BEIJING/HONG KONG (Reuters) -China’s CNOOC (NYSE:) Ltd has offered its U.S. subsidiary, along with its upstream oil and gasoline belongings within the Gulf of Mexico, to British chemical substances group INEOS, in accordance with a CNOOC assertion issued on Saturday.

The Chinese language oil and gasoline main stated CNOOC Vitality Holdings U.S.A. entered right into a gross sales settlement with a subsidiary of INEOS referring to CNOOC’s upstream oil and gasoline belongings within the U.S. a part of the Gulf of Mexico.

The deal primarily contains non-operator pursuits in oil and gasoline initiatives such because the Appomattox and Stampede fields.

INEOS paid slightly below $2 billion for the belongings, in accordance with an individual with direct data of the matter who was not authorised to talk to media.

CNOOC stated the transaction price was consistent with market circumstances however didn’t present a determine, whereas INEOS declined to touch upon the price.

The Chinese language agency goals to optimise its world asset portfolio and can work with INEOS in the direction of a easy transition, CNOOC Worldwide Chairman Liu Yongjie stated within the assertion.

CNOOC has been sounding out potential consumers of its pursuits in U.S. oil and gasoline fields since 2022.

Reuters had reported earlier CNOOC was contemplating an exit from operations in Britain, Canada and the USA over considerations these belongings might turn into topic to Western sanctions as a result of China had not condemned Russia’s invasion of Ukraine.