Thursday, April 14, 2022

China's Offshore Oil Giant Abandons Western Oil Projects Over Fears Of Sanctions

CNOOC is seeking to sell "marginal and hard to manage" assets in Britain, Canada and the United States, a senior industry source told Reuters. Photo: Reuters.  

Reuters: Exclusive: China's oil champion prepares Western retreat over sanctions fear 

LONDON/SINGAPORE (Reuters) - China's top offshore oil and gas producer CNOOC Ltd. is 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, industry sources said. 

Ties between China and the West have long been strained by trade and human rights issues and the tension has grown following Russia's invasion of Ukraine, which China has refused to condemn. 

The United States said last week China could face consequences if it helped Russia to evade Western sanctions that have included financial measures that restrict Russia's access to foreign currency and make it complicated to process international payments. CNOOC did not immediately comment.  

Read more ....  

Update #1: China's biggest offshore oil and gas producer is preparing to exit operations in the US, UK, and Canada due to concerns around sanctions, a report says (Insider)

Update #2: China Oil Giant CNOOC Seen Exiting West Over Sanctions Risk (Asia Financial)  

WNU Editor: Here is an easy prediction. Expect more Chinese companies abandoning their investments in Western markets.

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