Chinese CNOOC Sells U.S. Assets to British INEOS

CNOOC Ltd, a Chinese company, has sold its U.S. subsidiary along with its oil and gas assets in the Gulf of Mexico to British chemicals group INEOS. The Chinese oil and gas giant stated that CNOOC Energy Holdings U.S.A. has signed a sales agreement with a subsidiary of INEOS regarding CNOOC's oil and gas assets located in the U.S. portion of the Gulf of Mexico. The agreement primarily involves non-operating interests in oil and gas projects such as the Appomattox and Stampede fields. According to a person with direct knowledge of the matter who was not authorized to speak to the media, INEOS made a payment of just under $2 billion for the assets.