December 21

The signing ceremony for the contract of construction of the largest crane barge/pipe-laying barge was held in Beijing. According to this contract, the American firm - TDI-Halter Group is the general contractor and the Yantai Shipyard of China is the sub-contractor for the hull. This crane/pipe laying barge will have a lifting capacity of 3,800 tons, being the largest among all Chinese crane barges at present. The construction of this barge will enhance the equipment capability of China Offshore Oil Marine Engineering Company and will serve the needs of large-scale offshore oil and gas developments.

December 15-17

The concept and objectives of development for logistic companies have been put forward at the first working meeting of logistic companies after the restructuring, i.e. all logistic companies are required to develop a new operating mechanism, trying to establish a modern enterprise system in 3-5 years by taking the reform of the asset ownership as a breakthrough and to minimize gradually the subsidies until the realization of logistic companies with assumed responsibility for their profits and losses.

Early December

Good oil and gas shows found in CFD 11-1-1 well in Bohai 04/36 contract area (Kerr-McGee's block). Upon completion of drilling operations, the well was logged and interpreted to have 85 m thick pay, being a large oil and ags bearing structure.

Early November

In PRMB 15/34 contract area (Santa Fe's block), 120 m net oil bearing sands were found in PY 5-1-1 well, which are distributed in 20 different intervals. It is the second commercial discovery in this area.

September 16

China Offshore Oil Research Center established in Beijing. All CNOOC research bodies are merged and re-structured.

August 20

CNOOC Ltd. established and registered in Hong Kong. With all CNOOC oil and gas assets fed into this company, it becomes one of the largest exploration and production companies in the world in term of net proved reserves.

June 1

China Offshore Oil Marine Engineering Company formed and started its operation, which is a merge of three former companies of design, marine engineering and platform fabrication, thus the overall capability of the specialized companies is enhanced for taking EPC contracts.

March 26

Pinghu oil/gas field started production, indicating the full completion of Pinghu oil/gas field project. This is the first offshore field in China developed by multi-investors and having longest distance from shore. The completion of this project is in favor of adjusting the energy structure in Shanghai city.