CNOOC Ltd. Announces Results for 2007       

CNOOC Limited (HK: 0883, NYSE: CEO) announces its annual results for the 12 months ended December 31st, 2007.
   The total revenue of the company amounted to RMB90.72 billion. Net income hit a historical high of RMB31.26 billion, a year-on-year increase of 1.1%.
   CNOOC Ltd.'s net oil and gas production increased by 2.6% to 171 million barrel of equivalent (BOE), of which 149 million BOE from offshore China.
   CNOOC Ltd. generated revenue of RMB73 billion from oil and gas sales, a year-on-year increase of 7.7%.
   As of December 31st, 2007 the company made 12 oil and gas discoveries, including Jinzhou 25-1, and 10 appraisal successes. During the year, CNOOC Ltd. realized a reserve replacement ratio of 142% and increased net proved reserves by 244 million BOE.
   In 2007, five new projects commenced production, including Liuhua 11-1.
   The first offshore wind generator was started on the platform Suizhong 36-1, marked as the first partly wind-powered oilfield in the world.