Cnooc will soon be listed in China!Raise 35 billion

2022-07-05 0 By

On February 24, the audit results of the 20th meeting of the 18th Commission of China Securities Regulatory Commission in 2022 were released, and CNOOC’s application for a-share ipo was approved.It was disclosed that CNOOC plans to issue no more than 2.6 billion RMB shares, raise no more than 35 billion RMB and list on the main board of the Shanghai Stock Exchange.The funds raised will be used for the development of cnooc’s main business, and will be used for a number of oil and gas field development projects at home and abroad, including Payara oilfield in Guyana, Liuhua 11-1/4-1 oilfield and Lingshui 17-2 gas field.Cnooc is a pure upstream company focusing on the exploration, development, production and sales of crude oil and natural gas. It is the largest offshore oil and gas producer in China and one of the largest oil and gas exploration and development companies in the world.In the 20 years since its listing in Hong Kong, CNOOC’s net oil and gas production has increased from 88 million barrels of oil equivalent in 2000 to 528 million barrels of oil equivalent in 2020, and its revenue has increased from 24.2 billion yuan to 155.4 billion yuan.Total assets rose to 721.3 billion yuan from 32.6 billion yuan.In the past two years, cnooc’s domestic crude oil production increase accounted for 80% of the total increase of national crude oil, and continued to maintain the leading position of national oil increment.Since listing, CNOOC has made more than 280 commercial discoveries and has 240 oil and gas fields. In 2020, cnooc’s net proven reserves reached 5.37 billion barrels of oil equivalent, 3.1 times higher than when listing.On January 11, 2022, CNOOC released its 2022 planning target, saying that its net production target for 2022 is 600 million to 610 million barrels of oil equivalent, an increase of 5.3% to 7% over the previous year.Cnooc’s net production in 2021 amounted to about 570 million barrels of oil equivalent.In terms of exploration strategy, CNOOC said it will strive to make major breakthroughs in new areas, new fields, new types and new layers on the basis of increasing reserves and production resources.China will remain cnooc’s exploration focus.Cnooc expects domestic oil and gas production to account for about 69 percent in 2022, while overseas production will account for about 31 percent.Cnooc is also involved in a number of world-class oil and gas projects, with assets in more than 20 countries and regions around the world. The recently announced Liza Phase ii project in Guyana will provide a strong driving force for cnooc’s production growth.Financial results show that from 2018 to 2020 and the first half of 2021, cnooc’s operating income is 227.71 billion yuan, 233.199 billion yuan, 155.373 billion yuan, 110.233 billion yuan, respectively.The corresponding net profit was 52.675 billion yuan, 61.045 billion yuan, 24.956 billion yuan and 33.326 billion yuan respectively.With the exception of 2020, cnooc’s earnings declined due to lower oil prices in the international market.In the first half of 2021, due to the recovery of international oil prices, cnooc’s main business revenue increased by 47.84% year-on-year, among which oil and gas sales revenue increased by 51.69% year-on-year, showing a gradual recovery in performance.In 2021, CNOOC started the program of returning to A.On September 26, 2021, CNOOC announced the start of the RMB share issuance process.On October 26, 2021, the general meeting of shareholders of the company passed relevant motions concerning the issuance of RMB shares;On October 28, 2021, CNOOC applied to CSRC.According to the disclosure, CNOOC insists on paying dividends twice a year and has been listed for 20 years with cumulative dividends of more than 300 billion yuan, ranking fourth among Hong Kong listed companies and first among energy listed companies.Cnooc also committed to its dividend policy for the next three years.Subject to the approval of the general meeting of shareholders, from 2022 to 2024, CNOOC plans to pay an annual dividend of no less than 40%, and the absolute annual dividend of no less than hk $0.70 / share (tax included).Adhering to the innovation-driven strategy, CNOOC has intensified the research of key core technologies, accelerated the creation of original technology “source” and made positive progress.Guided by scientific and technological innovation, we strengthened the commercialization and utilization of technological achievements, providing technical support for increasing reserves, increasing production, improving quality, reducing cost and increasing efficiency.We gave priority to oil and gas industries, focused on building a research system for exploration and development, and continued to make breakthroughs in key areas such as deep water, high temperature and pressure, and low permeability of heavy oil. Major progress was made in a series of key and core technologies.In 2021, CNOOC independently developed, designed and built the world’s first 100,000-ton semi-submersible oil production and storage platform — “Deep Sea No. 1” energy station.It marks that The exploration and development capability of China’s offshore oil industry has achieved a historic leap from 300 meters to 1500 meters in ultra-deep water, and has opened a new journey for China to formally advance into deep-sea oil and gas exploitation.So far, CNOOC has achieved full coverage of shallow water, deep water and ultra-deep water fields by virtue of advanced technology and constantly improving scientific and technological innovation ability.The construction of the energy station has realized 3 world-first technologies and 13 domestically first technologies, which is a masterpiece of China’s offshore engineering equipment field.Adhere to green and low-carbon Development Promote green Energy Transformation While pursuing production growth, CNOOC adheres to the concept of green and low-carbon development.First, produce green products, continuously increase the supply capacity of natural gas, and increase the proportion of natural gas production.The successful operation of the Shenhai 1 gas field will drive the construction of a trillion square meters of gas in the South China Sea.By 2025, the company plans to produce more than 30% of its natural gas.The second is to build green factories and promote energy saving and carbon reduction in the whole process of oil and gas development.The construction of shore power projects was accelerated, and the first offshore oil field shore power project was put into operation smoothly.Third, we will develop green industries, develop new energy businesses based on optimal conditions, carry out scientific and technological breakthroughs in key areas of new energy, accelerate the development of offshore wind power, form a momentum of large-scale development, and develop integrated projects of onshore scenery based on optimal conditions.During the 14th Five-Year Plan period, the company plans to spend 5%-10% of its capital expenditure on the development of new energy and new industries.In 2021, CNOOC’s first 300MW offshore wind power project with full capacity will be connected to the grid.At the same time, China is advancing the demonstration projects of offshore CCS and CCUS, and China’s first one-million-ton offshore CO2 sequestration project has been launched.Cnooc said that it would actively promote the three major projects of “increasing oil and gas reserves to increase production, green energy transformation and independent scientific and technological innovation” and carry out the action of “improving quality, increasing efficiency and upgrading” to continuously enhance value creation capacity and bring greater returns to shareholders.Regarding the a-share listing of CNOOC, CNOOC said that it hoped to introduce domestic capital through a-share listing, gradually improve the shareholder structure, open up new financing channels, better share the company’s development achievements with domestic investors, expand the company’s influence and enhance the corporate image.