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 May 4, 2004
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.)
Company Announcement
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[LOGO OMITTED]
CNOOC Limited
[CHINESE CHARACTERS OMITTED]
(Incorporated in Hong Kong with limited liability
under the Companies Ordinance)
(Stock code: 883)
ANNOUNCEMENT
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The Board hereby announces that it has adopted a policy of announcing certain
selected unaudited key operational statistics of the Group on a quarterly
basis. This announcement sets out certain selected unaudited key operational
statistics of the Group for the first quarter of 2004 (ended 31 March 2004).
The comparative statistics for the first quarter of 2003 (ended 31 March 2003)
are also disclosed in this announcement.
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The board of directors of CNOOC Limited ("Company") (the "Board") has adopted
a policy of announcing certain selected unaudited key operational statistics
of the Company and its subsidiaries (the "Group") on a quarterly basis. This
announcement sets out certain selected unaudited key operational statistics of
the Group for the first quarter of 2004 (ended 31 March 2004). The comparative
statistics for the first quarter of 2003 (ended 31 March 2003) are also
disclosed in this announcement.
The Group's offshore China oil and gas production had an increased of 7.2% in
the first quarter of 2004 (ended 31 March 2004) from the first quarter of 2003
(ended 31 March 2003) to reach the level of 314,382 barrels of oil equivalent
("boe") per day. Crude oil and liquids production were 273,054 barrels per day
and natural gas production was 237 million cubic feet ("mmcf") per day
offshore China. The increase was largely due to an 11.8% increase in crude oil
and liquids production in Eastern South China Sea and an 98.1% increase in
natural gas production from Western South China Sea.
Overseas assets contributed a total working interest production of 9.1 million
boe and EBITDE (Earnings Before Interest, Taxes, Depreciation, Depletion and
Amortization and Exploration Expenses) of RMB627.8 million (equivalent to
approximately US$75.8 million), stronger than what was budgeted. Reported net
entitlement production for the Company was 362,672 boe per day. Crude oil and
liquids production and natural gas production was 306,980 boe per day and 323
mmcf per day, respectively.
Total unaudited revenues were RMB7.78 billion (equivalent to approximately
US$940.2 million) for the first quarter of 2004 (ended 31 March 2004), a 3.8%
increase from the first quarter of 2003 (ended 31 March 2003). This revenue
growth was a result of higher production volume partially offset by slight
decrease in realized oil and gas prices. The average realized oil and gas
prices were US$29.79 per barrel and US$2.8 per thousand cubic feet
respectively in the first quarter of 2004 (ended 31 March 2004).
WZ 12-1N came on stream earlier this year with expected peak production of
14,400 boe per day. The Company also confirmed a number of discoveries in
Bohai Bay and that all 13 major development projects are progressing on track.
As disclosed in its annual report for the financial year ended 31 December
2003, the Company became a partner with 12.5% interest in the Tangguh LNG
Project in Indonesia with effect from 1 January 2003. In February 2004, the
Company acquired additional equity interests. As a result, CNOOC's stake in
the project increased from 12.5% to 16.96%.
FIRST QUARTER AND YEAR-TO-DATE PRODUCTION SUMMARY
2003 First 2004 First
Crude Oil & Liquids quarter ended quarter ended
(barrels per day) 31 March Year-To-Date 31 March Year-To-Date
Bohai Bay 125,679 125,679 129,530 129,530
Western South China Sea 67,072 67,072 61,279 61,279
Eastern South China Sea 71,365 71,365 79,801 79,801
East China Sea 2,718 2,718 2,444 2,444
Overseas 41,944 41,944 33,926 33,926
Subtotal (barrels per day) 308,777 308,777 306,980 306,980
Natural Gas (mmcf/day)
Bohai Bay 42 42 45 45
Western South China Sea 87 87 173 173
Eastern South China Sea - - - -
East China Sea 15 15 19 19
Overseas 97 97 86 86
Subtotal (mmcf/day) 242 242 323 323
Total Production (boe/day) 351,378 351,378 362,672 362,672
FIRST QUARTER AND YEAR-TO-DATE REVENUE AND EXPENDITURE (UNAUDITED)
RMB millions US$ millions
2003 First 2004 First 2003 First 2004 First
quarter Year- quarter Year- quarter Year- quarter Year-
ended 31 To- ended 31 To- ended 31 To- ended 31 To-
March Date March Date March Date March Date
Sales Revenue
Crude oil and liquids 6,966.0 6,966.0 7,094.8 7,094.8 841.6 841.6 857.2 857.2
Natural gas 487.4 487.4 619.9 619.9 58.9 58.9 74.9 74.9
Marketing Revenue, net 16.4 16.4 34.5 34.5 2.0 2.0 4.2 4.2
Others 29.4 29.4 32.5 32.5 3.6 3.6 3.9 3.9
Total 7,499.2 7,499.2 7,781.8 7,781.8 906.0 906.0 940.2 940.2
Capital Expenditures
Exploration 285.4 285.4 363.6 363.6 34.5 34.5 43.9 43.9
Development 1,116.5 1,116.5 1,804.8 1,804.8 134.9 134.9 218.0 218.0
Others 0.3 0.3 3.3 3.3 0.0 0.0 0.4 0.4
Total 1,402.1 1,402.1 2,171.7 2,171.7 169.4 169.4 262.4 262.4
For the purpose of this announcement, unless otherwise indicated, the exchange
rate at US$1 = RMB 8.2771 has been used, where applicable, for purpose of
illustration only and does not constitute a representation that any amount
have been, could have been or may be exchanged.
The Board comprises:
Executive Directors
Fu Chengyu (Chairman)
Jiang Longsheng
Zhou Shouwei
Luo Han
Independent non-executive Directors:
Chiu Sung Hong
Dr. Kenneth S. Courtis
Dr. Erwin Schurtenberger
Evert Henkes
By Order of the Board
Cao Yunshi
Company Secretary
Hong Kong, 29th April, 2004
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: May 4, 2004