October 18

General Secretary Jiang Zeming wrote an inscription to Offshore Oil Industry: Exploiting the blue territory and Developing the offshore petroleum industry.

September 15

Premier Li Peng wrote an inscription to Offshore Oil Industry: Establishing a modern enterprise mechanism, Developing the offshore oil industry.

September 6

The annual crude oil production of CNOOC broke the record of 10 million tons for the first time.

January 10

The celebration ceremony for the start up of Yacheng 13-1 gas field was held in Beijing. Premier Li Peng attended the ceremony. The former US President Bush made a special trip to attend this ceremony at the invitation of CNOOC. President Jiang Zeming and Premier Li Peng met with Mr. Bush respectively.

January 1

The joint operating group for Huizhou oil fields in the South China Sea, CACT was formed by CNOOC with Agip, Chevron and Texaco oil companies. Yacheng 13-1 gas field in Yinggehai Basin was started up and official gas supply to H.K. was begun.