Goldman Sachs says it reiterates its buying rating for CNOOC

International crude oil prices fell significantly away from the 70 dollar/barrel pass, CNOOC weakened this morning, the share price fell by 4.25% to HK $9.23 a half, 62.34 million shares.　　Goldman Sachs issued a report saying it reiterated its bid for CNOOC, with a target price of HK $13, a hefty premium of 41% per cent at market prices. Goldman Sachs pointed out that the reason for bullish CNOOC is the strong outlook for growth in 2009-10, the best returns for the same shares, a good cost control record, thanks to higher oil prices, and in China's maritime exploration options. At the same time, the recent decline in U.S. and Chinese crude stocks means that the balance of oil supply and demand recovery was earlier than the bank forecast, supporting the bank's bullish view of the second half of 2009 and 2010 crude oil prices. Goldman Sachs therefore said that the recent fall in CNOOC share price offers timing buying opportunities.