CNOOC build reserves of 2.53 Bboe

Offshore staff

HONG KONG -- Chinese petroleum major CNOOC Ltd. accumulated net proved reserves of 2.53 Bboe and made 10 oil and gas discoveries last year.

The company realized a reserve replacement ratio of 199% and increased net proved reserves by 332 MMboe as of Dec. 31, 2006.

CNOOC says seven new projects went online last year, increasing production by 7.9% to 167 MMboe – 136 MMbbl of oil and 179 bcf of natural gas.

The company ended 2006 with a 22.1% increase in net income.

3/30/2007