December 29

The State Council promulgated the

July 23

China Offshore Oil Nanhuanghai Corporation was founded in Shanghai, with a responsibility for the exploration and development activities in the Yellow Sea and the East China Sea areas, and Mr. Wei Buren was appointed as the president.

June 29

China Offshore Oil Nanhai East Corporation and China Offshore Oil Nanhai West Corporation were set up in Guangzhou City and Zhanjiang City respectively. And Mr. Wang Tao was appointed as the first president of China Offshore Oil Nanhai East Corporation and Mr. Wang Yan was appointed as the first president of China Offshore Oil Nanhai West Corporation. China Offshore Oil Nanhai West Corporation was set up on the basis of the former Nanhai Oil Exploration and Development Commanding Headquarters under the Ministry of Petroleum Industry. The two corporations are responsible for the exploration and the development activities in the eastern and western parts of the South China Sea divided by 113?10'E line respectively.

May 10

CNOOC signed in Beijing with the consortium formed by five oil companies including BP of UK, BHP of Australia, PETROBRAS of Brazil, RANGER of Canada, PETRO-CANADA, the 5 petroleum contracts as Block 14/29, Block 26/14, Block 27/31 and Block 28/27 in the Pearl River Mouth Basin in the South China Sea and Block 23/26 in the Southern part of the South Yellow Sea. This is the first batch of signed contracts in the first round of bidding for the offshore cooperation with foreign enterprises.

March 22

The China Offshore Oil Exploration Bureau was renamed as China Offshore Oil Bohai Corporation, and Mr. Zhong Yiming was appointed as the first president of the corporation concurrently.