Chinese energy company Nexen, a unit of CNOOC, is preparing to pull out of the United States amid rising trade tensions, Reuters reports , citing three unnamed sources with knowledge of the company’s plans. Canada-based Nexen became part of CNOOC back in 2013, with the Chinese company paying over US$15 billion. The acquisition gave it a presence in the Gulf of Mexico, including a 25-percent holding in the Stampede field, operated by Hess Corp. and 21 percent in Shell’s Appomattox field. Stampede has recoverable reserves estimated at 300-350 million barrels of oil, while Appomattox holds an estimated 700 million barrels in probable oil and gas reserves. A spokeswoman for CNOOC said, as quoted by Reuters, that the company had no plans of exiting its GOM operations but was considering selling parts of its interests there and had not scheduled any new investment in exploration in the region. Nexen is […]