Also looking to divest natural gas products in Australia
PetroChina’s plan follows a similar strategic shift by smaller state peer CNOOC Ltd., which was preparing to exit its operations in Britain, Canada and the United States because of concerns the assets could become subject to Western sanctions.
Unlike CNOOC’s sales, PetroChina’s divestitures are driven more by the assets’ disappointing economics than any fear of U.S. sanctions as it does not own any oil and gas assets in the United States, though political strains with Australia and Canada also played a part, they said. “Australian gas assets — both Arrow Energy and Browse — are considered among the top ‘negative assets’ in PetroChina’s global portfolio. It’s also an area where CNPC has little competitive edge,” said one of the sources.
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