CNOOC’s $3bn UK portfolio sale halted on valuation gap

CNOOC Ltd, China’s top offshore oil and gas producer, has halted a planned sale of its UK North Sea portfolio, which could have been valued at as much as $3 billion, Bloomberg News reported on Monday.

Although initial offers failed to meet CNOOC’s expectations for the business, it could still resume a sale once conditions improve, the report said, citing people familiar with the matter.

CNOOC did not immediately respond to Reuters request for comment.

China’s CNOOC targets record oil, gas output in 2023

Reuters has reported that CNOOC was preparing to exit its operations in Britain, Canada and the United States because of concerns in Beijing the assets could become subject to Western sanctions.