Offshore Oil Corporation is going to pay closer attention to projects in Africa and Latin America.
The Chinese National Offshore Oil Corporation (CNOOC) is preparing to withdraw from the UK, Canada and the U.S. due to fears that Western countries may impose sanctions against it. This was reported by Reuters, citing sources.
It is noted that CNOOC, which entered the markets of these three states in 2013 by acquiring the Canadian oil producer Nexen for $15.1 billion, is now going to pay closer attention to projects in Africa and Latin America, including Brazil, Guyana and Uganda. According to Reuters calculations, at the moment the oil giant has stakes in large fields in the North Sea, the Gulf of Mexico, and also develops tar sands in Canada, producing about 220 thousand barrels of oil per day in this region.
According to Reuters, the company is currently trying to sell “marginal and hard-to-manage assets” in the UK, Canada and the USA. The agency clarified that such a desire is due to the difficulties that the CNOOC leadership faces when working in the West. In particular, top managers are not allowed to enter the United States, although the specialists of the Chinese giant are interested in getting information about how the process of oil production in the deep waters of the Gulf of Mexico is going
At the end of March, Reuters reported that CNOOC had hired Bank of America to begin preparations for the official sale of its assets in the North Sea. The company has launched a review of its global portfolio ahead of a new placement of its shares on the Shanghai Stock Exchange.
CNOOC is engaged in the production of hydrocarbons on the offshore shelf, its main deposits are located in the Bohai Bay of the Yellow Sea. The company has assets in more than 20 countries and regions.