(Beijing, October 29, 2001) CNOOC Limited (SEHK:883, NYSE:CEO, the "Company") announced today that the Company has established an International Advisory Board with top-notch, globally well-respected political figures and corporate leaders as members. This testifies to the Company′s commitment to ensuring highest management quality that surpasses international standards and good corporate governance.

The mission of the Advisory Board is to provide the management with strategic advice on world events and macro issues that may impact the Company′s development.

The five prominent members of the Advisory Board include former US Secretary of State, Dr. Henry Kissinger, as well as Mr. Simon Murray, former Managing Director of Hutchison Whampoa and currently the Chairman of a private investment group. Other members are Professor Edward Steinfeld, a political economist at Massachusetts Institute of Technology; Dr. Erwin Schurtenberger, former Ambassador of Switzerland to China; and Professor Kenneth S. Courtis, an economist at Goldman Sachs and the Vice Chairman of Goldman Sachs Asia.

"As a global oil and gas company, CNOOC Ltd. needs advisors with global vision and world-acclaimed track record to spearhead the Company together with our management team in a dynamic and highly globalized environment. We are delighted that the Company is able to recruit an advisory board with world-class quality and diversity," commented Mr. Wei Liucheng, Chairman and CEO of the Company. "The establishment of the Advisory Board is part of the company′s efforts to ensure highest management quality and best corporate governance, which is of paramount importance to creating values for our shareholders. The Company and our investors will both benefit from it significantly."

Advisors′ brief biographies are attached for reference

Dr. Henry Alfred Kissinger was sworn in September 22, 1973 at the White House as the 56th Secretary of State. He will continue to hold the position of Assistant to the President for National Security Affairs which he first assumed in 1969. Dr. Kissinger was born in Germany in May, 1923. He received the PhD Degree at Harvard University in 1954. He has written six books and more than forty articles on United States foreign policy, international affairs, and diplomatic history and received many awards on his achievements in international affairs.

Simon Murray was the Executive Chairman of Asia Pacific for the Deutche Bank Group with responsibility for the supervision of operation of 80 offices in 17 countries in the region. He has lived in Asia for over 30 years, 14 of which were spent with the Jardine Matheson Group. Thereafter he founded Davenham Investments, a project advisory company. He later sold the firm and became the Group Managing Director of Hutchison Whampoa in 1984. He is currently a Director of a number of companies that include Hutchison Whampoa, Cheung Kong Holdings, Tommy Hilfiger in the USA and Vivendi Universal in France.

Edward S. Steinfeld is an assistant professor at the MIT Sloan School of Management. He received both his undergraduate and doctoral training at Harvard University. He is a China specialist, and speaks and reads Mandarin, and has conducted extensive firm-level research in China. His book, Forging Reform in China: The Fate of State-Owned Industry, was published in 1998 by Cambridge University Press.

Dr. Schurtenberger was the Ambassador of Switzerland to China, the Democratic People′s Republic of Korea and the Republic of Mongolia. He has been an independent business advisor to various European multinationals, American groups and humanitarian aid organizations such as Credit Suisse Financial Services, Novartis and Bunge. He received a PhD. Degree in Economics and was trained in political science and philosophy.


Kenneth S Courtis is Managing Director of Goldman Sachs and Vice Chairman of Goldman Sachs Asia. He advises the firm on economics and strategy throughout the Asia-Pacific region as well as in Europe and North America. Professor Courtis has won numerous prizes and distinctions for his research and is valued advisor on international economic, financial and investment matters. He has published on major international economic, public policy, investment, and strategy issues and frequently commentator on television news programs. Prior to joining Goldman Sachs, he served as Chief Asia Economist and Strategy for Deutche Bank.

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Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

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This press release includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words “believe”, “intend”, “expect”, “anticipate”, “project”, “estimate”, “plan”, “predict” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by us that we believe are reasonable under the circumstances. However, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance and financial condition to differ materially from our expectations. For a description of these and other risks and uncertainties, please see the documents we file from time to time with the United States Securities and Exchange Commission, including our 2000 Annual Report on Form 20-F filed on June 26, 2001.

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For further enquiries, please contact:

Mr. Xiao Zongwei Joint Company Secretary and General Manager of Investor Relations Department CNOOC Limited Tel: +86-10-8452-1646 Fax: +86-10-8452-1441 E-mail: xiaozw@cnooc.com.cn

Ms. Sharon Fung Ketchum Newscan Public Relations Ltd Tel: +852-3141-8082 Fax: +852-2510-8199 E-mail: sharon.fung@knprhk.com