CNOOC Ltd. raises its stakes in two oil fields off China

CNOOC Ltd., a unit of China National Offshore Oil Corp., has increased its equity interest in Qinhuangdao (QHD) 32-6 oil field to 75.5% and in Liuhua (LH) 11-1 oil field to 100%.

July 25, 2003

By OGJ editors
HOUSTON, July 25 -- CNOOC Ltd., a unit of China National Offshore Oil Corp., has increased its equity interest in Qinhuangdao (QHD) 32-6 oil field to 75.5% and in Liuhua (LH) 11-1 oil field to 100%.

In the transaction, CNOOC paid $150 million to BP China Exploration and Production Co. for its 24.5% interest in QHD 32-6 and $20 million each for two 24.5% interests in LH 11-1, which were acquired from BP China and Kerr-McGee China Petroleum Ltd.

CNOOC Ltd. is the vehicle through which China carries out oil and gas exploration, development, and production activities off China and internationally.