CNOOC build reserves of 2.53 Bboe

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

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

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