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 Chinese language oil big Cnooc planning North Sea exit as a part of ‘strategic shift’ – report
June 23, 2022

Chinese language oil big Cnooc planning North Sea exit as a part of ‘strategic shift’ – report

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Chinese language oil big Cnooc (TSX: CNU) is placing plans in place to tug out of the North Sea, based on experiences.

Reuters says Financial institution of America has been drafted in to start out getting ready a proper sale of the corporate’s belongings within the area, which incorporates Buzzard, one of many North Sea’s largest producing fields.

It marks a “strategic shift” for Cnooc as the corporate targets different oil and gasoline developments and distances itself from the West, banking and business sources instructed the information company.

It’s claimed the sale might generate greater than $3 billion.

Vitality Voice has contacted Cnooc for remark.

Cnooc gained a foothold within the North Sea via its £9.4bn acquisition of Nexen in 2013 – the Canadian firm modified its title to Cnooc Worldwide in 2019.

On the time it was the most important overseas enterprise takeover by China.

© Bloomberg
Signage for Cnooc Ltd. is displayed on the corporate’s headquarters in Beijing, China, on Tuesday, July 24, 2012. Photographer: Nelson Ching/Bloomberg

Cnooc’s potential choice to exit the North Sea comes at a time when international oil and gasoline costs are at their healthiest in current reminiscence.

Issues about tightening provides following Russia’s invasion of Ukraine imply the price of each commodities have hit a excessive not seen in years.


Manufacturing from Buzzard Part 2, a significant mission designed to increase the lifetime of the sector past 2040, kicked off final yr.

Buzzard is situated round 62 miles north-east of Aberdeen in common water depths of about 96 metres.

On the time Cnooc mentioned the second part of the sector, by which it holds 43.21%, is forecast to achieve its peak manufacturing of roughly 12,000 barrels of oil equal per day (boepd) in 2022.

It’s anticipated to take the overall manufacturing of Buzzard, previously operated by Nexen, to 80,000 boepd in complete.

Buzzard yielded first oil in 2007 and since then has produced greater than 800 million barrels of oil equal.

© Equipped by Looking plc
The platform on CNOOC’s Scott subject.

Cnooc’s can also be the operator of the North Sea’s Golden Eagle and Scott belongings.

The Golden Eagle platform is situated about 69 miles north-east of Aberdeen and produced first oil in 2014.

EnQuest (26.69%), NEO Vitality (31.56%) and ONE-Dyas (5.21%) additionally maintain pursuits within the subject and its services.

Scott is round 115 miles north-east of Aberdeen and lists Dana Petroleum (20.64% Scott), Energean (10.47% Scott), NEO Vitality (5.16% Scott) and MOL Operations (21.84% Scott) as its stakeholders.

Reuters reported that two Chinese language oil chiefs mentioned Cnooc’s deliberate sale was a part of a wider evaluation of its belongings.

The corporate needs to prioritise its “most worthwhile and largest belongings”, along with new schemes in Guyana and Uganda.

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