Statoil Sells Interest to Chinese Company

Statoil has sold partial interest in some of its American based energy development leases to the China National Offshore Oil Corporation (Cnooc). Statoil is a major player in the Gulf of Mexico where it has won a number of leases from the U.S. government to develop the region. Cnooc apparently outbid several large companies so as to gain the deal and is now the first ever Chinese company to gain energy rights in the United States. Cnooc still needs to create an American subsidiary and the deal must be approved by the Minerals Management Service before the interest transfer goes through.