Exhibit
15.2






GCA
            GAFFNEY, CLINE &
      ASSOCIATES
















EXECUTIVE
REPORT FOR RESERVES CERTIFICATION &


ECONOMIC
EVALUATION OF GREATER ANGOSTURA FIELDS


IN
BLOCK 2C, TRINIDAD & TOBAGO








Prepared
for





CHINA
NATIONAL OFFSHORE OIL CORPORATION LIMITED










MARCH,
2010













The
      Americas
            Europe,
      Africa, FSU
            Asia
      Pacificand
      the Middle East1360
      Post Oak Blvd.,
            Bentley
      Hall, Blacknest
            80
      Anson RoadSuite
      2500
            Alton,
      Hampshire
            31-01C
      Fuji Xerox TowersHouston,
      Texas 77056
            United
      Kingdom GU34 4PU
            Singapore
      079907Tel:
      +1 713 850 9955
            Tel:
      +44 1420 525366
            Tel:
      +65 6225 6951Fax:
      +1 713 850-9966
            Fax:
      +44 1420 525367
            Fax:
      +65 6224 0842email:gcah@gaffney-cline.com
            email:
      gcauk@gaffney-cline.com
            email:
      gcas@gaffney-cline.comand
      at Argentina-  Brazil  -  Kazakhstan  -  Russia  -  UAE  -  Australiawww.gaffney-cline.com













CNOOC
            Copy No.
      1
            KK1498












Gaffney, Cline & Associates
      (Consultants) Pte Ltd
              Technical
      and Management Advisers to the Petroleum Industry Internationally Since
      1962
            80 Anson Road,
      #31-01C
              Fuji Xerox Towers
              Singapore
      079907
              Telephone: +65 6225
      6951
              Facsimile: +65 6224
      0842
              email:gcas@gaffney-cline.comRegistration No. 198701453N
            www.gaffney-cline.comYDH/jbi/L0399/2009/KK1498
            12thMarch,
      2010











Mr. Sun
Bingyi


Director of
Reserves Office


CHINA
NATIONAL OFFSHORE


OIL
CORPORATION LIMITED


No
25 Chaoyangmenbei Dajie


Beijing 100010,
P.R. China








Dear Mr.
Sun,





EXECUTIVE
REPORT FOR RESERVES CERTIFICATION &


ECONOMIC
EVALUATION OF GREATER ANGOSTURA FIELDS


IN
BLOCK 2C, TRINIDAD & TOBAGO








1.           GENERAL SUMMARY





Gaffney, Cline
& Associates (GCA) has been contracted by China National Offshore Oil
Corporation Limited (CNOOC) for an independent reserves certification and
economic evaluation for its annual financial report to the New York Stock
Exchange (NYSE) and the Hong Kong Stock Exchange (HKEx) for the Greater
Angostura Fields in Block 2C located 24 miles offshore, east coast of Trinidad
& Tobago (Figure
1.1). The fields are located in relatively shallow water depths of
approximately 120 to 200 ft.





Block 2C currently
contains five identified gas cap oil fields or gas fields with oil rims: Kairi,
the East Kairi Horst, Canteen, Aripo and Angostura (Figure 1.2), based on separate
fluid contacts and initial pressures in the Angostura Oligocene reservoir and
has been in oil production mainly from Canteen and Kairi since 2005 with
produced gas being recycled, according to the Greater Angostura Field
Development Plan that was approved in 2002. Sales of natural gas are expected to
commence in 2011 following the fabrication and installation of additional
facilities in the fields as part of the Angostura Gas Project.





The Block 2C Production Sharing
Contract (PSC) between President of Trinidad and Tobago, Ministry of Energy and
Energy Industries (MOEEI), BHP Petroleum (Trinidad) Inc and Elf Petroleum
Trinidad BC was originally signed on 22ndApril, 1996. GCA understands that
CNOOC, through Chaoyang Petroleum (BVI) Ltd (Chaoyang), a CNOOC
jointly-controlled entity, acquired a minority interest in Block 2C from
Talisman Energy Inc (TLM) on 27thMay, 2009. Chaoyang acquired from TLM
a 100% equity interest in Talisman Trinidad Ltd (TTL), which held a 25% working
interest under a PSC in Block 2C. CNOOC owns 50% equity interest of Chaoyang.
The operator of Block 2C, BHP Billiton, holds a 45% working interest. The other
partner Total holds 30%. The expiry date of Block 2C production contract is
April, 2021, with an option to be extended by 5 years.







UNITED
      KINGDOM
            UNITED
      STATES
            SINGAPORE
            AUSTRALIA
            ARGENTINA
            BRAZIL
            KAZAKHSTAN
            RUSSIA











GCA
              GAFFNEY, CLINE &
      ASSOCIATES


FIGURE
1.1
 
 BLOCK
2C LOCATION IN TRINIDAD & TOBAGO


GAFFNEY, CLINE &
ASSOCIATES













FIGURE
1.2





BLOCK
2C BOUNDARIES AND FIVE FIELDS LOCATIONS










CNOOC
              2
              KK1498





GCA
              GAFFNEY, CLINE &
      ASSOCIATES


There have been 36
wells drilled, including 8 exploration/appraisal wells, 17 oil producers (11 in
Kairi, 5 in Canteen, 1 in E Kairi Horst), 6 gas injectors ( 4 in Kairi, 2 in
Canteen), 3 shut-in gas producers (in Aripo), and 2 dry holes (1 each in Canteen
and E Kairi Horst). Production data provided to GCA shows the cumulative oil
production to August, 2009 is 47 MMbbl and the production rate is 14.9
MBbl/d.





In carrying out the
review, GCA has relied upon information and data provided by CNOOC, which
comprised: general FDP & reserves reports; Best Case geological model and
G&G interpretation presentations in PDF format; well data, etc. GCA has
reviewed, to the extent possible in the time period allowed, the available data
and interpretations for reasonableness and the latter adjusted where
appropriate. GCA has re- interpreted four key wells (Kairi-1, Canteen-1, Aripo-1
and Angostura-1) and checked and verified the Operator’s volumetric analysis.
Well and reservoir performance were reviewed employing decline curve analysis
and material balance techniques.





The results presented in this report
are based upon information and data made available to GCA on or before
30thOctober, 2009. The reserve estimates,
forward production estimates and Net Present Value (“NPV”) computations as
presented herein are based upon these data and represent GCA’s opinion as of
31stDecember, 2009.





It is GCA’s considered opinion that the
estimates of oil and gas reserve volumes as of 31stDecember, 2009, presented in this
document are, in aggregate, reasonable and were prepared in accordance with the
Final Rule of Modernization of Oil and Gas Reporting (17 CFR Parts 210, 211, 229
and 249) of the United States Securities and Exchange Commission (SEC) using
generally accepted petroleum engineering principles. The definitions applicable
to the Proved, Probable and Possible reserve categories and sub-classifications
recognized in the conduct of these examinations correspond to the above Final
Rule, which was published by the SEC on 14thJanuary, 2009 onFederal
Register/Vol. 74,No. 9and can be found on web:http://www.sec.gov/rules/final/2009/33-8995fr.pdf).





Economic models were constructed based
on terms of the applicable petroleum contracts as provided by CNOOC, in order to
calculate CNOOC’s net revenue interest Proved (1P), Proved plus Probable (2P)
and Proved plus Probable plus Possible (3P) Reserves. As of 31stDecember, 2009, the PD and 1P SEC
reserves estimates were allocated till 2018 while the 2P and 3P SEC reserves
estimates were allocated up to the end of the license contract
period.





The economic tests for the
31stDecember, 2009 reserve volumes
incorporated oil sales pricing levels based on the average actual sales price of
Calypso crude oil available on the first day of each month in 2009 and this data
is provided by CNOOC. The gas prices used were based on the gas pricing formulae
agreed upon in the Gas Sales Agreement. Oil and gas prices were not escalated
throughout the evaluation period.





Based on the Gas
Project Depletion Plan prepared by the operator and provided by CNOOC, GCA
assumed that there would be no more major future capital costs from the
as-of-date forward.





CNOOC has provided
historical cost data and 2009 Budget summary. GCA estimated the Fixed OPEX and
Variable OPEX for the operation based on these and actual production. These
costs were not escalated and kept constant throughout the evaluation
period.





CNOOC’s net reserve
volumes are derived by converting calculated net revenues accruing to CNOOC
under the terms of the relevant petroleum contract into equivalent barrels of
oil or thousands of cubic feet of natural gas utilising the average of actual
2009 sales price in the case of oil and anticipated gas contract prices in the
case of gas. The CNOOC net revenue interest volumes reported in this document
represent those amounts that are determined to be attributable to CNOOC’s
net


CNOOC
                3
                KK1498





GCA
              GAFFNEY, CLINE &
      ASSOCIATES


economic interest
after the deduction of amounts attributable to third parties (government and
other working interest partners).





Net Present Value (“NPV”) computations
were also undertaken and derived using cost and production profiles input to the
economic model established. These NPVs represent future net revenue, after
taxes, attributable to the interests of CNOOC, discounted over the economic life
of the project at a specified discount rate to a present value as of
31stDecember, 2009.





This assessment was
conducted within the context of GCA’s understanding of the effects of petroleum
legislation, taxation and other regulations that currently pertain to the
property. GCA is not aware of any potential regulation amendments which could
affect the ability to recover the estimated reserves. GCA is not in a position
to attest to the property title, financial interest relationships or
encumbrances thereon for any part of the property reviewed.





It should be
understood that any evaluation, particularly one involving future petroleum
developments, may be subject to significant variations over short periods of
time, as new information becomes available and perceptions change.





GCA acted as
independent reserve auditors. The firm’s senior partners, officers, and
employees have no direct or indirect interest holding in either CNOOC or its
affiliated companies. GCA’s remuneration was not in any way contingent upon
reported reserve estimates. No representations are made herein in respect of
property title or encumbrances thereon. The economic analyses presented have
been utilized solely for the calculation of net reserves and do not represent
assessments of market value. This report has been prepared for CNOOC and should
not be used for purposes other than those for which it is intended.





A
glossary of abbreviations and key industry standard terms, some or all which may
be used in this report, is attached as Appendix I.





2.        
 RESULTS
SUMMARY





2.1       
In-Place
Volumes





Table 2.1presents the Gross
STOIIPs and GIIPs (including solution gas) of Low, Best and Highvolumetric estimates in
the Depletion Plan covered areas within Block 2C and which were estimated as
volumetric checks.





TABLE
2.1




BLOCK
2C – TRINIDAD & TOBAGO


STOIIP
& GIIP VOLUMETRIC ESTIMATION


(GROSS
100% VOLUMES)




Field
                Low
                Best
                HighOil
                    (MMbbl)
                Gas
                    (Bcf)
                Oil
                    (MMbbl)
                Gas
                    (Bcf)
                Oil
                    (MMbbl)
                Gas
                    (Bcf)Aripo
                11
                
                301
                
                27
                
                413
                
                34
                
                521Canteen
                62
                
                58
                
                70
                
                65
                
                85
                
                85Kairi
                146
                
                392
                
                165
                
                464
                
                190
                
                613E Kairi
      Horst
                8
                
                65
                
                10
                
                73
                
                11
                
                98Total
                227
                
                816
                
                271
                
                1015
                
                319
                
                1317Angostura-2
                13
                
                79
                
                14
                
                88
                
                16
                
                99





CNOOC
                4
                KK1498





GCA
              GAFFNEY, CLINE &
      ASSOCIATES
  2.2         Estimated Ultimate
Recovery





Table 2.2presents the
Estimated Ultimate Recoveries (EURs) of Low, Best and Highvolumetric estimates
within the Block 2C. Since there is no plan to develop the Angostura Field and
the oil in the Aripo and E Kairi Horst Fields, the EURs and related estimates
for these parts are not included hereinafter.





TABLE
2.2





BLOCK
2C – TRINIDAD & TOBAGO


ESTIMATED
ULTIMATE RECOVERY ESTIMATION


(GROSS
100% VOLUMES)




Field
            Low
            Best
            HighOil
              (MMbbl)
            Gas
              (Bcf)
            Oil
              (MMbbl)
            Gas
              (Bcf)
            Oil
              (MMbbl)
            Gas
                (Bcf)Aripo
            -
            246
            -
            346
            -
            453Canteen
            21.1
            39
            22.6
            44
            23.9
            76Kairi
            46.5
            287
            49.5
            380
            52.1
            530E Kairi
      Horst
            -
            39
            -
            60
            -
            86Total
            67.6
            611
            72.1
            830
            76
            1,145





Note:Totals may not
add exactly due to rounding errors.




2.3       
Net
Reserves




Table 2.3presents the net entitlement to PD, 1P, 2P and 3P
oil and gas reserves attributable to CNOOC’s working interests (WI) as of
31st December, 2009 and which were estimated in accordance with SEC new
Final Rules. The economic cut offs were applied following Economic Limit Tests
(ELTs) using costs and prices which are kept constant throughout the period of
calculation.


TABLE
2.3


BLOCK
2C – TRINIDAD & TOBAGO


CNOOC NET ENTITLEMENT RESERVES AS OF
31stDECEMBER, 2009


Field
            PD
            
            1P
            
            2P
            
            3POil
            Gas
            Oil
            Gas
            Oil
            Gas
            Oil
            Gas(MMbbl)
            (Bcf)
            (MMbbl)
            (Bcf)
            (MMbbl)
            (Bcf)
            (MMbbl)
            (Bcf)Aripo
            0
            18.6
            0
            18.6
            0
            27.8
            0
            32.4Canteen
            0.698
            2.8
            0.698
            2.8
            0.805
            3.5
            0.893
            4.7Kairi
            1.268
            21.5
            1.268
            21.5
            1.508
            29.6
            1.684
            32.9E Kairi
      Horst
            0
            3.1
            0
            3.1
            0
            5.3
            0
            6.8Total
            1.966
            46.0
            1.966
            46.0
            2.313
            66.2
            2.577
            76.8


Note: Totals may not
add exactly due to rounding errors.


CNOOC
                5
                KK1498





GCA
              GAFFNEY, CLINE &
      ASSOCIATES
  2.4         Gross Recoverable
Volumes





Gross recoverable volumes,
corresponding to the above Net Reserves, are presented inTable2.4for reference information only. They
represent a 100% interest in commercially recoverablevolumes as of 31stDecember, 2009, i.e. after economic
cutoffs have been applied. Gross volumes include volumes attributable to third
parties (government and other working interest partners).




TABLE
2.4


BLOCK
2C – TRINIDAD & TOBAGO


GROSS RECOVERABLE VOLUMES AS OF
31stDECEMBER,
2009




Field
            PD
            
            1P
            
            2P
            
            3POil(MMbbl)
            Gas(Bcf)
            Oil(MMbbl)
            Gas(Bcf)
            Oil(MMbbl)
            Gas(Bcf)
            Oil(MMbbl)
            Gas(Bcf)Aripo
            0
            230
            0
            230
            0
            302
            0
            361Canteen
            6.386
            35
            6.386
            35
            7.880
            39
            9.199
            53Kairi
            11.599
            272
            11.599
            272
            14.759
            328
            17.340
            372E Kairi
      Horst
            0
            37
            0
            37
            0
            57
            0
            76Total
            17.985
            574
            17.985
            574
            22.638
            725
            26.539
            862




Note: Totals
may not add exactly due to rounding errors.




2.5         Net Present
Values





The NPVs as of 31stDecember, 2009 of estimated cash flows
discounted at 10%, before and after taxes, attributable to CNOOC’s working
interest in the projects identified above (excluding any balance sheet
adjustments or financing costs), are estimated for the whole Block 2C on the
basis of the FDP and the Depletion Plan in accordance with SEC Final Rule of
Modernization of Oil and Gas Reporting using generally accepted petroleum
engineering principles.Table
2.5summarise the
NPVs.




TABLE
2.5


BLOCK
2C – TRINIDAD & TOBAGO


CNOOC NET PRESENT VALUES AS OF
31stDECEMBER, 2009


Case
            Pre-Tax
      NPVsU.S.
      $MM
            Post-Tax
      NPVsU.S.
      $MMPD
            60.4
            60.41P
            60.4
            60.42P
            74.5
            74.53P
            84.8
            84.8




CNOOC
                6
                KK1498





GCA
              GAFFNEY, CLINE &
      ASSOCIATES


3.           SUMMARY REPORT FOR CNOOC’S FILING TO
THE SEC





On CNOOC’s
request, GCA extracted, from its economic analysis, a series of report forms,
including profiles of company net production, company gross revenue, CAPEX,
OPEX, and net cash flow, etc. to meet the requirements of annual report filing
to the SEC.





Tables 3.1to3.4are CNOOC’s PD, 1P, 2P
and 3P Net Reserves and NPVs of the Block 2C,respectively.





Tables 3.5to3.8are block level and field
level production profiles for PD, 1P, 2P and 3P,respectively.














Yours
sincerely,





GAFFNEY,
CLINE & ASSOCIATES (CONSULTANTS) PTE LTD








David S.
Ahye


Regional Manager,
Asia Pacific





CNOOC
                7
                KK1498





GCA
              GAFFNEY, CLINE &
      ASSOCIATES


TABLE
3.1





BLOCK
2C – TRINIDAD & TOBAGO


CNOOC PD NET RESERVES & NPVs AS OF
31stDECEMBER, 2009




Case:
      PD
            NPV7, US$MM
      =
            67.2CNOOC
      12.5% WI
            NPV8, US$MM
      =
            64.8NPV9, US$MM
      =
            62.5NPV10, US$MM
      =
            60.4NPV11, US$MM
      =
            58.3CNOOC Net Oil
      Reserves, MMstb =
            2.0CNOOC Net Gas
      Reserves, Bscf =
            46.0




OpexYear
            WI
      OilProd'n
            WI
      GasProd'n
            CrudePrice
            GasPrice
            Recoverable
            Unrecoverable
            Capex
            CostRecovered
            CNOOC'sProfitShare
            Pre-TaxCashFlow
            NetCashFlow
            Net
      OilReserves
            Net
      GasReservesMMstb
            Bscf
            US$/bbl
            US$/Mscf
            US$M
            US$M
            US$M
            US$M
            US$M
            US$M
            US$M
            MMstb
            Bscf2010
            0.635
            0.000
            61.85
            1.47
            4,359
            119
            15,624
            13,742
            9,849
            3,489
            3,489
            0.546
            0.0002011
            0.459
            10.038
            61.85
            1.51
            6,554
            126
            15,624
            17,492
            11,033
            6,221
            6,221
            0.418
            0.7572012
            0.343
            10.065
            61.85
            1.54
            6,330
            134
            0
            15,179
            9,268
            17,983
            17,983
            0.312
            5.0362013
            0.284
            10.038
            61.85
            1.58
            6,204
            142
            0
            14,056
            8,394
            16,105
            16,105
            0.258
            5.1412014
            0.222
            10.038
            61.85
            1.61
            6,292
            150
            0
            12,901
            7,488
            13,948
            13,948
            0.201
            5.1512015
            0.165
            10.038
            61.85
            1.65
            5,966
            159
            0
            11,856
            6,663
            12,394
            12,394
            0.145
            9.3352016
            0.085
            10.751
            61.85
            1.69
            5,233
            169
            0
            10,921
            5,742
            11,262
            11,262
            0.052
            11.3332017
            0.037
            7.304
            61.85
            1.73
            4,912
            179
            0
            7,124
            3,739
            5,772
            5,772
            0.023
            6.7462018
            0.019
            3.504
            61.85
            1.77
            3,776
            190
            0
            3,508
            1,853
            1,396
            1,396
            0.012
            2.477TOTAL
            2.2
            71.8
            
            
            49,625
            1,368
            31,248
            106,781
            64,030
            88,569
            88,569
            2.0
            46.0





Notes:


1.
            WI Oil and
      Gas Production refer to Total Production x CNOOC’s
  WI.


2.
            CNOOC Net Oil
      and Gas Reserves refer to CNOOC Net Oil and Gas
    Entitlement.


3.
            Tax will be
      paid for from the Minister’s Profit
Share.


4.
            Totals may
      not add exactly due to rounding
errors.





CNOOC
                8
                KK1498





GCA
              GAFFNEY, CLINE &
      ASSOCIATES


TABLE
3.2





BLOCK
2C – TRINIDAD & TOBAGO


CNOOC 1P NET RESERVES & NPVs AS OF
31stDECEMBER, 2009




Case:
      1P
            NPV7, US$MM
      =
            67.2CNOOC
      12.5% WI
            NPV8, US$MM
      =
            64.8NPV9, US$MM
      =
            62.5NPV10, US$MM
      =
            60.4NPV11, US$MM
      =
            58.3CNOOC Net Oil
      Reserves, MMstb =
            2.0CNOOC Net Gas
      Reserves, Bscf =
            46.0




OpexYear
            WI
      OilProd'n
            WI
      GasProd'n
            CrudePrice
            GasPrice
            Recoverable
            Unrecoverable
            Capex
            CostRecovered
            CNOOC'sProfitShare
            Pre-TaxCashFlow
            NetCashFlow
            Net
      OilReserves
            Net
      GasReservesMMstb
            Bscf
            US$/bbl
            US$/Mscf
            US$M
            US$M
            US$M
            US$M
            US$M
            US$M
            US$M
            MMstb
            Bscf2010
            0.635
            0.000
            61.85
            1.47
            4,359
            119
            15,624
            13,742
            9,849
            3,489
            3,489
            0.546
            0.0002011
            0.459
            10.038
            61.85
            1.51
            6,554
            126
            15,624
            17,492
            11,033
            6,221
            6,221
            0.418
            0.7572012
            0.343
            10.065
            61.85
            1.54
            6,330
            134
            0
            15,179
            9,268
            17,983
            17,983
            0.312
            5.0362013
            0.284
            10.038
            61.85
            1.58
            6,204
            142
            0
            14,056
            8,394
            16,105
            16,105
            0.258
            5.1412014
            0.222
            10.038
            61.85
            1.61
            6,292
            150
            0
            12,901
            7,488
            13,948
            13,948
            0.201
            5.1512015
            0.165
            10.038
            61.85
            1.65
            5,966
            159
            0
            11,856
            6,663
            12,394
            12,394
            0.145
            9.3352016
            0.085
            10.751
            61.85
            1.69
            5,233
            169
            0
            10,921
            5,742
            11,262
            11,262
            0.052
            11.3332017
            0.037
            7.304
            61.85
            1.73
            4,912
            179
            0
            7,124
            3,739
            5,772
            5,772
            0.023
            6.7462018
            0.019
            3.504
            61.85
            1.77
            3,776
            190
            0
            3,508
            1,853
            1,396
            1,396
            0.012
            2.477TOTAL
            2.2
            71.8
            
            
            49,625
            1,368
            31,248
            106,781
            64,030
            88,569
            88,569
            2.0
            46.0





Notes:


1.
            WI Oil and
      Gas Production refer to Total Production x CNOOC’s
  WI.


2.
            CNOOC Net Oil
      and Gas Reserves refer to CNOOC Net Oil and Gas
    Entitlement.


3.
            Tax will be
      paid for from the Minister’s Profit
Share.


4.
            Totals may
      not add exactly due to rounding
errors.





CNOOC
                9
                KK1498





GCA
              GAFFNEY, CLINE &
      ASSOCIATES


TABLE
3.3





BLOCK
2C – TRINIDAD & TOBAGO


CNOOC 2P NET RESERVES & NPVs AS OF
31stDECEMBER, 2009




Case:
      2P
            NPV7, US$MM
      =
            84.4CNOOC
      12.5% WI
            NPV8, US$MM
      =
            80.9NPV9, US$MM
      =
            77.6NPV10, US$MM
      =
            74.5NPV11, US$MM
      =
            71.6CNOOC Net Oil
      Reserves, MMstb =
            2.3CNOOC Net Gas
      Reserves, Bscf =
            66.2




OpexYear
            WI
      OilProd'n
            WI
      GasProd'n
            CrudePrice
            GasPrice
            Recoverable
            Unrecoverable
            Capex
            CostRecovered
            CNOOC'sProfitShare
            Pre-TaxCashFlow
            NetCashFlow
            Net
      OilReserves
            Net
      GasReservesMMstb
            Bscf
            US$/bbl
            US$/Mscf
            US$M
            US$M
            US$M
            US$M
            US$M
            US$M
            US$M
            MMstb
            Bscf2010
            0.639
            0.000
            61.85
            1.47
            4,931
            119
            15,624
            13,840
            9,913
            3,079
            3,079
            0.542
            0.0002011
            0.490
            10.038
            61.85
            1.51
            7,179
            126
            15,624
            18,170
            11,473
            6,714
            6,714
            0.443
            0.4852012
            0.395
            10.065
            61.85
            1.54
            6,996
            134
            0
            16,297
            10,099
            19,266
            19,266
            0.357
            4.7722013
            0.337
            10.038
            61.85
            1.58
            6,873
            142
            0
            15,208
            9,249
            17,442
            17,442
            0.305
            4.8772014
            0.306
            10.038
            61.85
            1.61
            7,023
            150
            0
            14,729
            8,846
            16,402
            16,402
            0.268
            5.2542015
            0.254
            10.038
            61.85
            1.65
            6,707
            159
            0
            13,793
            8,102
            15,028
            15,028
            0.155
            11.7402016
            0.184
            10.751
            61.85
            1.69
            6,144
            169
            0
            13,067
            7,336
            14,090
            14,090
            0.112
            12.0642017
            0.092
            11.178
            61.85
            1.73
            6,861
            179
            0
            11,663
            6,130
            10,754
            10,754
            0.056
            11.0532018
            0.056
            8.376
            61.85
            1.77
            5,924
            190
            0
            8,630
            4,544
            7,061
            7,061
            0.034
            7.7732019
            0.039
            5.333
            61.85
            1.81
            4,452
            201
            0
            5,668
            3,038
            4,053
            4,053
            0.024
            4.6722020
            0.029
            3.773
            61.85
            1.85
            3,616
            213
            0
            4,013
            2,252
            2,436
            2,436
            0.017
            3.0442021
            0.008
            1.013
            61.85
            1.90
            1,613
            75
            0
            1,131
            607
            49
            49
            0.005
            0.505TOTAL
            2.8
            90.6
            
            
            68,318
            1,858
            31,248
            136,209
            81,589
            116,373
            116,373
            2.3
            66.2





Notes:


1.
            WI Oil and
      Gas Production refer to Total Production x CNOOC’s
  WI.


2.
            CNOOC Net Oil
      and Gas Reserves refer to CNOOC Net Oil and Gas
    Entitlement.


3.
            Tax will be
      paid for from the Minister’s Profit
Share.


4.
            Totals may
      not add exactly due to rounding
errors.





CNOOC
                10
                KK1498





GCA
              GAFFNEY, CLINE &
      ASSOCIATES


TABLE
3.4





BLOCK
2C – TRINIDAD & TOBAGO


CNOOC 3P NET RESERVES & NPVs AS OF
31stDECEMBER, 2009




Case:
      3P
            NPV7, US$MM
      =
            97.1CNOOC
      12.5% WI
            NPV8, US$MM
      =
            92.7NPV9, US$MM
      =
            88.6NPV10, US$MM
      =
            84.8NPV11, US$MM
      =
            81.2CNOOC Net Oil
      Reserves, MMstb =
            2.6CNOOC Net Gas
      Reserves, Bscf =
            76.8




OpexYear
            WI
      OilProd'n
            WI
      GasProd'n
            CrudePrice
            GasPrice
            Recoverable
            Unrecoverable
            Capex
            CostRecovered
            CNOOC'sProfitShare
            Pre-TaxCashFlow
            NetCashFlow
            Net
      OilReserves
            Net
      GasReservesMMstb
            Bscf
            US$/bbl
            US$/Mscf
            US$M
            US$M
            US$M
            US$M
            US$M
            US$M
            US$M
            MMstb
            Bscf2010
            0.648
            0.000
            61.85
            1.47
            5,511
            119
            15,624
            14,033
            10,038
            2,817
            2,817
            0.543
            0.0002011
            0.516
            10.038
            61.85
            1.51
            7,793
            126
            15,624
            18,728
            11,836
            7,021
            7,021
            0.464
            0.0952012
            0.434
            10.065
            61.85
            1.54
            7,637
            134
            0
            17,147
            10,730
            20,107
            20,107
            0.391
            4.4502013
            0.374
            10.038
            61.85
            1.58
            7,510
            142
            0
            16,020
            9,853
            18,221
            18,221
            0.337
            4.5542014
            0.361
            10.038
            61.85
            1.61
            7,694
            150
            0
            15,905
            9,720
            17,780
            17,780
            0.280
            6.2902015
            0.326
            10.038
            61.85
            1.65
            7,413
            159
            0
            15,337
            9,249
            17,014
            17,014
            0.199
            12.2482016
            0.280
            10.751
            61.85
            1.69
            7,160
            169
            0
            15,140
            8,876
            16,688
            16,688
            0.171
            12.6892017
            0.155
            11.178
            61.85
            1.73
            7,771
            179
            0
            13,028
            7,144
            12,223
            12,223
            0.095
            11.3162018
            0.091
            11.178
            61.85
            1.77
            7,541
            190
            0
            9,526
            7,210
            9,006
            9,006
            0.040
            9.1882019
            0.066
            11.178
            61.85
            1.81
            6,866
            201
            0
            6,866
            8,072
            7,871
            7,871
            0.029
            7.2752020
            0.052
            10.514
            61.85
            1.85
            6,179
            213
            0
            6,179
            7,715
            7,502
            7,502
            0.022
            6.7502021
            0.015
            2.736
            61.85
            1.90
            2,272
            75
            0
            2,272
            1,797
            1,721
            1,721
            0.007
            1.929TOTAL
            3.3
            107.8
            
            
            81,346
            1,858
            31,248
            150,182
            102,240
            137,970
            137,970
            2.6
            76.8





Notes:


1.
            WI Oil and
      Gas Production refer to Total Production x CNOOC’s
  WI.


2.
            CNOOC Net Oil
      and Gas Reserves refer to CNOOC Net Oil and Gas
    Entitlement.


3.
            Tax will be
      paid for from the Minister’s Profit
Share.


4.
            Totals may
      not add exactly due to rounding
errors.





CNOOC
                11
                KK1498





GCA
              GAFFNEY, CLINE &
      ASSOCIATES


TABLE
3.5





BLOCK
2C – TRINIDAD & TOBAGO


PD
PRODUCTION PROFILES




Aripo
            Canteen
            Kairi
            E Kairi
    Horst
            TotalGross
            WI
            Gross
            WI
            Gross
            WI
            Gross
            WI
            Gross
            WIOilProd
            Gas
              Prod'n
            OilProd'n
            GasProd'n
            OilProd'n
            Gas
              Prod'n
            OilProd'n
            GasProd'n
            OilProd'n
            GasProd'n
            OilProd'n
            GasProd'n
            OilProd'n
            GasProd'n
            OilProd'n
            GasProd'n
            OilProd'n
            Gas
              Prod'n
            OilProd'n
            GasProd'nYear
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf2010
            -
            0.0
            -
            0.0
            1.797
            0.0
            0.225
            0.0
            3.281
            0.0
            0.409
            0.0
            -
            0.0
            -
            0.0
            5.078
            0.0
            0.635
            0.02011
            -
            62.1
            -
            4.0
            1.311
            0.0
            0.163
            0.0
            2.360
            0.0
            0.296
            0.0
            -
            18.3
            -
            6.0
            3.670
            80.3
            0.459
            10.02012
            -
            57.7
            -
            4.0
            0.990
            0.9
            0.122
            0.6
            1.752
            7.5
            0.221
            4.5
            -
            14.3
            -
            0.9
            2.743
            80.5
            0.343
            10.12013
            -
            39.8
            -
            4.0
            0.825
            4.1
            0.101
            0.6
            1.444
            32.8
            0.183
            4.5
            -
            3.7
            -
            0.9
            2.270
            80.3
            0.284
            10.02014
            -
            26.7
            -
            4.0
            0.645
            5.8
            0.079
            0.6
            1.130
            47.0
            0.143
            4.5
            -
            0.8
            -
            0.9
            1.775
            80.3
            0.222
            10.02015
            -
            17.9
            -
            4.0
            0.475
            6.9
            0.059
            0.6
            0.844
            55.4
            0.106
            4.5
            -
            0.2
            -
            0.9
            1.319
            80.3
            0.165
            10.02016
            -
            12.0
            -
            4.3
            0.230
            8.4
            0.030
            0.7
            0.450
            65.6
            0.055
            4.9
            -
            0.0
            -
            0.9
            0.680
            86.0
            0.085
            10.82017
            -
            8.0
            -
            2.9
            0.082
            6.4
            0.013
            0.4
            0.217
            44.0
            0.024
            3.3
            -
            0.0
            -
            0.6
            0.299
            58.4
            0.037
            7.32018
            -
            5.4
            -
            1.4
            0.030
            2.9
            0.007
            0.2
            0.121
            19.8
            0.012
            1.6
            -
            0.0
            -
            0.3
            0.151
            28.0
            0.019
            3.52019
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -2020
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -2021
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -Total
            0
            230
            0.0
            29
            6.4
            35
            0.8
            4
            11.6
            272
            1.4
            28
            0.0
            37
            0.0
            11
            18.0
            574
            2.2
            72





Notes:


1.
            Gross
      production volumes represent a 100% interest in commercially recoverable
      volumes as of 31st
      December, 2009, i.e. after economic cutoffs have been applied. Gross
      volumes include volumes attributable to third parties (government and
      other working interest partners).


2.
            WI production
      volumes represent CNOOC’s 12.5% working interests in commercially
      recoverable volumes as of 31st
      December, 2009, i.e. after economic cutoffs have been applied. This
      volumes still includes volumes attributable to
  government.


3.
            Totals may
      not add exactly due to rounding
errors.





CNOOC
                12
                KK1498





GCA
              GAFFNEY, CLINE &
      ASSOCIATES





TABLE
3.6





BLOCK
2C – TRINIDAD & TOBAGO
 1P
PRODUCTION PROFILES




Aripo
            Canteen
            Kairi
            E Kairi
    Horst
            TotalGross
            WI
            Gross
            WI
            Gross
            WI
            Gross
            WI
            Gross
            WIOilProd
            Gas
              Prod'n
            OilProd'n
            GasProd'n
            OilProd'n
            GasProd'n
            OilProd'n
            GasProd'n
            OilProd'n
            GasProd'n
            OilProd'n
            GasProd'n
            OilProd'n
            GasProd'n
            OilProd'n
            GasProd'n
            OilProd'n
            GasProd'n
            OilProd'n
            GasProd'nYear
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf2010
            -
            0.0
            -
            0.0
            1.797
            0.0
            0.225
            0.0
            3.281
            0.0
            0.409
            0.0
            -
            0.0
            -
            0.0
            5.078
            0.0
            0.635
            0.02011
            -
            62.1
            -
            4.0
            1.311
            0.0
            0.163
            0.0
            2.360
            0.0
            0.296
            0.0
            -
            18.3
            -
            6.0
            3.670
            80.3
            0.459
            10.02012
            -
            57.7
            -
            4.0
            0.990
            0.9
            0.122
            0.6
            1.752
            7.5
            0.221
            4.5
            -
            14.3
            -
            0.9
            2.743
            80.5
            0.343
            10.12013
            -
            39.8
            -
            4.0
            0.825
            4.1
            0.101
            0.6
            1.444
            32.8
            0.183
            4.5
            -
            3.7
            -
            0.9
            2.270
            80.3
            0.284
            10.02014
            -
            26.7
            -
            4.0
            0.645
            5.8
            0.079
            0.6
            1.130
            47.0
            0.143
            4.5
            -
            0.8
            -
            0.9
            1.775
            80.3
            0.222
            10.02015
            -
            17.9
            -
            4.0
            0.475
            6.9
            0.059
            0.6
            0.844
            55.4
            0.106
            4.5
            -
            0.2
            -
            0.9
            1.319
            80.3
            0.165
            10.02016
            -
            12.0
            -
            4.3
            0.230
            8.4
            0.030
            0.7
            0.450
            65.6
            0.055
            4.9
            -
            0.0
            -
            0.9
            0.680
            86.0
            0.085
            10.82017
            -
            8.0
            -
            2.9
            0.082
            6.4
            0.013
            0.4
            0.217
            44.0
            0.024
            3.3
            -
            0.0
            -
            0.6
            0.299
            58.4
            0.037
            7.32018
            -
            5.4
            -
            1.4
            0.030
            2.9
            0.007
            0.2
            0.121
            19.8
            0.012
            1.6
            -
            0.0
            -
            0.3
            0.151
            28.0
            0.019
            3.52019
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -2020
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -2021
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -Total
            0
            230
            0.0
            29
            6.4
            35
            0.8
            4
            11.6
            272
            1.4
            28
            0.0
            37
            0.0
            11
            18.0
            574
            2.2
            72





Notes:


1.
            Gross
      production volumes represent a 100% interest in commercially recoverable
      volumes as of 31st
      December, 2009, i.e. after economic cutoffs have been applied. Gross
      volumes include volumes attributable to third parties (government and
      other working interest partners).


2.
            WI production
      volumes represent CNOOC’s 12.5% working interests in commercially
      recoverable volumes as of 31st
      December, 2009, i.e. after economic cutoffs have been applied. This
      volumes still includes volumes attributable to
  government.


3.
            Totals may
      not add exactly due to rounding
errors.





CNOOC
                13
                KK1498





GCA
              GAFFNEY, CLINE &
      ASSOCIATES


TABLE
3.7





BLOCK
2C – TRINIDAD & TOBAGO
 2P
PRODUCTION PROFILES




Aripo
            Canteen
            Kairi
            E
      Kairi Horst
            TotalGross
            WI
            Gross
            WI
            Gross
            WI
            Gross
            WI
            Gross
            WIOilProd'n
            Gas
              Prod'n
            OilProd'n
            GasProd'n
            OilProd'n
            Gas
              Prod'n
            OilProd'n
            GasProd'n
            OilProd'n
            Gas
              Prod'n
            OilProd'n
            GasProd'n
            OilProd'n
            Gas
              Prod'n
            OilProd'n
            GasProd'n
            OilProd'n
            Gas
              Prod'n
            OilProd'n
            GasProd'nYear
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf2010
            -
            0.0
            -
            0.0
            1.770
            0.0
            0.223
            0.0
            3.344
            0.0
            0.417
            0.0
            -
            0.0
            -
            0.0
            5.115
            0.0
            0.639
            0.02011
            -
            62.1
            -
            4.2
            1.371
            0.0
            0.171
            0.0
            2.550
            0.0
            0.319
            0.0
            -
            18.3
            -
            5.9
            3.920
            80.3
            0.490
            10.02012
            -
            62.2
            -
            4.2
            1.111
            0.0
            0.137
            0.0
            2.045
            0.0
            0.257
            0.0
            -
            18.3
            -
            5.9
            3.156
            80.5
            0.395
            10.12013
            -
            49.8
            -
            4.2
            0.952
            2.2
            0.117
            0.5
            1.743
            18.4
            0.220
            4.5
            -
            9.9
            -
            0.8
            2.695
            80.3
            0.337
            10.02014
            -
            34.4
            -
            4.2
            0.866
            4.5
            0.107
            0.5
            1.585
            37.4
            0.200
            4.5
            -
            4.0
            -
            0.8
            2.450
            80.3
            0.306
            10.02015
            -
            25.2
            -
            4.2
            0.718
            5.6
            0.089
            0.5
            1.317
            47.2
            0.166
            4.5
            -
            2.2
            -
            0.8
            2.035
            80.3
            0.254
            10.02016
            -
            19.3
            -
            4.5
            0.518
            7.0
            0.064
            0.6
            0.955
            58.3
            0.120
            4.9
            -
            1.4
            -
            0.8
            1.473
            86.0
            0.184
            10.82017
            -
            15.2
            -
            4.7
            0.251
            7.5
            0.032
            0.6
            0.488
            65.8
            0.060
            5.0
            -
            0.9
            -
            0.9
            0.739
            89.4
            0.092
            11.22018
            -
            12.3
            -
            3.5
            0.145
            5.9
            0.020
            0.5
            0.306
            48.1
            0.037
            3.8
            -
            0.7
            -
            0.7
            0.451
            67.0
            0.056
            8.42019
            -
            10.2
            -
            2.2
            0.094
            3.5
            0.014
            0.3
            0.216
            28.5
            0.025
            2.4
            -
            0.5
            -
            0.4
            0.311
            42.7
            0.039
            5.32020
            -
            8.6
            -
            1.6
            0.067
            2.3
            0.010
            0.2
            0.163
            18.9
            0.019
            1.7
            -
            0.4
            -
            0.3
            0.230
            30.2
            0.029
            3.82021
            -
            2.5
            -
            0.4
            0.018
            0.6
            0.003
            0.1
            0.045
            4.9
            0.005
            0.5
            -
            0.1
            -
            0.1
            0.063
            8.1
            0.008
            1.0Total
            0
            302
            0
            38
            7.9
            39
            1.0
            4
            14.8
            328
            1.8
            32
            0
            57
            0
            17
            22.6
            725
            2.8
            91





Notes:


1.
            Gross
      production volumes represent a 100% interest in commercially recoverable
      volumes as of 31st
      December, 2009, i.e. after economic cutoffs have been applied. Gross
      volumes include volumes attributable to third parties (government and
      other working interest partners).


2.
            WI production
      volumes represent CNOOC’s 12.5% working interests in commercially
      recoverable volumes as of 31st
      December, 2009, i.e. after economic cutoffs have been applied. This
      volumes still includes volumes attributable to
  government.


3.
            Totals may
      not add exactly due to rounding
errors.





CNOOC
                14
                KK1498





GCA
              GAFFNEY, CLINE &
      ASSOCIATES


TABLE
3.8





BLOCK
2C – TRINIDAD & TOBAGO
 3P
PRODUCTION PROFILES




Aripo
            Canteen
            Kairi
            E
      Kairi Horst
            TotalGross
            WI
            Gross
            WI
            Gross
            WI
            Gross
            WI
            Gross
            WIOilProd'n
            Gas
              Prod'n
            OilProd'n
            GasProd'n
            OilProd'n
            Gas
              Prod'n
            OilProd'n
            GasProd'n
            OilProd'n
            Gas
              Prod'n
            OilProd'n
            GasProd'n
            OilProd'n
            Gas
              Prod'n
            OilProd'n
            GasProd'n
            OilProd'n
            Gas
              Prod'n
            OilProd'n
            GasProd'nYear
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf
            MMstb
            Bscf2010
            -
            0.0
            -
            0.0
            1.790
            0.0
            0.225
            0.0
            3.396
            0.0
            0.424
            0.0
            -
            0.0
            -
            0.0
            5.186
            0.0
            0.648
            0.02011
            -
            62.1
            -
            4.2
            1.433
            0.0
            0.179
            0.0
            2.694
            0.0
            0.337
            0.0
            -
            18.3
            -
            5.8
            4.127
            80.3
            0.516
            10.02012
            -
            62.2
            -
            4.2
            1.209
            0.0
            0.150
            0.0
            2.261
            0.0
            0.283
            0.0
            -
            18.3
            -
            5.8
            3.470
            80.5
            0.434
            10.12013
            -
            58.5
            -
            4.2
            1.045
            0.8
            0.130
            0.6
            1.950
            5.4
            0.245
            4.3
            -
            15.6
            -
            0.9
            2.995
            80.3
            0.374
            10.02014
            -
            42.6
            -
            4.2
            1.006
            3.8
            0.125
            0.6
            1.878
            26.6
            0.236
            4.3
            -
            7.3
            -
            0.9
            2.885
            80.3
            0.361
            10.02015
            -
            32.5
            -
            4.2
            0.908
            5.4
            0.113
            0.6
            1.697
            37.9
            0.213
            4.3
            -
            4.5
            -
            0.9
            2.606
            80.3
            0.326
            10.02016
            -
            26.3
            -
            4.5
            0.779
            7.0
            0.097
            0.7
            1.459
            49.4
            0.183
            4.6
            -
            3.3
            -
            0.9
            2.239
            86.0
            0.280
            10.82017
            -
            22.1
            -
            4.7
            0.432
            8.1
            0.054
            0.7
            0.811
            56.7
            0.102
            4.8
            -
            2.6
            -
            1.0
            1.244
            89.4
            0.155
            11.22018
            -
            19.0
            -
            4.7
            0.247
            8.5
            0.032
            0.7
            0.482
            59.8
            0.060
            4.8
            -
            2.1
            -
            1.0
            0.729
            89.4
            0.091
            11.22019
            -
            16.7
            -
            4.7
            0.174
            8.8
            0.023
            0.7
            0.351
            62.1
            0.043
            4.8
            -
            1.8
            -
            1.0
            0.526
            89.4
            0.066
            11.22020
            -
            14.9
            -
            4.4
            0.135
            8.5
            0.018
            0.6
            0.279
            59.1
            0.034
            4.5
            -
            1.6
            -
            0.9
            0.414
            84.1
            0.052
            10.52021
            -
            4.6
            -
            1.1
            0.038
            2.1
            0.005
            0.2
            0.080
            14.7
            0.010
            1.2
            -
            0.5
            -
            0.2
            0.119
            21.9
            0.015
            2.7Total
            0
            361
            0
            45
            9.2
            53
            1.1
            5
            17.3
            372
            2.2
            38
            0
            76
            0
            19
            26.5
            862
            3.3
            108





Notes:


1.
            Gross
      production volumes represent a 100% interest in commercially recoverable
      volumes as of 31st
      December, 2009, i.e. after economic cutoffs have been applied. Gross
      volumes include volumes attributable to third parties (government and
      other working interest partners).


2.
            WI production
      volumes represent CNOOC’s 12.5% working interests in commercially
      recoverable volumes as of 31st
      December, 2009, i.e. after economic cutoffs have been applied. This
      volumes still includes volumes attributable to
  government.


3.
            Totals may
      not add exactly due to rounding
errors.





CNOOC
                15
                KK1498










GCA
            APPENDIX
    I












APPENDIX
I





GLOSSARY

















CNOOC
                
                KK1498





GCA
              APPENDIX
    I





List of Standard Oil
Industry Terms and Abbreviations





ABEX
            Abandonment
      Expenditure
            EOR
            Enhanced Oil
      RecoveryACQ
            Annual
      Contract Quantity
            EUR
            Estimated
      Ultimate RecoveryoAPI
            Degrees API
      (American
            FDP
            Field
      Development PlanPetroleum
      Institute)
            FEED
            Front End
      Engineering and DesignAAPG
            American
      Association of
            FPSO
            Floating
      Production, Storage andPetroleum
      Geologists
            
            OffloadingAVO
            Amplitude
      versus Offset
            FSO
            Floating
      Storage and OffloadingA$
            Australian
      Dollars
            ft
            Foot/feetB
            Billion (109)
            Fx
            Foreign
      Exchange RateBbl
            Barrels
            g
            gram/Bbl
            per
      barrel
            g/cc
            grams per
      cubic centimetreBbbl
            Billion
      Barrels
            gal
            gallonBHA
            Bottom Hole
      Assembly
            gal/d
            gallons per
      dayBHC
            Bottom Hole
      Compensated
            G&A
            General and
      Administrative costsBscf or
      Bcf
            Billion
      standard cubic feet
            GBP
            Pounds
      SterlingBscf/d or
      Bcf/d
            Billion
      standard cubic feet per day
            GDT
            Gas Down
      toBm3
            Billion cubic
      metres
            GIIP
            Gas initially
      in placebcpd
            Barrels of
      condensate per day
            Gj
            Gigajoules
      (one billion Joules)BHP
            Bottom Hole
      Pressure
            GOR
            Gas Oil
      Ratioblpd
            Barrels of
      liquid per day
            GTL
            Gas to
      Liquidsbpd
            Barrels per
      day
            GWC
            Gas water
      contactboe
            Barrels of
      oil equivalent @xxx mcf/bbl
            HDT
            Hydrocarbons
      Down toboepd
            Barrels of
      oil equivalent per day@
            HSE
            Health,
      Safety and Environmentxxx
      mcf/bbl
            HSFO
            High Sulphur
      Fuel OilBOP
            Blow Out
      Preventer
            HUT
            Hydrocarbons
      up tobopd
            Barrels oil
      per day
            H2S
            Hydrogen
      Sulphidebwpd
            Barrels of
      water per day
            IOR
            Improved Oil
      RecoveryBS&W
            Bottom
      sediment and water
            IPP
            Independent
      Power ProducerBTU
            British
      Thermal Units
            IRR
            Internal Rate
      of Returnbwpd
            Barrels water
      per day
            J
            Joule (Metric
      measurement ofCBM
            Coal Bed
      Methane
            
            energy. I
      kilojoule = 0.9478 BTU)CO2
            Carbon
      Dioxide
            k
            PermeabilityCAPEX
            Capital
      Expenditure
            KB
            Kelly
      BushingCCGT
            Combined
      Cycle Gas Turbine
            KJ
            Kilojoules
      (one Thousand Joules)cm
            centimetres
            kl
            KilolitresCMM
            Coal Mine
      Methane
            km
            KilometresCNG
            Compressed
      Natural Gas
            km2
            Square
      kilometresCp
            Centipoise (a
      measure of viscosity)
            kPa
            Thousands of
      PascalsCSG
            Coal Seam
      Gas
            
            measurement
      of pressure)CT
            Corporation
      Tax
            KW
            KilowattDCQ
            Daily
      Contract Quantity
            KWh
            Kilowatt
      hourDeg
      C
            Degrees
      Celsius
            LKG
            Lowest Known
      GasDeg
      F
            Degrees
      Fahrenheit
            LKH
            Lowest Known
      HydrocarbonsDHI
            Direct
      Hydrocarbon Indicator
            LKO
            Lowest Known
      OilDST
            Drill Stem
      Test
            LNG
            Liquefied
      Natural GasDWT
            Dead-weight
      ton
            LoF
            Life of
      FieldE&A
            Exploration
      & Appraisal
            LPG
            Liquefied
      Petroleum GasE&P
            Exploration
      and Production
            LTI
            Lost Time
      InjuryEBIT
            Earnings
      before Interest and Tax
            LWD
            Logging while
      drillingEBITDA
            Earnings
      before interest, tax,
            m
            Metresdepreciation
      and amortisation
            M
            ThousandEI
            Entitlement
      Interest
            m3
            Cubic
      metresEIA
            Environmental
      Impact Assessment
            Mcf or
      Mscf
            Thousand
      standard cubic feetEMV
            Expected
      Monetary Value
            MCM
            Management
      Committee MeetingMMcf or
      MMscf
            Million
      standard cubic feet
            cf or
      scf
            Standard
      Cubic Feet




CNOOC
                  AI.I
                  KK1498





GCA
              APPENDIX
    I


m3d
            Cubic metres
      per day
            cf/d or
      scf/d
            Standard
      Cubic Feet per dayMDT
            Modular
      Dynamic Tester
            scf/ton
            Standard
      cubic foot per tonmD
            Measure of
      Permeability in
            SL
            Straight line
      (for depreciation)millidarcies
            so
            Oil
      SaturationMD
            Measured
      Depth
            SPE
            Society of
      Petroleum EngineersMean
            Arithmetic
      average of a set of
            SPEE
            Society of
      Petroleum Evaluationnumbers
            
            EngineersMedian
            Middle value
      in a set of values
            ss
            SubseaMFT
            Multi
      Formation Tester
            stb
            Stock tank
      barrelmg/l
            milligrames
      per litre
            STOIIP
            Stock tank
      oil initially in placeMJ
            Megajoules
      (One Million Joules)
            sw
            Water
      SaturationMm3
            Thousand
      Cubic metres
            T
            TonnesMm3d
            Thousand
      Cubic metres per day
            TD
            Total
      DepthMM
            Million
            Te
            Tonnes
      equivalentMMbbl
            Millions of
      barrels
            THP
            Tubing Head
      PressureMMBTU
            Millions of
      British Thermal Units
            TJ
            Terajoules (1012Joules)Mode
            Value that
      exists most frequently in
            Tscf or
      Tcf
            Trillion
      standard cubic feeta set of
      values = most likely
            TCM
            Technical
      Committee MeetingMscf/d
            Thousand
      standard cubic feet per day
            TOC
            Total Organic
      CarbonMMscf/d
            Million
      standard cubic feet per day
            TOP
            Take or
      PayMW
            Megawatt
            Tpd
            Tonnes per
      dayMWD
            Measuring
      While Drilling
            TVD
            True Vertical
      DepthMWh
            Megawatt
      hour
            TVDss
            True Vertical
      Depth Subseamya
            Million years
      ago
            USGS
            United States
      Geological SurveyNGL
            Natural Gas
      Liquids
            U.S.$
            United States
      DollarN2
            Nitrogen
            VSP
            Vertical
      Seismic ProfilingNPV
            Net Present
      Value
            WC
            Water
      CutOBM
            Oil Based
      Mud
            WI
            Working
      InterestOCM
            Operating
      Committee Meeting
            WPC
            World
      Petroleum CouncilODT
            Oil down
      to
            WTI
            West Texas
      IntermediateOPEX
            Operating
      Expenditure
            wt%
            Weight
      percentOWC
            Oil Water
      Contact
            1H05
            First half (6
      months) of 2005p.a.
            Per
      annum
            
            (example of
      date)Pa
            Pascals
      (metric measurement of
            2Q06
            Second
      quarter (3 months) of 2006pressure)
            
            (example of
      date)P&A
            Plugged and
      Abandoned
            2D
            Two
      dimensionalPD
            Proved
      Developed
            3D
            Three
      dimensionalPDP
            Proved
      Developed Producing
            4D
            Four
      dimensionalPI
            Productivity
      Index
            1P
            Proved
      ReservesPJ
            Petajoules (1015Joules)
            2P
            Proved plus
      Probable ReservesPSDM
            Post Stack
      Depth Migration
            3P
            Proved plus
      Probable plus Possiblepsi
            Pounds per
      square inch
            
            Reservespsia
            Pounds per
      square inch absolute
            %
            Percentagepsig
            Pounds per
      square inch gaugePUD
            Proved
      UndevelopedPVT
            Pressure
      volume temperatureP10
            10%
      ProbabilityP50
            50%
      ProbabilityP90
            90%
      ProbabilityRF
            Recovery
      factorRFT
            Repeat
      Formation TesterRT
            Rotary
      TableRw
            Resistivity
      of waterSCAL
            Special core
      analysis







CNOOC
                  AI.II
                  KK1498