State Oil Giant CNOOC Cleared for $5.5 Billion Share Sale in Shanghai

What’s new: State oil giant CNOOC Ltd. won approval from China’s top securities regulator for a $5.5 billion domestic share sale as the company also reported a record profit amid the global oil price surge.

Hong Kong-traded CNOOC plans to sell as many as 299 million new shares in an initial public offering in Shanghai to raise about 35 billion yuan ($5.5 billion). Proceeds will be used for global project development including oil and gas fields in Guangdong and Guyana, the company said Wednesday at its earnings briefing.