China shifts strategy as biggest offshore oil and gas producer exits operations in U.S., U.K. and Canada
. Reuters reported on Wednesday that CNOOC is preparing to jettison its assets in Canada, the United States and Britain, largely acquired in the Nexen deal, as China fears sanctions by those governments.
For CNOOC, assuming it can find buyers, a sale would close a relatively short chapter in which it first sought reserves at almost any price, and wound up with assets that underperformed in countries in which it was never quite comfortable operating. Current diplomatic strains aside, China has made an about-face on its view of the oil sands. Before the Nexen deal, state-owned companies including Sinopec, China National Petroleum Corp. and PetroChina, were given the edict to seek out resources around the world to help fuel China’s massive and growing economy. The oil sands were a major target, and money seemed to be no object.
It made a number of promises to seal the deal, including moving its Western headquarters to Calgary, maintaining spending levels and Nexen’s staff, and listing its shares on the Toronto Stock Exchange. Now, the bulk of the the incumbent oil-sands producers have pledged to invest in technologies to try to reach net-zero carbon emissions by 2050 as part of an alliance that CNOOC is not party to.
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