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Mon Nov 30, 2020, 11:26 AM

China Oil Giant CNOOC Targeted by U.S. After Years of South China Sea Tension

Source: Bloomberg

Chinaís third-biggest oil company faces a U.S. blacklist, which could spur major outflows from its Hong Kong-listed unit, after years of involvement in offshore drilling in disputed South China Sea waters.

China National Offshore Oil Corp., the nationís main deepwater explorer, is among four companies to be added to a list of firms owned or controlled by the Chinese military, Reuters reported. The move comes as the Trump administration plans several new hard-line moves against Beijing in the final weeks of its term.

CNOOC is the smallest of Chinaís so-called big three state-owned oil majors after China National Petroleum Corp. and China Petrochemical Corp., also known as Sinopec. CNOOCís operations in the South China Sea have run into controversy because China claims drilling rights in waters far from its borders, and within 200 miles of countries like Vietnam and the Philippines.

Read more: https://www.bloomberg.com/news/articles/2020-11-30/cnooc-targeted-by-u-s-after-years-of-south-china-sea-tension



What a concept, actually targeting those involved in stealing from other countries in the South China Sea rather than just flailing.

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