China’s CNOOC sells US assets to British company INEOS By Reuters

BEIJING (Reuters) – China’s CNOOC ( NISE: ) Ltd has sold its U.S. subsidiary, along with its oil and gas assets in the Gulf of Mexico, to British chemical group INEOS, CNOOC said in a statement on Saturday.

The Chinese oil and gas company said that CNOOC Energi Holdings USA has entered into a sale agreement with subsidiary INEOS regarding CNOOC’s upstream oil and gas resources in the US part of the Gulf of Mexico.

The deal primarily involves non-operator interests in oil and gas projects such as the Appomattok and Stampede fields.

The company aims to optimize its global asset portfolio and will work with INEOS for a smooth transition, CNOOC International chairman Liu Yongjie said in a statement.

CNOOC is exploring potential buyers of its interests in US oil and gas fields from 2022.

Reuters previously reported that CNOOC was considering exiting operations in Britain, Canada and the United States, amid concerns that those assets could become subject to Western sanctions because of China’s failure to condemn Russia’s invasion of Ukraine.