CNOOC (00883.HK), the Chinese oil giant, has announced a major strategic move, with its wholly-owned subsidiary, CNOOC International, entering into an agreement to sell its upstream oil and gas business in the U.S. Gulf of Mexico to INEOS Energy. The transaction involves the sale of CNOOC Holdings U.S.A. Inc., as per the official announcement from the company.
This divestment includes CNOOC’s non-operating interests in key Gulf of Mexico fields, notably the Appomattox and Stampede projects. These fields are integral to CNOOC’s upstream operations in the region, though the company does not operate them directly.
The sale is part of CNOOC’s broader strategy to optimize its global asset portfolio, according to Liu Yongjie, Chairman of CNOOC International. The deal, which is still subject to regulatory approval and the satisfaction of contractual terms, is expected to close once these conditions are met. In the interim, CNOOC is committed to working closely with INEOS Energy to ensure a seamless transition of assets.
CNOOC’s decision to divest these assets reflects ongoing adjustments to its investment strategy, as it continues to align its holdings with broader corporate objectives. This move follows industry trends in the oil and gas sector, where companies are increasingly optimizing their portfolios to focus on core operations or exiting non-strategic assets.
The transaction’s completion will mark another significant step in CNOOC’s global restructuring, which includes focusing on high-priority regions and optimizing production assets.
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