BRIEF: CNOOC to sell off U.S assets as trade war deepens

BRIEF: CNOOC to sell off U.S assets as trade war deepens

The effect of the US-China trade tariff has already started wrecking havoc on corporates who are exposed in the line of fire.

China’s CNOOC said it is looking at selling certain US assets after review.

“We just had a review of the company’s growing global assets… The Guyana discovery is redefining our perspective,” the spokeswoman told Reuters News.

The spokeswoman said CNOOC has no plan to divest stakes in producing oil assets in the Gulf of Mexico, which includes a 25 percent interest in Hess Corp’s (HES.N) Stampede development and a 21 percent stake in Royal Dutch Shell’s (RDSa.L) Appomattox development.

CNOOC is China’s largest producer of offshore crude oil and natural gas. It is a major subsidiary of China National Offshore Oil Corporation (CNOOC) and has been listed in Hong Kong SEHK: 883 and in New York NYSE.