CNOOC Sells U.S. Subsidiary to INEOS

BEIJING (Reuters) – China's CNOOC Ltd has sold its U.S. subsidiary along with its upstream oil and gas assets in the Gulf of Mexico to British chemicals group INEOS, according to a statement issued by CNOOC on Saturday.

The Chinese oil and gas major stated that CNOOC Energy Holdings U.S.A. entered into a sales agreement with an INEOS subsidiary concerning its upstream oil and gas assets located in the U.S. portion of the Gulf of Mexico.

The deal mainly includes non-operator interests in oil and gas projects such as the Appomattox and Stampede fields.

CNOOC aims to optimize its global asset portfolio and plans to collaborate with INEOS for a smooth transition, as mentioned by CNOOC International's chairman, Liu Yongjie.

CNOOC has been exploring potential buyers for its interests in U.S. oil and gas fields since 2022.

Earlier reports indicated that CNOOC was contemplating an exit from operations in Britain, Canada, and the United States due to concerns that these assets might become subject to Western sanctions, particularly since China has not condemned Russia's invasion of Ukraine.