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China National Offshore Oil Lists on NYSE
China National Offshore Oil Corp. (CNOOC) Ltd., the country's third largest oil producer, listed shares on New York Security Exchange Tuesday, raising US$1.26 billion for its operation expansion.
China's flagship offshore oil company issued 82 million American depository receipts (ADRs), each is equal to 20 common shares, priced at 15.40 dollars for each ADR. The initial public offering was successful, with the company closing at 16.12 dollars in the first session, up 0.72 cents, or nearly 5 percent over its offering price.
"While Wall Street ended broadly lower today, the rise in our stock represents investors' confidence in our management, our operation outlook." said Fu Yucheng, President and Chief Operation Officer of the company.
The company has witnessed fast expansion in recent years, with an annual 19-percent increase in output.
Bank of China International Limited, Merrill Lynch and Credit Suisse First Boston were the lead underwriters for the initial public offering. The company traded under ticker symbol CEO.
CNOOC, founded in Hong Kong in October 1999, has more than 1,000 employees and owns oil and natural gas reserves of 1.8 billion barrels as of last year. Its oil and natural gas fields lie in four areas in the Bohai Bay off northern China, the East China Sea, and the eastern and western parts of the South China Sea, with production of 243 thousand barrels a day.
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