CNOOC Completes First Round of Private Offering, Secures $210 Million

Strategic Insights -

China's National Offshore Oil Corp (CNOOC) has successfully completed its first round of private offering, securing $210 million in funding from four leading institutional investors. This move will provide CNOOC Ltd, the subsidiary of CNOOC, with the necessary financial support to fulfill its development plan for 2000 and beyond. The company aims to double its oil and gas output from 20 million tons in 1999 to 40 million tons by 2005, and is also in talks with other international companies to prepare for its next round of private offering.

Key Takeaways:

  • CNOOC Ltd completed its first round of private offering, raising $210 million from four leading institutional investors.
  • The investors involved in the private offering were American International Group (AIG), Government of Singapore Investment Corporation (GIC), American International Assurance Co (Hong Kong), and American International Assurance Co. (Bermuda).
  • CNOOC Ltd received sound financial support to fulfill its development plan in 2000 and beyond, according to President Wei Liucheng.
  • The company is planning to double its oil and gas output from 20 million tons in 1999 to 40 million tons by 2005.
  • CNOOC Ltd is negotiating with other international companies to prepare for the next round of private offering.
  • The company expects to be listed on the New York and Hong Kong stock exchanges in the near future.

Statistics:

  • $210 million: The amount of funding secured by CNOOC Ltd in the first round of private offering.
  • 20 million tons: The company's oil and gas output in 1999.
  • 40 million tons: The company's target oil and gas output by 2005.
  • 4: The number of leading institutional investors involved in the private offering.

Sources:

  • XINHUA
  • COMTEX (http://www.comtexnews.com)