BEIJING/HONG KONG (Reuters) -China’s CNOOC (NYSE:) Ltd has sold its U.S. subsidiary, together with its upstream oil and gas assets in the Gulf of Mexico, to British chemicals group INEOS, according to a CNOOC statement issued on Saturday.
The Chinese oil and gas major said CNOOC Energy Holdings U.S.A. entered into a sales agreement with a subsidiary of INEOS relating to CNOOC’s upstream oil and gas assets in the U.S. part of the Gulf of Mexico.
The deal primarily includes non-operator interests in oil and gas projects such as the Appomattox and Stampede fields.
INEOS paid just under $2 billion for the assets, according to a person with direct knowledge of the matter who was not authorised to speak to media.
CNOOC said the transaction price was in line with market conditions but did not provide a figure, while INEOS declined to comment on the price.
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