Washington, D.C. 20549


                                   FORM 6-K


                     PURSUANT TO RULE 13a-16 OR 15d-16 OF
                      THE SECURITIES EXCHANGE ACT OF 1934

                             For November 1, 2001

                                 CNOOC Limited

                (Translation of registrant's name into English)


                                  65th Floor
                              Bank of China Tower
                                One Garden Road
                              Central, Hong Kong
                   (Address of principal executive offices)


   (Indicate by check mark whether the registrant files or will file annual
                  reports under cover Form 20-F or Form 40-F)

                        Form 20-F     X                Form 40-F
                                      ---------                     ----------

(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of

                        Yes                            No           X
                                      ---------                     ----------

(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): N/A.)

Company Press Release

Nanbao 35-2 Outlook Improves

(Beijing, November 1, 2001) - CNOOC Limited (SEHK:883, NYSE:CEO) (the
"Company") announced the success of Nanbao 35-2-7, an appraisal well in Nanbao
35-2 oil field in the Southern part of Bohai Bay.

The wildcat that discovered Nanbao 35-2 was spud in 1996. The initial
appraisal allowed the Company to book around 65 million barrels of recoverable
oil reserve. The field is 100% owned by the Company.

Nanbao 35-2-7 is 1.4 km northeast from the initial wildcat well Nanbao 35-2-1
and reached the depth of 1,473 meters. It encountered 64 meters of net pay
zone. The success is expected to increase the reserve size by roughly 25%. The
well was tested to produce 432 barrels per day of 16 API crude. Appraisal well
Nanbao 35-2-8 is being drilled.

Mr. Ru Ke, Senior Executive Vice President of the Company said, "the success
of this well is expected to add reserves to the field and make the development
more attractive."


 Notes to Editors:


Incorporated in Hong Kong in August 1999, the Company is the dominant producer
of crude oil and natural gas offshore China. The Company is also one of the
largest independent crude oil and gas exploration and production companies in
the world. As of December 31, 2000, its net proved reserves were 1.8 billion
barrels-of-oil equivalents and its net production totaled 239,337 BOE per day.

The Company has interests in 45 crude oil and gas properties in four major
producing areas: Bohai Bay, Western South China Sea, Eastern South China Sea
and East China Sea. The Company is a major oil and gas company in China with
approximately 1,000 employees.


The Company is a 70.6% held subsidiary of China National Offshore Oil
Corporation ("CNOOC"). The Company is the sole vehicle through which CNOOC
carries out oil and gas exploration, development and production activities
offshore China and internationally.

CNOOC, the parent company, is involved in the administrative, research and
services functions for the PRC offshore petroleum industry as well as other
mid- or down-stream petroleum projects.

*** *** ***

This press release contains statements that are not historical facts,
including statements about beliefs and expectations of the directors of the
Company. These forward-looking statements are based on current plans,
estimates and projections, and therefore you should not place undue reliance
on them. Forward-looking statements speak only as of the date they are made,
and the directors of the Company undertake no obligation to update publicly
any of them in light of new information or future events. Forward-looking
statements involve inherent risks and uncertainties. You are cautioned that a
number of important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Such factors include,
but are not limited to, changes of the PRC's economic, political and social
conditions as well as government policies.

*** *** ***

For further enquiries, please contact:

Mr. Xiao Zongwei
CNOOC Limited
Tel : +86 10 8452 1646
Fax: +86 10 8452 1648


     Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be issued on its behalf
by the undersigned, thereunto duly authorized.

                                           CNOOC Limited

                                           By:  /s/ Cao Yunshi
                                                  Name: Cao Yunshi
                                                  Title:  Company Secretary

Dated: November 1, 2001