Pentagon blacklists Cnooc due to military links
Further escalation could lead to Chinese NOC becoming locked out of US-dollar-based financial system
Cnooc, China’s main offshore energy explorer, faces the risk of sanctions from the administration of outgoing US president Donald Trump after the Pentagon added the state-owned NOC to a blacklist of companies with alleged links to the Chinese military. The official blacklisting of Cnooc by the US Department of Defense in early December confirmed days of speculation that the company was in Washington’s crosshairs, and marked the first time one of China’s three NOCs has been directly embroiled in the geopolitical fight between the two superpowers. There is no sign for now that the other two companies, CNPC and Sinopec, will also be blacklisted. Shares in Cnooc’s listed unit in Hong Kong slumpe
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
