Pentagon blacklists Cnooc due to military links
Further escalation could lead to Chinese NOC becoming locked out of US-dollar-based financial system
Cnooc, China’s main offshore energy explorer, faces the risk of sanctions from the administration of outgoing US president Donald Trump after the Pentagon added the state-owned NOC to a blacklist of companies with alleged links to the Chinese military. The official blacklisting of Cnooc by the US Department of Defense in early December confirmed days of speculation that the company was in Washington’s crosshairs, and marked the first time one of China’s three NOCs has been directly embroiled in the geopolitical fight between the two superpowers. There is no sign for now that the other two companies, CNPC and Sinopec, will also be blacklisted. Shares in Cnooc’s listed unit in Hong Kong slumpe
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
