China's CNOOC sold US assets to Britain’s INEOS

CNOOC Ltd, a Chinese company, has sold its U.S. subsidiaries, along with its upstream oil assets and gas assets, in the Gulf of Mexico to British chemicals group INEOS. This was announced by CNOOC on Saturday.

CNOOC Energy Holdings U.S.A., a subsidiary of INEOS, has entered into a sale agreement with a subsidiary of CNOOC relating to CNOOC’s upstream oil-and-gas assets in the U.S. portion of the Gulf of Mexico.

The deal includes non-operator interest in oil and gas fields such as Appomattox, Stampede and Stampede.

In a statement, Liu Yongjie said that CNOOC International aims to optimize its global asset portfolio, and will work closely with INEOS in order to ensure a smooth transition.

CNOOC is actively seeking potential buyers for its U.S. oil fields and gas since 2022.

Reports earlier had suggested that CNOOC might consider exiting operations in Britain and Canada, due to concerns about the assets becoming subject to Western sanctions, because China has not condemned Russia's invasion. Reporting by Liz Lee, Beijing Newsroom; Editing and production by Tom Hogue

(source: Reuters)