China approves IPO application of CNOOC Limited

File photo shows workers of the China National Offshore Oil Corporation (CNOOC) drilling at the Bozhong 13-2 field, which is situated in the middle of the Bohai Sea, 140 km away from north China's Tianjin Municipality. (Tianjin branch of CNOOC/Handout via Xinhua)

BEIJING, March 30 (Xinhua) -- China's securities regulator has approved the initial public offering (IPO) application of CNOOC Limited.

CNOOC Limited will be listed on the A-share market, the China Securities Regulatory Commission said in a statement on Wednesday.

The commission said that the oil company can issue no more than 2.99 billion shares in its IPO. The company should strictly follow its prospectus as well as its issuance and underwriting plan.

Its parent company China National Offshore Oil Corporation (CNOOC), headquartered in Beijing, is the country's largest producer of offshore crude oil and natural gas.