HNewsWire: One of China’s biggest and most significant corporations has opted to pull the plug before it absolutely needs to, in what seems to be a strong indicator that what follows next will be extremely troublesome.
The US warned China last week that it may face repercussions if it assisted Russia in evading Western sanctions, which have included financial measures that limit Russia’s access to foreign currency and make international transfers more difficult to complete. Furthermore, the US has made it quite clear that any Chinese invasion of Taiwan would be met with the same reaction that Russia is already facing. The suggestion is that one of those two events is going to occur.
According to Reuters, while companies review their portfolios on a regular basis, the exit being planned would take place less than a decade after state-owned CNOOC entered the three countries through a $15 billion acquisition of Canada’s Nexen, transforming the Chinese champion into a leading global producer. According to Reuters estimates, the assets, which include holdings in significant resources in the North Sea, the Gulf of Mexico, and huge Canadian oil sands projects, generate about 220,000 barrels of oil equivalent per day.
CNOOC looks to have had enough, and Reuters reported last month that CNOOC had recruited Bank of America to prepare for the sale of its North Sea assets, which included a share in one of the basin’s major fields. However, Reuters reports that CNOOC has initiated a worldwide portfolio review ahead of its anticipated public offering on the Shanghai stock market later this month, with the goal of largely accessing alternate funds after the de listing of its U.S. shares last October. CNOOC is also taking advantage of an increase in oil and gas prices as a result of Russia’s invasion of Ukraine on February 24, and intends to find customers as Western nations strive to establish their own energy sources to replace Russian energy.
As it departs the West, CNOOC is seeking new assets in Latin America and Africa, as well as prioritizing the development of significant new possibilities in Brazil, Guyana, and Uganda, according to Reuters sources.
Even before it went out of business, CNOOC had to get permission from Washington for its Chinese personnel to visit the United States.
Assets such as deep-water in the Gulf of Mexico are technologically hard, and CNOOC desperately wanted to collaborate with partners to learn, but company leaders were not even permitted to visit the U.S. headquarters. According to the source, it has been a problem for years, and the Trump administration’s blacklisting of CNOOC has made matters worse.
To make things extra obvious, CNOOC stated in its prospectus before to the first public sale that it may face additional fines. We cannot anticipate whether the corporation or its affiliates and partners may be subject to US sanctions in the future if regulations change.
CNOOC has holdings in the onshore Eagle Ford and Rockies shale basins in the United States, as well as interests in two big offshore fields in the Gulf of Mexico, Appomattox and Stampede. Its principal Canadian assets are the oil sands projects at Long Lake and Hangingstone in Alberta.
All of this is a long-winded way of saying what Rabobank’s Michael Every stated in a few words:
According to Reuters, China’s oil major CNOOC is prepared to leave the United Kingdom, Canada, and the United States due to sanctions concerns. Why would it withdraw if China is not going to do anything that may lead to secondary sanctions?
What is the solution? Because China will do things that will expose it to sanctions.
The Russia-China strategic partnership seems to be increasingly ironclad, as Presidents Putin and Xi themselves constantly reaffirm…
Keep in mind that insights about how the end times will occur are fairly obvious. It’s too early to say whether Russia or China will be our adversaries in a conflict. They are not going to do so. This an attempt to bring in the United Nations, the worldwide one-world organization that Satan has commissioned to shackle the global community It is becoming very dangerous at this point, and there will be a march on Israel to destroy it. The United States will be powerless to safeguard Israel.
White Horse (conquest, war, nation against nation, genocide, mass graves, insurgents, mercenaries, WMD, war crimes, refugees)
Sources: HNewsWire HNewsWire HNewsWire HNewsWire
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