CNOOC Limited

CNOOC Limited is a producer of offshore crude oil and natural gas and an independent oil and gas exploration and production company. It mainly engages in oil and natural gas exploration, development, production and sales. The Company has four major oil production areas offshore China: Bohai Bay, western South China Sea, eastern South China Sea and East China Sea. It is an offshore oil producer in Indonesia. The Company also has certain upstream assets in regions, such as Africa and Australia. As of December 31, 2007, the Company owned net proved reserves of approximately 2.6 billion barrels-of-oil (BOE) equivalent and its average daily net production was 469,407 barrels-of-oil equivalent.