10-11-03 CNOOC Limited announced that its parent company -- China National Offshore Oil Corporation (CNOOC) has sealed an agreement with PNOC Exploration Corporation (PNOC EC) to undertake joint exploration and development of oil and gas in the South China Sea.
In a Letter of Intent (LoI) signed between CNOOC and PNOC EC, both parties agreed to form a Joint Working Committee to select possible areas in the South China Sea that would be suitable for exploration and development. Similarly, both parties agreed to engage in a joint program to review, assess and evaluate available relevant geological, geophysical and other technical data and information to determine the oil and gas potential of the area.

The LoI was signed by the President of CNOOC, Mr Fu Chengyu, and the President and CEO of PNOC EC, Mr Rufino B. Bomasang. The Philippine Energy Secretary, Mr Vincent S. Perez, the Energy undersecretary, Mr Eduardo V. Manalac and the Chinese Ambassador to the Philippines, Mr Wang Chungui witnessed the signing.
The Chairman and CEO of CNOOC Limited, Mr Fu Chengyu said, "We are very much delighted to work together with PNOC EC, both companies will benefit from the signing of the LoI aimed at advancing the exploitation of oil and gas in the to-be agreed areas in the South China Sea."

Incorporated in Hong Kong in August 1999, CNOOC Limited is the dominant producer of crude oil and natural gas offshore China. CNOOC Limited is also one of the largest independent crude oil and gas exploration and production companies in the world. As of December 31, 2002, its net proved reserves were 2.0 bn boe and its net production averaged 353,102 bpd for the first nine months of 2003.
CNOOC Limited has interests in 45 crude oil and gas properties in four major producing areas: Bohai Bay, Western South China Sea, Eastern South China Sea and East China Sea. The company is a major oil and gas company in China with slightly over 2,047 employees. The company has become the largest offshore producer in Indonesia after the acquisition of Indonesian assets.

CNOOC Limited, incorporated in Hong Kong, is a 70.6 % held subsidiary of China National Offshore Oil Corporation (CNOOC). CNOOC Limited is the sole vehicle through which CNOOC carries out oil and gas exploration, development, production and selling activities offshore China and internationally. CNOOC, the parent company, is involved in the administrative, research, and services functions for the China offshore petroleum industry as well as other mid- or downstream petroleum projects.