Chinese snap up North Sea fields

Nearly 10% of UK North Sea oil and gas production is expected to fall into the hands of Chinese firms under two major deals announced yesterday.

In the country’s first significant move into the North Sea, state-controlled firms CNOOC and Sinopec revealed acquisitions totalling over £10billion.

Beijing-based CNOOC (China National Offshore Oil Corporation) offered £9.6billion for Canadian stock market-listed Nexen.

This would give it control of the Buzzard field – the UK’s largest producing oil field – and the £2billion Golden Eagle development, as well as other production and exploration potential.

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