China’s CNOOC sells US property to Britain’s INEOS Through Reuters

BEIJING (Reuters) – China’s CNOOC (NYSE:) Ltd has bought its U.S. subsidiary, along side its upstream oil and fuel property within the Gulf of Mexico, to British chemical substances staff INEOS, consistent with a CNOOC remark issued on Saturday.

The Chinese language oil and fuel main stated CNOOC Power Holdings U.S.A. entered right into a gross sales settlement with a subsidiary of INEOS in relation to CNOOC’s upstream oil and fuel property within the U.S. a part of the Gulf of Mexico.

The deal basically comprises non-operator pursuits in oil and fuel tasks such because the Appomattox and Stampede fields.

The company targets to optimise its international asset portfolio and can paintings with INEOS against a easy transition, stated chairman of CNOOC Global, Liu Yongjie, within the remark.

CNOOC has been sounding out possible patrons of its pursuits in U.S. oil and fuel fields since 2022.

Reuters had reported previous CNOOC used to be bearing in mind an go out from operations in Britain, Canada and the USA, on considerations the ones property may turn into topic to Western sanctions as a result of China had no longer condemned Russia’s invasion of Ukraine.