BEIJING (Reuters) – China's CNOOC (NYSE:) Ltd has sold its U.S. subsidiary, as well as its oil and gas exploration assets in the Gulf of Mexico, to British chemicals group INEOS, according to a CNOOC statement issued on Saturday.
CNOOC Energy Holdings USA has entered into a sales agreement with a subsidiary of INEOS related to CNOOC's oil and gas assets in the US portion of the Gulf of Mexico, the Chinese oil and gas major said.
The deal primarily includes non-operator interests in oil and gas projects such as the Appomattox and Stampede fields.
The company aims to optimize its global asset portfolio and will work with INEOS toward a smooth transition, Liu Yongjie, president of CNOOC International, said in the statement.
CNOOC has been searching for potential buyers for its interests in US oil and gas fields since 2022.
Reuters had previously reported that China National Petroleum Corporation was considering exiting operations in Britain, Canada and the United States, due to concerns that those assets may become vulnerable to Western sanctions because China did not condemn the Russian invasion of Ukraine.
