FP/wire say MEG Energy hears CNOOC in a divesting mood

MEG Energy Corp (C:MEG)
Shares Issued 302,398,922
Last Close 11/23/2022 $18.97
Thursday November 24 2022 - In the News

The Financial Post reports in its Thursday, Nov. 24, edition that Chinese oil and gas major CNOOC has sounded out potential buyers of its interests in U.S. oil fields, two unnamed sources said, stepping up its retreat from Western nations amid sanctions concerns and calls for domestic investment. A Reuters dispatch to the Post reports that in April it was rumoured that CNOOC was considering an exit from its operations in Britain, Canada and the United States, because of concerns in Beijing that those assets could become subject to Western sanctions, owing to China's refusal to condemn Russia's unprovoked invasion of Ukraine. CNOOC has hired JPMorgan to advise it on a potential exit from its interests in U.S. shale gas assets, which could raise approximately $2-billion (U.S.), the sources said. The sources cautioned a sale was not guaranteed, and CNOOC could retain these interests if it did not receive suitable offers or political situations changed swiftly. Stockwatch reported on April 14 that CNOOC was a sizable investor in MEG since 2005. Stockwatch said CNOOC owned "28.6 million shares of MEG, or 9.3 per cent of the 307 million shares outstanding."

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