14-04-2022, 07:26 AM
The Chinese offshore giant is now preparing to leave the three western markets amid tense China-U.S. relations, especially after the Russian invasion of Ukraine, which China has refused to condemn.
Last week, U.S. Deputy Secretary of State Wendy Sherman told a hearing at the House of Representatives Foreign Affairs Committee that China could become a subject of sanctions if it supports Russia in its war in Ukraine.
“It gives President Xi, I think, a pretty good understanding of what might come his way should he, in fact, support Putin in any material fashion,” Sherman said, as carried by Reuters.
The Chinese giant has reportedly hired Bank of America to help it with the sale of the North Sea assets, which could fetch as much as $3 billion, the sources said. Preparations for a North Sea exit are part of a new strategic shift for CNOOC, which looks to focus now on Latin American, African, and domestic offshore assets, abandoning businesses in the mature markets, according to the sources who spoke to Reuters.
https://oilprice.com/Latest-Energy-News/...Fears.html
Last week, U.S. Deputy Secretary of State Wendy Sherman told a hearing at the House of Representatives Foreign Affairs Committee that China could become a subject of sanctions if it supports Russia in its war in Ukraine.
“It gives President Xi, I think, a pretty good understanding of what might come his way should he, in fact, support Putin in any material fashion,” Sherman said, as carried by Reuters.
The Chinese giant has reportedly hired Bank of America to help it with the sale of the North Sea assets, which could fetch as much as $3 billion, the sources said. Preparations for a North Sea exit are part of a new strategic shift for CNOOC, which looks to focus now on Latin American, African, and domestic offshore assets, abandoning businesses in the mature markets, according to the sources who spoke to Reuters.
https://oilprice.com/Latest-Energy-News/...Fears.html
