Equinor Considers Buying UK Oilfields from China’s CNOOC

Norway’s Equinor considers buying UK oilfields in the British North Sea from China National Offshore Oil Corporation (CNOOC), including a stake in the large Buzzard oilfield. The deal is valued at between 20 billion and 30 billion Norwegian crowns ($1.9 billion-$2.8 billion), and might close as swiftly as the end of this year.

The assets also come with tax losses, meaning the owner could offset past losses against future tax bills.

In March, CNOOC had hired Bank of America to formally start the sale of its British North Sea assets, in deals expected to raise more than $3 billion.

The Chinese state-owned fossil fuel major has been looking to exit its operations in Britain, Canada and the United States since April, fearing they could become subject to sanctions as relations between the West and Beijing have deteriorated.

CNOOC acquired the North Sea assets as part of its $15 billion purchase of Canadian producer Nexen in 2013.

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