CNOOC's operation to meet targets

CNOOC's operation to meet targets

HONGKONG: CNOOC Ltd. said Wednesday its Indonesian operation is on track "to meet and exceed" its 2002 performance targets despite heightened security concerns in the country.

In a press statement, China's dominant offshore oil and gas producer said its Indonesia assets, acquired in early January, are expected to contribute 6 percent to 7 percent of the company's full year net income.

Other than earnings, CNOOC didn't specify which performance targets it is referring to.

"Our business in Indonesia, largely comprising offshore properties, is expected to hit performance targets," said Mark Qiu, chief financial officer.

Qiu said CNOOC is confident its business won't be adversely affected by security problems in Indonesia.

CNOOC became the largest offshore oil producer in Indonesia after it bought the Indonesian assets of Spain's Repsol YPF SA earlier this year for about US$585 million. Dow Jones