According to Nikkei Asia, China’s biggest state-owned oil giant, China National Offshore Oil Corporation (CNOOC), has “no plan to exit” any region.

At a quarterly earnings call, Chief Financial Officer of CNOOC, Xie Weizhi, said that the firm has “no plan to exit from any particular region.” He added that all CNOOC’s overseas projects are running smoothly, and the company has had no impact from the Russia-Ukraine war or any sanctions.

This information contrasts the recent reports affirming that CNOOC planned to move out of key markets.

Earlier, Reuters reported from industry sources on April 13 that the company was prepared to withdraw its operations in Britain, the U.S., and Canada due to its concerns over Western sanctions.

In March, the oil company hired Bank of America to prepare for the sale of its North Sea assets, which comprise a stake in one of the basin’s major fields.

After Shell announced last week that it would exit its 27.5% stake in the Sakhalin-2 liquefied natural gas project in the Russian Far East, all three Chinese oil giants: CNOOC, China National Petroleum Corp., and China Petrochemical, were eager to jump in.

CNOOC also has a 10% stake in the Arctic liquefied natural gas project.

Bloomberg reported in March that Beijing was telling its state-owned firms, including CNOOC, to find any opportunities for potential investments in Russian companies or assets, especially energy companies.

CNOOC announced on April 11 that it plans to raise 28.08 billion yuan ($4.41 billion) from a Shanghai listing. According to Reuters, this will make it the 11th-biggest public offering on the mainland.

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