China National Offshore Oil Corporation Limited (CNOOC), which has a stake in the Stabroek Block, says that it plans to raise US$5.41 billion to fund several key oil and gas projects including the Payara oilfield in Guyana.
Reuters reported on Monday that CNOOC plans to issue no more than 2.6 billion shares in the Chinese currency, or about 5.82% of company’s share capital, the firm said in a filing to the Hong Kong stock exchange late on Sunday.
The funds will be used to finance key projects such as the Payara oilfield in Guyana, its first wholly owned deepwater gas project Lingshui 17-2 and oilfield Liuhua 11-1/4-1, both in the South China Sea.
