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EurOil: CNOOC puts sale of UK North Sea business on hold

China’s largest offshore oil and gas producer CNOOC Ltd has put on hold the intended sale of its UK North Sea assets, Bloomberg reported this week.

Initial offers for the portfolio did not live up to CNOOC’s expectations, but a sale process could be resumed if market conditions improve, the news agency said, citing sources.

Reuters had reported in April last year that CNOOC was preparing to divest its operations across the US, UK and Canada. The news agency attributed this to fears that the assets in those countries could become subject to Western sanctions. 

CNOOC’s assets in the US, UK and Canada include stakes in projects in the Gulf of Mexico, the North Sea and the Alberta oil sands. According to Reuters calculations, they produce a combined 220,000 barrels of oil equivalent per day (boepd).

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