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Expect Chinese Oil Majors to Focus More Attention on the Global South to Avoid Sanctions in Global North

File image of the local office of the China National Offshore Oil Corporation (CNOOC) Uganda that is now actively extracting oil from the southeast portion of Lake Albert in western Uganda. YASUYOSHI CHIBA / AFP

Chinese oil giant CNOOC is reportedly preparing to halt its operations in Britain, Canada and the United States out of concern that its assets there could be subject to economic sanctions related to the Russian war in Ukraine, according to Reuters.

The divestiture from these markets is going to be painful for CNOOC given the scale of its operations in the Gulf of Mexico and Canada, in particular, that includes the $15 billion acquisition of Canadian oil company Nexen.

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