fu chengyu

Offshore China output is in line with 19 percent full-year growth target.

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CNOOC will become more active in exploring offshore China and overseas in 2006.

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We hope (the) oil price will stay as high as today. The company will keep the production growth and contain costs (in the second half).

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The company has considerably enhanced its production, reserves and net profit.

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We are confident that tight and well-scheduled operations with sufficient capital expenditure will lead to more solid growth in reserves and production, securing stronger long-term growth for the company.

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The company will reach a fast- growing phase over the next few years, which will require high capital investments, so we decided to reserve cash for future development.

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Fluctuations in international oil prices are beyond China's control. We can only make sure the supply and production remain stable.

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