China is now the largest oil operator in the North Sea thanks in part to huge tax breaks by Britain, despite the communist country claiming the operations are “strategic weapons.”
The country’s oil expansion in the area means that Britain dolled out nearly $2.6 billion in tax breaks to one of China’s communist-run oil company, according to a report Tuesday by The Times.
The China National Offshore Oil Corporation (CNOOC) operates two of the North Sea’s biggest oilfields. One CNOOC-owned company, Nexen, has produced 200,000 barrels a day in the area.
British analysts say China’s dominance in the North Sea is an example of the country using “soft power” to sway influence in the region — the move to increase oil production is happening as oil prices continue to hit historical lows. – READ MORE
