CNOOC Limited Indonesian net production 65,411 BOEPD in Q1 2001

CNOOC Limited, a 70.6 percent subsidiary of China National Offshore Oil Corporation said on Monday that during the first quarter of 2002 its Indonesian properties generated net production of 65,411 barrels of oil equivalent per day (BOEPD) and revenues of RMB 932.5 million.

" The acquisition of certain Repsol YPF Indonesian assets is in line with the Company's overall strategy to focus on production and cash flow grow. We have seen the market's continued affirmation of our business strategy in the beginning of 2002 and we are beginning a new chapter in the Company's history with the addition of overseas assets,? Wei Liucheng, CNOOC Limited CEO said. "We will apply the same discipline that exists throughout the Company to the integration of these assets."

On January 18, 2002, the Company announced the acquisition of nine Repsol YPF subsidiaries that owned working interests in five oil and gas properties in Indonesia. These businesses mainly engage in onshore and offshore exploration, development and production of oil and gas. The Company has become the largest offshore oil producer in Indonesia upon completion of the deal on April 19, 2002. (alex)