Oil company Jinlin Hongyuan Oil Development Co plans to revive its US$250 million B-share flotation plan next month, while Qinghai Oilfield Co is hoping for a $100 million listing in the second half of this year, sources said. Both companies are controlled by China National Petroleum Corp, the near monopoly on on-shore oil exploration and development in the mainland that will swap its assets with China National Petrochemical Corp. Jinlin Hongyuan is gearing up for a float in Shenzhen next month after regional financial woes delayed the plan late last year, a source said. The company will have to update its accounting reports if it comes on the market later than next month. Bank of America is expected to replace former Natwest Markets as the global co-ordinator for the issue, which includes a plan to list global depositary receipts in London. Proceeds from the sale will be used to fund oilfield operations. Qinghai Oilfield, controlled by Qinhai Petroleum Administration Bureau, intends to use its proceeds to expand gas development. Although oil development has provided stable earnings for the company, the vast gas reserve that Qinghai Oilfield plans to tap is regarded as a high growth area, a source said. The company derives the majority of its earnings, or an estimated 80 per cent this year, from oil development.