CNOOC Ltd. Reports 42% Growth in Net Profit for 2008      

CNOOC Limited (HK: 0883) announces net profit soared 42.0% to RMB44.4 billion in 2008, hitting historic record and maintaining the growth for eight consecutive years since its listing, which is driven by production increase and higher prices of oil and gas. The oil and gas sales boosted 38.1% to RMB100.83 billion in 2008. EPS reached RMB0.99, a year-on-year increase of 37.5%.
    CNOOC Ltd. produced 195.4 million barrels of oil equivalent (BOE), an increase of 14.0% from 2007.
    Its all-in cost of US$19.78 per barrel is still competitive compared with industry peers.
   The company has set a target of producing roughly 230 million barrels of BOE for 2009, with 10 projects startup, according to Mr. Yang Hua, President and CFO of CNOOC Ltd.
    And the company expects to annually increase 7% - 10% in oil and gas production from 2005 to 2010.

BlueChem Saw Revenue Surge

China BlueChemical Ltd. (BlueChem, HK: 03983), which is a 59.41% holding company of China National Offshore Oil Corp., recorded revenue of RMB5 518.18 million, compared with 2007 RMB4 340.43 million, a year-on-year increase of 27.1%. The gross profit increased 26.8% to RMB2 268.17 million from RMB1 788.23 million in 2007. Net profit rose 12.9% to RMB1 635.28 million from RMB1 448.33 million in 2007. Basic earnings per share were RMB0.35.
   The leading chemical fertilizer producer in China produced 1.95 million tons of urea in 2008, up 5.6% from a year earlier, and sold 1.88 million tons of urea. The revenue derived from urea and BB fertilizers amounted to RMB3 647.1 million and accounted for 66.1% of the total revenue.
   BlueChem manufactured 686 684 tons of methanol in 2008, up 36.3%, and offered 675 077 tons of methanol, up 32.5%. The methanol sales surged 43.7% to RMB1646.7 million, accounting for 29.8% of the total.

COSL Net Profit Rose 38.6%

China Oilfield Services Limited (COSL, HK: 2883, SH: 601808), the leading integrated oilfield services provider in the offshore China market, achieved revenue of RMB12 142.9 million, an increase of RMB3 134.9 million or 34.8% from RMB9 008.0 million in 2007. EPS was RMB69.01, up 27.2% from the previous RMB54.24.
   COSL is a 54.74% holding company of China National Offshore Oil Corp., its major client is CNOOC Ltd.