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China takes control of North Sea oil drilling

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China has become the largest crude oil operator in the North Sea despite boasting that it uses deep-water oilrigs as strategic weapons.

The scale of Chinese growth in the region meant that Britain handed about £2 billion in tax breaks to one state-run oil company last year, analysis by The Times has shown.

China National Offshore Oil Corporation (Cnooc), which is controlled by the Communist Party in Beijing, runs two of the North Sea’s biggest oilfields. Nexen, a Cnooc-owned company, is responsible for extracting almost 200,000 barrels a day in the area, more than 10 per cent of output. – READ MORE

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  • C. D. Carney

    This is why I don’t like the idea of Cuba selling their rights to drill in the Gulf of Mexico to China. We get environmental groups telling us we’ll get more Gulf oil spills but China will be immune to any such environmental concerns and drill in our back yard and tell us we have no basis to sue them and refuse to comply.

  • Ellie M F

    China will be the richest Country while Obama is out golfing.
    What’s with this Communist China that Hillary Clinton supposedly has an Agenda with working against us in trade.
    No Hillary

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  • John R

    The reality of oil is that when the USA signed a pact with OPEC to use US$ as the only trading currency, they also caused the whole world to get into bed with the OPEC countries. Go figure. Now that china is taking over oil fields, no good will come of it. Mark my words