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.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today

Subscribe to Top Insights Today

Subscribe to Executive Newsletter Top Insights Today

The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights

Join the ranks of global executives and subscribe to Top Insights Today

Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Foreign Chipmakers Producing in China to be Excluded from U.S. Export Curbs

The Biden administration plans to exclude foreign chipmakers, including South Korea’s SK Hynix and Samsung, operating in China from its planned export curbs aimed at hampering Beijing’s technological ambitions. The Commerce Department will likely deny requests from U.S. firms to send equipment to Chinese semiconductor manufacturers like Yangtze Memory Technologies (YMTC) and ChangXin Memory Technologies if they are making advanced DRAM or flash memory chips. However, license requests to sell equipment to foreign companies manufacturing advanced memory chips in China will be reviewed on a case by case basis,  potentially allowing for them to receive the equipment.

Zimbabwe Bans Exports of Raw Lithium to Encourage Domestic Processing

Zimbabwe has decided to ban exports of unprocessed raw lithium with immediate effect, as the government looks to process the battery metal domestically. “No lithium bearing ores, or unbeneficiated lithium whatsoever, shall be exported from Zimbabwe to another country without written permission,” Mines Minister Chitando said in a written statement. The ministry said mining companies that are building processing plants in the country would be exempt from the rule. 

Italy’s Eni, Snam to Jointly Manage Algeria Gas Pipelines

Italian energy company Eni and energy infrastructure firm Snam, a former Eni subsidiary, have signed a partnership to jointly manage their assets in the gas pipelines delivering Algerian natural gas to Italy, the two companies announced on Tuesday. Algeria has become Italy’s largest supplier of natural gas last year after Russia cutoff most of its gas flows to Europe. This makes the network from Algeria to Italy strategically more important for Rome’s energy security. 

Stay informed

error: This content is protected !!