October 22

The State Council responded with its approval to CNOOC that, China National Offshore Oil Corporation is administratively equivalent to a State Bureau Level under the State Council (Vice Ministry Level).

February 16

CNOOC made announcement of No. 1 and No. 2 Notifications to 41 participant companies in the geophysical survey on areas for bidding in the northern part of the South Yellow Sea and the Pearl River Mouth Basin geophysical surveyed areas.

February 15

China National Offshore Oil Corporation (CNOOC) was officially incorporated at the address of No. 31, East Chang An Street, Beijing. The geophysical agreements and petroleum contracts signed by and between the former China National Oil and Gas Exploration and Development Corporation and foreign oil companies were transfer#990000 to CNOOC for execution.

February 13

The Ministry of Organization of the Central Committee of the Chinese Communist Party notified that, with the agreement of the Central Committee, Mr. Qin Wencai was appointed as president of CNOOC.

February 8

The State Council issued an approval to the formation of China National Offshore Oil Corporation.

January 30

The 《Regulations of People's Republic of China Concerning the Exploitation of The Offshore Petroleum Resources in Cooperation with Foreign Enterprises》 was promulgated by the State Council. The 《model Contract》 for the first round of international bidding for the offshore cooperation with foreign enterprises was finalized.