CNOOC's 2002 Profit up 14.4 Percent

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Last updated at: (Beijing Time) Thursday, January 16, 2003

CNOOC's 2002 Profit up 14.4 Percent

China's third largest oil company,the China National Offshore Oil Corporation (CNOOC), reported profits of 11.05 billion yuan in 2002, up 14.4 percent from 2001.

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China's third largest oil company, the China National Offshore Oil Corporation (CNOOC), reported profits of 11.05 billion yuan in 2002, up 14.4 percent from 2001.

It is the third consecutive year that CNOOC's annual profits have exceeded 9 billion yuan.

CNOOC produced 127.36 million equivalent barrels of oil and gasin 2002.

CNOOC's listed subsidiary, CNOOC Ltd. which encompasses all of the parent company's upstream resources, was successfully launched on the New York and Hong Kong stock markets in 2001. CNOOC Ltd.'s market share has since increased 70 pecent, the best performing stock among the Hensen index components. Rating evaluator Moody recently upgraded CNOOC Ltd.'s investment level to Baa1, ranking it top among Chinese companies at the same level.

In 2002, CNOOC successfully launched two of its specialized companies -- China Offshore Oil Engineering Co. and China Oilfield Services Ltd. -- into the domestic A-share market and the Hong Kong H-share market respectively.

Founded in 1982, CNOOC enjoys the exclusive right to conduct Sino-foreign cooperative offshore petroleum exploration and development in China.

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