CNOOC's $3 bln UK portfolio sale halted on valuation gap -Bloomberg

China National Offshore Oil Corp (CNOOC) headquarters  in Beijing
Men wearing face masks walk past a sign of China National Offshore Oil Corp (CNOOC) outside its headquarters in Beijing, China March 8, 2021. REUTERS/Tingshu Wang

Jan 30 (Reuters) - CNOOC Ltd (0883.HK), China's top offshore oil and gas producer, has halted a planned sale of its UK North Sea portfolio, which could have been valued at as much as $3 billion, Bloomberg News reported on Monday.

Although initial offers failed to meet CNOOC's expectations for the business, it could still resume a sale once conditions improve, the report said, citing people familiar with the matter.

CNOOC did not immediately respond to Reuters request for comment.

Reuters has reported that CNOOC was preparing to exit its operations in Britain, Canada and the United States because of concerns in Beijing the assets could become subject to Western sanctions.

Reporting by Siddharth Jindal in Bengaluru; Editing by Savio D'Souza

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