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 July 28, 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
CNOOC MADE SIGNIFICANT NATURAL GAS DISCOVERIES IN EASTERN SOUTH CHINA SEA
(Hong Kong, July 28, 2003) CNOOC Limited (the "Company"; NYSE: CEO, SEHK: 883)
announced today that the Company made significant natural gas discoveries in
Eastern South China Sea. The preliminary appraisal results of Panyu 30-1 and
Panyu 34-1 discoveries made late last year have confirmed and delineated the
scope for recovery of natural gas reserves.
Total natural gas reserves in place from these fields are estimated to be
approximately 1.5 trillion cubic feet. "It represents the first major natural
gas discovery in the Pearl River Mouth of South China Sea, which opens new
exploration prospects in the area," commented Mr. Zhou Shouwei, president of
CNOOC Limited.
"These new discoveries will provide reliable and increased natural gas
supplies to a region with significant gas demand. The future gas supply will
help fuel the local economic growth and create a cleaner environment. They
will enhance the dominant gas supply business CNOOC has been developing,"
commented Mr. Wei Liucheng, Chairman and CEO of CNOOC Limited, "Natural gas
business is a new and increasingly visible growth engine for cash flow and
earnings of CNOOC Limited."
The preliminary development plan calls for an integrated design to add
productions from smaller reserves in the area to capture further economics. It
is targeting the fast growing Guangdong market. The initial capital
expenditure is estimated around US$500 million.
CNOOC Limited owns 100% of both Panyu 30-1 and Panyu 34-1.
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
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:
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Mr. Xiao Zongwei | Ms Anne Lui/Ms. Maggie Chan/Ms. Carol Chan
CNOOC Limited | Ketchum Newscan Public Relations
Tel : +86 10 8452 1646 | Tel: 852-3141-8016/852-3141-8063/3141-8091
Fax: +86 10 8452 1648 | Fax: 852-2510-8199
E-mail: xiaozw@cnooc.com.cn | 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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|
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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: July 28, 2003