(Yicai Global) Feb. 25 -- China National Offshore Oil Corporation, which delisted from the New York bourse in October last year after it was added to a US blacklist, has been given the greenlight to go public on the Shanghai Stock Exchange in a share sale that could see the country’s largest offshore oil and gas producer bank as much as CNY35 billion (USD5.5 billion), regulators said yesterday.

CNOOC, which remains a public company in Hong Kong, will use the funds to develop oilfields and supplement working capital, the Beijing-based company said earlier.

The Shanghai listing will give CNOOC access to the Chinese financial markets, improve its capital structure and enhance its corporate image, China Securities Journal reported, citing an earlier statement by CNOOC. This way it can expand its fundraising channels and maintain its international development strategy.

CNOOC, which is one of China’s three state-owned oil majors together with PetroChina and Sinopec, reported revenue of CNY163.7 billion (USD26 billion) in the first three quarters of last year, a year-on-year jump of 56.3 percent. It logged net profit of CNY25 billion (USD4 billion) in 2020 on revenue of CNY155.4 billion (USD24.6 billion)

The company, which also has a strong presence in wind and other new energies, had a yield of 570 million barrels of oil and gas last year, it said last month. This year, it aims to produce between 600 million to 610 million barrels.

Editor: Kim Taylor