Cnooc Weighs Sale of $3 Billion U.K. North Sea Portfolio
- State-backed Chinese firm operates giant Buzzard oil field
- Cnooc would join other foreign firms in exiting aging basin
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Cnooc Ltd. is considering a sale of its U.K. North Sea portfolio, in what could be one of the biggest disposals in the aging basin by a foreign firm in recent years, people familiar with the matter said.
China’s biggest offshore oil and gas driller has been reviewing its overseas operations and could kick off a sale process for the U.K. holdings as soon as the next few weeks, the people said. The assets could be valued at as much as $3 billion, the people said, asking not to be identified discussing confidential information.