CNOOC to play it safe with IPO

In uncertain global equity markets, China National Offshore Oil Corporation (CNOOC) is to adopt a cautious stance with its $1.2 billion to $1.5 billion Hong Kong and New York Stock Exchange flotation.

Jackie Horne

January 17, 2001

In particular, one of the company's key selling points - the revenue-sharing rights for which it receives 51% of any profitable offshore discoveries made by foreign partners - have been accorded no monetary worth in the $7 billion to $8.5 billion Net Asset Value (NAV) attached to the company.

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