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(Hong Kong, December 18, 2004) - CNOOC Limited (together with its subsidiaries, the "Company", SEHK: 883, NYSE: CEO) announced today that it has completed its acquisition of an equity interest in the North West Shelf Gas Project ("NWS Gas Project") in Australia. The Transaction was previously announced on May 15, 2003. The Company acquired a 25% stake in the China LNG Joint Venture, a new joint venture established within the NWS Gas Project. Under the terms of the transaction, the Company also acquired approximately a 5.3% interest in certain production licences, retention leases and an exploration permit of the NWS Gas Project, and a right to participate in future exploration undertaken over and above the proven reserves. The NWS Gas Project partners have signed a 25-year LNG agreement to provide LNG to the first LNG terminal in Guangdong of China, beginning in 2006. "The transaction, together with Tangguh acquisitions we completed earlier, is a significant step in realizing CNOOC‘s strategy of supplying natural gas to the rapidly growing market in China, " commented Mr. Fu Chengyu, Chairman and Chief Executive Officer of CNOOC Limited. "The Ssuccessful completion of this landmark transaction will allow investors to see reserve appreciations, " added Mark Qiu, Chief Financial Officer and Senior Vice President of the Company. Credit Suisse First Boston (Hong Kong) Limited and Merrill Lynch (Asia Pacific) Limited were financial advisors to the Company in connection with the acquisition. The NWS Gas Project is a joint venture between NWS Gas Project partners and is Australia‘s largest resource project. Following the completion of this acquisition, the NWS Gas Project partners comprise CNOOC NWS Private Limited, BHP Billiton Petroleum (North West Shelf) Pty Ltd., BP Developments Australia Pty. Ltd., ChevronTexaco Australia Pty. Ltd., Japan Australia LNG (MIMI) Pty. Ltd., Shell Development (Australia) Pty. Ltd. and Woodside Energy Ltd. (Operator). The China LNG Joint Venture was established to supply LNG from the NWS Gas Project to the Guangdong LNG terminal in China. Notes to Editors: More information about the Company is available at http://www.cnoocltd.com. 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 2003 Annual Report on Form 20-F filed on June 28, 2004.
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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
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