CNOOC sells US assets to INEOS

According to a statement released by China National Offshore Oil Corporation on the 14th, the company has sold its US subsidiary together with its upstream oil and gas assets in the Gulf of Mexico to British chemical group INEOS.

The Chinese oil and gas giant said that CNOOC Energy Holdings USA and a subsidiary of INEOS signed a sales agreement involving CNOOC's upstream oil and gas assets in the Gulf of Mexico in the United States.

Ineos paid nearly $2 billion for the assets, according to people familiar with the matter. CNOOC said the transaction price was in line with market conditions, but did not disclose the specific price, while INEOS declined to comment on the price.
CNOOC International Chairman Liu Yongjie pointed out in a statement that the company aims to optimize its global asset portfolio and will work with INEOS to ensure a smooth transition.

Since 2022, CNOOC has been seeking potential buyers to sell its interests in US oil and gas fields. Reuters reported earlier that CNOOC is considering withdrawing from its business in the UK, Canada and the United States due to concerns that these assets may be subject to Western "sanctions."