Davis Polk Advises CNOOC Limited on Its $1.45 Billion SEC-Registered Guaranteed Notes Offering

Davis Polk advised CNOOC Limited as to U.S. and Hong Kong law in connection with the SEC-registered offering of guaranteed notes by CNOOC Finance (2015) U.S.A. LLC, a wholly owned subsidiary of CNOOC Limited, of its $1 billion 4.375% guaranteed notes due 2028 and $450 million 3.750% guaranteed notes due 2023, for a combined aggregate principal amount of $1.45 billion. The notes were listed on the Hong Kong Stock Exchange.

CNOOC Limited, listed on the New York, Hong Kong and Toronto stock exchanges, is an upstream company specializing in the exploration, development and production of oil and natural gas. It is a dominant oil and natural gas producer in offshore China and also one of the largest independent oil and natural gas exploration and production companies in the world in terms of reserves and production.

The Davis Polk corporate team included partners Howard Zhang and Paul Chow, counsel Faisal Baloch and Stephenie Fung, counsel – registered foreign lawyer Lijun (Annie) Yan and associates Fiona Lee and Karen Kong. The tax team included counsel Alon Gurfinkel and associate Omer Harel. Members of the Davis Polk team are based in the Hong Kong, Beijing and London offices.