Since 2022, CNOOC has reportedly been exploring the potential sale of its interests in US oil and gas fields. Credit: Piotr Swat/Shutterstock.

China National Offshore Oil Corporation (CNOOC) has divested its US subsidiary and upstream assets in the Gulf of Mexico to INEOS, a British chemicals group.

The transaction includes CNOOC Energy Holdings USA’s non-operator interests in projects such as the Appomattox and Stampede fields.

Related Company Profiles

View all

A source familiar with the matter told Reuters that INEOS paid just under $2bn for the assets, although neither CNOOC nor INEOS has confirmed the transaction price.

The sale is in line with CNOOC’s strategy to optimise its global asset portfolio, and the company is committed to ensuring a smooth transition to INEOS, according to CNOOC International Chairman Liu Yongjie.

CNOOC has reportedly been exploring the sale of its interests in US oil and gas fields since 2022.

This move follows reports that the company might divest operations in Britain, Canada and the US due to potential risks of Western sanctions, as China has not condemned Russia’s actions in Ukraine.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In October 2024, CNOOC announced its results for the first three quarters of the year, reporting a 19.5% growth in net profit attributable to equity shareholders, touching 116.66bn yuan ($16.34bn).

The company’s oil and gas revenues reached 271.43bn yuan, a 13.9% year-on-year increase, despite flat Brent crude prices during the period.

CNOOC achieved record highs in both net production and profit for the first nine months of 2024, supported by robust operational efficiency and effective cost control measures.

CNOOC has recently commenced production at the Jinzhou 23-2 oilfield development project, located in the northern Bohai Sea at an average water depth of approximately 13m.

Equipped with two new central processing platforms, the field is expected to reach peak production of around 17,000 barrels of oil equivalent per day by 2027.