• Natural Gas News

    CNOOC's $3 bln UK portfolio sale halted on valuation gap -Bloomberg

Summary

CNOOC Ltd, China's top offshore oil and gas producer, has halted a planned sale of its UK North Sea portfolio, which could have been valued at as much as $3 billion, Bloomberg News reported on Monday.

by: Reuters

Posted in:

Complimentary, NGW News Alert, Natural Gas & LNG News, Asia/Oceania, Top Stories, Corporate, Exploration & Production, Investments, News By Country, China

CNOOC's $3 bln UK portfolio sale halted on valuation gap -Bloomberg

Jan 30 (Reuters) - CNOOC Ltd, China's top offshore oil and gas producer, has halted a planned sale of its UK North Sea portfolio, which could have been valued at as much as $3 billion, Bloomberg News reported on Monday.

Although initial offers failed to meet CNOOC's expectations for the business, it could still resume a sale once conditions improve, the report said, citing people familiar with the matter.

Advertisement:

The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business.

ngc.co.tt

S&P 2023

CNOOC did not immediately respond to Reuters request for comment.

Reuters has reported that CNOOC was preparing to exit its operations in Britain, Canada and the United States because of concerns in Beijing the assets could become subject to Western sanctions. (Reporting by Siddharth Jindal in Bengaluru; Editing by Savio D'Souza)