Chinese oil group Cnooc considers selling North Sea assets

Chinese oil group Cnooc considers selling North Sea assets


Photo: ANP

Chinese oil and gas group Cnooc is considering selling its assets in the British part of the North Sea in the short term. It could be one of the biggest deals in the old basin for a foreign company in years, sources told Bloomberg News. The assets are said to be around $3 billion.

The largest oil and gas exploration company in China operates in the Buzzard oil field, which is one of the most productive fields in the United Kingdom. The Chinese company owns a 43.2 percent stake in it. Cnooc is also an operating partner in the Golden Eagle field with a 36.5 percent stake. It also relates to involvement in the fields of Scott, Telford and Rochelle.

Chinese multinational energy companies looking to increase their global presence may be interested. British exploration companies wanting to grow in the North Sea are also seen as potential buyers.

Cnooc is one of the largest remaining international exploration companies in the North Sea. Companies such as ExxonMobil and Chevron previously sold their North Sea projects to focus on more profitable projects.

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