Chinese state oil giant CNOOC sees potential for US-China energy cooperation

State-run Chinese energy group CNOOC has highlighted room for collaboration with the United States in the energy sector, according to Business Recorder, which relayed a Reuters report. A senior executive made the remark on Thursday, adding that the firm is prepared to back future investments alongside American partners.

Beijing had bought US oil and gas until imposing tariffs on those products during last year's trade war, and although ties have since improved, the levies stay in place and energy trade is largely stalled. In May, during Donald Trump's trip to Beijing, American officials floated energy deals, including larger Chinese purchases of liquefied natural gas, but no agreement has materialised yet.

General Counsel Xu Yugao said the US is the largest LNG producer and exporter, while China is the largest importer, leaving considerable scope for cooperation, though he gave no details of any deal. CNOOC is one of several Chinese energy firms with long-term supply agreements with US LNG producers, and those firms have been reselling cargoes rather than paying the duties.