China’s CNOOC says it has ‘no plan to exit’ any region

China’s CNOOC says it has ‘no plan to exit’ any region

China’s CNOOC on Thursday brushed aside recent media reports that the national oil company is considering withdrawing from oilfield investments in the UK, the US and Canada, to diminish its vulnerability to Western-led sanctions targeting Russia, reported the Nikkei Asia. Significantly, CNOOC also denied reports of talks to buy Western asset stakes tied to Russia.

Xie Weizhi, CNOOC’s chief financial officer, told reporters at a quarterly earnings call that the company has “no plan to exit from any particular region.” All of CNOOC’s overseas projects are operating smoothly, he said, and the company has felt no impact from the Russia-Ukraine war or any related sanctions, reported the Nikkei.

Xie stressed that CNOOC is “just like any other” oil company with upstream assets, seeking exploration and development projects worldwide to secure stable production. It engages in a “constant pursuit for opportunities to adjust and optimize the asset composition,” he said, a practice in line with global players.