On January 10, 2003, CNOOC Limited announced its business strategy and development plan for 2003. "Our 2003 core strategy remains unchanged. We will continue to focus on production increase," said Mr. Wei Liucheng, Chairman and Chief Executive Officer, adding that reserves through exploration and opportunistic acquisitions started to produce solid returns with natural gas business put under development". CNOOC's target net production volume in 2003 is 134～138 million BOE (barrels of oil equivalent), another stable increase as compared to the historic production growth in 2002. Two major development projects are scheduled to be on stream in 2003. The Indonesian assets are expected to continue their contribution to CNOOC's production growth.
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