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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