(Hong Kong, 30 April 2003) CNOOC Limited (NYSE "CEO", SEHK "883") today reported unaudited revenues of RMB 7.50 billion (US$ 906.0 million) for the first quarter of 2003, an 87.3% increase from the first quarter of 2002. The significant revenue growth was a result of both higher production volume and higher oil prices.

Total production increased by 23.2% from the same quarter last year to reach the level of 351,378 barrels of oil equivalent (boe) per day. Crude oil and liquids production was 308,777 barrels per day and natural gas production was 242 million cubic feet per day. The increase was largely attributable to the addition of the Indonesian production that was not included in the same period of last year. The average realized price for oil was US$30.33 per barrel in the first quarter, up 59.6% compared to the same quarter last year.

CNOOC Limited and its PSC partners made a number of discoveries, including BZ34-1S-1 oil discovery and PY30-1-2 gas discovery. "It was a solid quarter, all 12 major development projects planned for 2003 are progressing well. Key operating targets for the year are on track," commented Mr. Zhou Shouwei, President of the Company.

On February 8, 2003, the Company completed its acquisition of an equity interest in the Tangguh LNG Project in Indonesia.

"The first quarter was a strong beginning of the year for the Company. On a year-over-year basis, our revenue almost doubled due to high oil prices,"commented Mark Qiu, Chief Financial Officer and Senior Vice President.

First Quarter and Year-to-Date Production Summary