Chinese offshore operator CNOOC Ltd will approach the domestic equity market in readiness for launching an initial public offering, seeking up to 35 billion yuan ($5.41 billion) for a range of projects, including field developments on the ExxonMobil-operated Stabroek block in Guyana.

A big flotation on the Shanghai stock exchange is seen as a response to the fact that international investors have spurned the company’s shares in response to US sanctions imposed last year.