Sale of CNOOC's $3B UK Portfolio Halted

Tuesday, January 31, 2023

CNOOC Ltd, China's top offshore oil and gas producer, has halted a planned sale of its UK North Sea portfolio, which could have been valued at as much as $3 billion, Bloomberg News reported.

Although initial offers failed to meet CNOOC's expectations for the business, it could still resume a sale once conditions improve, the report said, citing people familiar with the matter.

CNOOC did not immediately respond to Reuters request for comment.

Reuters has reported that CNOOC was preparing to exit its operations in Britain, Canada and the United States because of concerns in Beijing the assets could become subject to Western sanctions.

(Reuters)

Categories: Mergers & Acquisitions Industry News

Related Stories

DOF Secures Moorings Hook-Up Job in Asia Pacific

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

PTTEP Hires McDermott for Deepwater Subsea Job off Malaysia

Marco Polo Picks Salt Ship Design for Next-Gen Offshore Energy CSOV

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Current News

DOF Secures Moorings Hook-Up Job in Asia Pacific

Saipem Bags $1.5B Contract for Türkiye Largest Offshore Gas Field

Floating Offshore Wind Test Center Planned for Japan

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

PTTEP Hires McDermott for Deepwater Subsea Job off Malaysia

TotalEnergies Inks 10-Year LNG Supply Deal with South Korea’s KOGAS

Japan Picks Wood Mackenzie to Assess Trump-Backed Alaska LNG Scheme

PTTEP Greenlights $320M Offshore CCS Project at Arthit Gas Field in Thailand

Marco Polo Picks Salt Ship Design for Next-Gen Offshore Energy CSOV

CNOOC Brings Online Another Oil and Gas Project in South China Sea

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com