Chinese state-owned oil giant CNOOC has received the go-ahead from China’s top securities regulator for a $5.5 billion domestic share sale after the firm posted record profits thanks to the global oil price jump, reports Caixin. Hong Kong-traded CNOOC plans to sell as many as 299 million new shares in an initial public offering in Shanghai to raise about RMB 35 billion ($5.5 billion).
Proceeds will be used for global project development including oil and gas fields in Guangdong and Guyana, the company said Wednesday at its earnings briefing.
China’s biggest offshore driller posted record 2021 net profit of RMB 70.3 billion, up 182% year-on-year, reflecting soaring oil prices and rising production. The company’s oil and gas sales rose 59% to RMB 222.1 billion. CNOOC’s oil and gas production in 2021 touched a record 573 million barrels of oil equivalent, up 8.5% from the previous year.