Analysts credit the transformation of CNOOC from a little-known producer with 45 oil and gas properties off China into an emerging oil and gas giant to the appointment of Mark Qiu as chief financial officer in 2001.
In less than two years, Mr Qiu has helped CNOOC's management increase the company's global profile, most notably with investments in Australia and Indonesia. In Australia's case, the company took a 5.56% stake in one of nation's most valuable resource projects, the North West Shelf.
Analysts believe the company is positioning itself to take advantage increasing demand for energy in China predicted over the next decade with oil consumption forecast to rise from 4.3 million barrels a day now to 10.5 million barrels by 2020.
In a move that symbolises its recent rise, well-known US stockbroker Merrill Lynch has even selected CNOOC as one of its preferred global energy stocks.
Another company to come under the spotlight of investors is Royal Dutch Petroleum - the majority owner of Royal Dutch/Shell Group - and according to some commentators especially good value because of its strong balance sheet and the handsome dividends it pays.
"Royal Dutch looks especially tempting compared with ExxonMobil, almost a must-own stock for many institutions. Royal Dutch trades at about 15 times estimated earnings for 2003, compared with 18 for ExxonMobil and for the broader stockmarket," one commentator said.
Despite faring better than most of its rivals, Royal Dutch/Shell last year still reported third-quarter earnings declined from $US2.6 billion to $US2.4 billion.
Sinopec, China's second largest oil company, said it expects to meet an aggressive target of reducing its staff in phases by a total of 100,000 by the end of 2003, ahead of a 2005 deadline.
Sinopec currently has 420,000 workers on the books, however it intends to reduce this number by about 10,000 this year, following reductions of about 20,000 in 2002 and 68,000 in 2001.
