2. Zhang Guohua Apr.30, 2004,in Marrakesh China National Offshore Oil Corporation NOT AN OFFICIAL UNCTAD RECORD

3. 2 CNOOC Overview Established in 1982 as the national offshore petroleum company Largest offshore oil and gas producer in China Fast growing into integrated energy company One of the 3 largest oil companies of China (CNPC, SINOPC, CNOOC)

4. 3 China National Offshore Oil Corporation （ CNOOC ） Services CNOOC Engi- neering Ltd CNOOC Ltd ( E&P) Tijin Branch Zhanjiang Branch Shanghai Branch Overseas Subsidiaries Mid & Downstream Research Center Shenzhen Branch Logistics Finance LNG,Petro-chemicals,Refininggas and power generation,bitumen and fertilizer finance,trust, investmentand insurance Logistics and services China Oilfield Services Ltd CNOOC Overview

5. 4 Petro-chemical (PE & PP) Production: 230,000 t in 2006 Fertilizer (Urea & Ammonia) Production: 1.3 MMt in 2003 LNG Terminal & Pipeline Production: :5.5MMt/a in 2006 E & P Reserve: 2.1Billion BOE Production: :357M BOE in 2003 Gas power generation Production: 430,000 kw in 2007 Upstream Downstream CNOOC Overview Independent E&P Integrated Energy

6. 5 Listed on the New York and Hong Kong Stock Exchange market in 2001 One of the world’s largest exploration and production companies with an offshore China focus Highest credit ratings from both agencies (A2/BBB) among Chinese corporates Only Chinese company permitted to enter into production sharing contracts with foreign companies offshore China CNOOC Ltd. Overview Limited Limited

7. 6 China Tianjin Korea Guangzhou Hong Kong Philippines Beijing Offshore China 0 100 200 300 km Shanghai Bohai Bay East China Sea Western South China Sea Eastern South China Sea MALACCA STRAIT Operation and Assets Location As of December 31, 2003 Offshore China Reserve(MMBOE) 1,991.7 Oilfields in production 25 Gasfields in production 4 Oil & Gas fields in construction 8 Overseas Reserve(MMBOE) in Indonesia 136.7 Reserve(MMBOE) in Australia Total Reserve Booked 2,128 Reserves (MMBOE) and Oil/Gas Fields As of December 31, 2003 CNOOC Ltd. Overview

8. 7 ProductionOffshore China and Overseas Core Operation Area ● ● ● ● 2003 1-4Q 137,353 (boepd) Bohai Bay 2003 1-4Q 4,908(boepd) East China Sea 2003 1-4Q 84,010(boepd) Western South China Sea 2003 1-4Q 72,981(boepd) Eastern South China Sea 2003 1-4Q 57,477(boepd) Overseas ● ● 356,729 BOE per day as of December 31, 2003 CNOOC Ltd. Overview

9. 8 Strong Reserves and Production Growth (MMBOE) Significant Reserve Growth in 2002 736 1,455 1,742 1,795 1,757 CAGR (1995-2003) = 17.1% Crude OilNatural Gas CAGR (1995- 2003) = 18.2% 175.4 201.2 206.9 208.8 239.3 261.4 107.6 Continuous Production Growth (MBOE/D) 1,787 2,016 356.7 668 346.6 2,128 CNOOC Ltd. Overview

10. 9 Cost Per BOE offshore China Maintained low production costs offshore China CNOOC Ltd. Overview

11. 10 Countries and regions Oil companies Contracts and agreement Total1871161 Under Execution 102934 Partners in PSC in Offshore China CNOOC Ltd. Overview

12. 11 With 3 overseas acquisitions CNOOC Ltd achieved a new milestone on the way of internationalization Australia China Indonesia North West Shelf Venture and Gorgon Tangguh LNG Project Repsol-YPF’s Indonesian Assets Oversea production in 1998 Oversea production in 2003 CNOOC Ltd. Overview 24.8%

13. 12 (1) Includes time deposits and short-term investments Total Assets:61.167.7 RMB billions As at Dec. 31, 2002As at Jun. 30, 2003 Liabilities Cash (1) +19.8% Other Current Assets Non-current Assets Liabilities Equity +9.2% +69.2% +8.4% Debt Increase in cash from debt offering and operation is partially offset by payment for acquisition of equity interest in Tangguh LNG Project Debt portion increased by 69.2% due to recent debt offering Balance Sheet Movement CNOOC Ltd. Overview

14. 13 Total Revenue: USD $4.9 Billion Oil & Gas Sales:USD $3.4 Billion 18.2% yoy Growth Net Profit: USD $1.4 Billion 24.9% yoy Growth Highlight of CNOOC Ltd in 2003 Reserve Increase: 243 MMBOE Oil/Gas Production: 130 MMBOE ROE: 26.4% CNOOC Ltd. Overview Maximize exceptional value to shareholders

15. 14 CNOOC Limited’s stock has increased 156% since its IPO as of Mar.31, 2004 +142% July 23, 2001 CNOOC Ltd. to become Hang Seng Index Constituent in Record Time Third Consecutive inclusion market indices Mar 04, 2002 Raises financing through issue of US$500m Baa2 global bonds Oct 16, 2001 QHD 32-6 development successfully completed Jan 18, 2002 Agrees to buy Indonesian assets of Repsol-YPF for US$585m Aug 23, 2002 Acquire approximately 5% interest in the upstream reserves of the NWS Gas Project for US$320m Sep 27, 2002 Acquire from BP 12.5% stake in Indonesian Tangguh LNG gas Joint Venture for US$275m Dec 12, 2002 CNOOC Ltd. earned Baa1 (positive) rating from Moody's May 15, 2003 Issued US$500 mm 10-year and 30-year global bonds Signed SPA to acquire reserves in the NWS Venture Jul 18, 2003 Increased interests in QHD 32-6 and LH 11-1 from BP and Kerr McGee Jul 28, 2003 Announced significant gas discoveries in Eastern and South China Sea Sep 4, 2003 CNOOC reported record 75% jump in first- half net profit Aug 19, 2003 Announced plans to explore and develop gas in East China Sea Aug 15, 2003 Tangguh project chosen as supplier of LNG to SK Power and POSCO CNOOC Ltd. Overview

16. 15 Continue to maximize exceptional value to shareholders,and maintain sustainable, stable and profitable growth Superior Return Long Dated Growth Sustainability Adding Reserves nOffshore China exploration nOpportunistic worldwide exploratio and acquisitions Growing Production nActive offshore China development nProduction uplift from Indonesia assets Financial Performance nMaintain competitive cost structure and improve efficiency nMaintain financial prudence nImprove capital structure and increase returns Developing Natural Gas Business nOffshore China gas projects nCompletion of LNG related upstream acquisitions nNatural gas market development in the coastal area CNOOC Ltd. Overview

17. 16 Rich in Petroleum Resources Frontier Areas with Prolific Mature Areas Competitive E &P Investment Environment Good Relationship between China and African Counties Potential for CNOOC in Africa

18. 17 Potential for CNOOC in Morocco Frontier Offshore for Exploration Existence of Oil & Gas Discoveries in Neighboring Basins Favorable Fiscal Terms and Policies Economically & Politically Stable and Good Partnership

19. THANKS!