase was largely attributable to the
addition of the Indonesian production that was not included in the same period
of last year. The average realized price for oil was US$30.33 per barrel in
the first quarter, up 59.6% compared to the same quarter last year.
CNOOC Limited and its PSC partners made a number of discoveries, including
BZ34-1S-1 oil discovery and PY30-1-2 gas discovery. "It was a solid quarter,
all 12 major development projects planned for 2003 are progressing well. Key
operating targets for the year are on track," commented Mr. Zhou Shouwei,
President of the Company.
On February 8, 2003, the Company completed its acquisition of an equity
interest in the Tangguh LNG Project in Indonesia.
"The first quarter was a strong beginning of the year for the Company. On a
year-over-year basis, our revenue almost doubled due to high oil prices,"
commented Mark Qiu, Chief Financial Officer and Senior Vice President.
First Quarter and Year-to-Date Production Summary
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2002 2003
Crude Oil & Liquids (b/d) Q1 YTD Q1 YTD
Bohai Bay 127,277 127,277 125,679 125,679
Western South China Sea 42,528 42,528 67,072 67,072
Eastern South China Sea 75,421 75,421 71,365 71,365
East China Sea 3,732 3,732 2,718 2,718
Overseas 2,795 2,795 41,944 41,944
Subtotal (b/d) 251,703 251,703 308,777 308,777
Natural Gas (mmcf/d)
Bohai Bay 50 50 42 42
Western South China Sea 139 139 87 87
Eastern South China Sea - - - -
East China Sea 13 13 15 15
Overseas - - 97 97
Subtotal (mmcf/d) 201 201 242 242
Total Production (boe/d) 285,238 285,238 351,378 351,378
First Quarter and Year-to-Date Revenue and Expenditure (Unaudited)
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RMB millions US$ millions(1)
2002 2003 2002 2003
Q1 YTD Q1 YTD Q1 YTD Q1 YTD
Sales Revenue
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Crude oil and
liquids 3,465.0 3,465.0 6,966.0 6,966.0 418.5 418.5 841.6 841.6
Natural gas 427.8 427.8 487.4 487.4 51.7 51.7 58.9 58.9
Marketing
Revenue, net 15.6 15.6 16.4 16.4 1.9 1.9 2.0 2.0
Others 97.8 97.8 29.4 29.4 11.8 11.8 3.6 3.6
Total 4,006.2 4,006.2 7,499.2 7,499.2 483.8 483.8 906.0 906.0
Capital
Expenditures
Exploration 252.7 252.7 285.4 285.4 30.5 30.5 34.5 34.5
Development 1,012.8 1,012.8 1,116.5 1,116.5 122.3 122.3 134.9 134.9
Others 14.5 14.5 0.3 0.3 1.8 1.8 0.0 0.0
Total 1,280.0 1,280.0 1,402.1 1,402.1 154.6 154.6 169.4 169.4
(1) Converted to US dollars at RMB 8.2800 = US$1.00 for 2002Q1;
RMB 8.2771 = US$1.00 for 2003Q1
Notes to Editors:
CNOOC LIMITED - BACKGROUND
Incorporated in Hong Kong in August 1999, CNOOC Limited (SEHK: 883; NYSE: CEO)
is the dominant producer of crude oil and natural gas offshore China. CNOOC
Limited is also one of the largest independent crude oil and gas exploration
and production companies in the world. As of December 31, 2002, its net proved
reserves were 2.0 billion barrels-of-oil equivalents and its net production
averaged 346,639 BOE per day in 2002.
CNOOC Limited has interests in 45 crude oil and gas properties in four major
producing areas: Bohai Bay, Western South China Sea, Eastern South China Sea
and East China Sea. The Company is a major oil and gas company in China with
slightly over 1,000 employees. The Company has become the largest offshore oil
producer in Indonesia after the acquisition of Indonesian assets.
CNOOC LIMITED - RELATIONSHIP WITH ITS PARENT COMPANY
CNOOC Limited, incorporated in Hong Kong, is a 70.6% held subsidiary of China
National Offshore Oil Corporation ("CNOOC"). CNOOC Limited is the sole vehicle
through which CNOOC carries out oil and gas exploration, development,
production and selling activities offshore China and internationally.
CNOOC, the parent company, is involved in the administrative, research, and
services functions for the China offshore petroleum industry as well as other
mid- or downstream petroleum projects.
*** *** ***
This press release contains statements that are not historical facts,
including statements about beliefs and expectations of the directors of CNOOC
Ltd. (the Company). These forward-looking statements are based on current
plans, estimates and projections, and therefore you should not place undue
reliance on them. Forward-looking statements speak only as of the date they
are made, and the directors of the Company undertake no obligation to update
publicly any of them in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. You are
cautioned that a number of important factors could cause actual results to
differ materially from those contained in any forward-looking statement. Such
factors include, but are not limited to changes, of the PRC's economic,
political and social conditions as well as government policies.
*** *** ***
For further enquiries, please contact:
Mr. Xiao Zongwei
CNOOC Limited
Tel: +86 10 8452 1646
Fax: +86 10 8452 1648
E-mail: xiaozw@cnooc.com.cn
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Ms Anne Lui/Ms. Maggie Chan/Ms. Carol Chan
Ketchum Newscan Public Relations
Tel: 852-3141-8016/ 852-3141-8063/3141-8091
Fax: 852-2510-8199
E-mail: anne.lui@knprhk.com
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carol.chan@knprhk.com
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maggie.chan@knprhk.com
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be issued on its behalf
by the undersigned, thereunto duly authorized.
CNOOC Limited
By: /s/ Cao Yunshi
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Name: Cao Yunshi
Title: Company Secretary
Dated: April 30, 2003