2022-04-12 12:25:00
CHINA'S CNOOC NEED INVESTMENT $4.4 BLN
ENERDATA - 12 Apr 2022 - The Chinese oil group CNOOC is seeking to raise CNY28.1bn (US$4.4bn) in a share listing in Shanghai (China), offering CNY10.8/share (US$1.7/share). The group could expand its public offering to CNY32.3bn if an over-allotment "greenshoe" option to buy and sell more shares, issued to investment banks underwriting the deal, is fully exercised.
The group's net hydrocarbon production rose by 8.5% to 573 mboe in 2021, with crude oil and liquid production increasing by 7.9% to 452 mbl and gas production rising by nearly 11% to 701 bcf (19.8 bcm). This increase in production, coupled with much higher prices (+66% for oil and +13% for gas), contributed to a 59% surge in oil and gas sales to CNY222bn (US$35bn) and to a 182% growth in net profit to over CNY70bn (US$11bn). In 2022, CNOOC plans to invest CNY 90-100bn (US$14-15.8bn) to reach a production target of 600-610 mboe in 2022, 640-650 mboe in 2023 and 680-690 mboe in 2024, of which over 65% should be achieved in China.
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Earlier:
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