China’s CNOOC sells US assets to INEOS

China National Offshore Oil Corporation (CNOOC) Ltd has sold its US subsidiary and upstream oil and gas assets in the Gulf of Mexico to British chemicals group INEOS, as announced in a statement on Saturday.

CNOOC Energy Holdings USA entered into a sales agreement with an INEOS subsidiary for the assets in the US Gulf of Mexico region.

The Chinese company plans to streamline its global asset portfolio and collaborate with INEOS for a seamless transition, according to CNOOC International Chairman Liu Yongjie.

CNOOC has been exploring selling its stakes in US oil and gas fields since 2022.

Reports suggest CNOOC is contemplating withdrawing from operations in Britain, Canada, and the United States due to concerns that these assets could be targeted by Western sanctions following China’s silence on Russia’s invasion of Ukraine.

Attribution: Reuters

Subediting: M. S. Salama