CNOOC Forced To Withdraw From Canadian Market

According to a report on April 13th, Communist China’s largest offshore oil and gas producer, China National Offshore Oil Corp, is preparing to withdraw from all of its operations in Canada, the United Kingdom and the United States.

The report reveals that CNOOC entered the above three markets through the acquisition of the Canadian energy company Nexen in 2013, and thus has stakes in large oilfield projects including the North Sea, the Gulf of Mexico and Canada, producing about 220,000 barrels of oil equivalent per day.

It is reported that due to US sanctions, CNOOC was forcibly delisted from the New York Stock Exchange in October, 2021. In December of the same year, CNOOC was also forced to delist from the Canada Toronto Stock Exchange. CNOOC said that due to the tightening restrictions in Europe and the United States, the company and its partners will most likely be affected by joint sanctions in the future.

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Translator: MOS Information Team – Johnlee
Design&editor: Hbamboo

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