Production
In 2007, net oil and gas production exceeded expectations, increasing by 2.6% to 171 million BOE, among which the net production from offshore China was 149 million BOE.
The Company produced 167 million barrels of oil equivalent in 2006, a yoy increase of 7.9%, including 136 million barrels of oil and 179 billion cubic feet of natural gas.
The Company's net production amounted to 154.8 million barrels of oil equivalent in 2005, a year on year increase of 10.6%.
Reserves
During 2007, CNOOC realized a reserve replacement ratio of 142% and increased net proved reserves by 244 million BOE.
During 2006, CNOOC realized a reserve replacement ratio of 199% and increased net proved reserves by 332 million BOE. As of December 31, 2006, the Company has accumulated net proved reserves at approximately 2.53 billion BOE.
