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Maritime Logistics Professional

March 4, 2013

US Restrain China GofM Aspirations

CNOOC, China's largest offshore oil and natural gas producer, barred from outright opeation of recently acquired Gulf of Mexico oilfields.

The oilfields were acquired by CNOOC through its US$15-billion takeover of Canadian firm Nexen.

The state-owned oil giant's purchase of Nexen includes about 200 deep-water leases in the Gulf, however the company has surrendered operating control of them to quell US national security concerns, reports the South China Morning Post, noting that the requirements contrast with approvals for state-owned companies including Norway's Statoil and Brazil's Petroleo Brasileiro to control drilling and production in the Gulf.

CNOOC will still own the assets and be allowed some general oversight, as well as to collect revenue from the properties, but with the status of a 'non-operator'.

Source: South China Morning Post