Cnooc’s $3 Billion UK Portfolio Sale Is Said to Have Stalled

Cnooc Ltd. has paused a planned sale of its UK North Sea portfolio, which could have been valued at as much as $3 billion in a deal, according to people familiar with the matter.

Initial offers failed to meet the Chinese oil giant’s expectations for the business, the people said, asking not to be identified as the information is private. While the deal has been put on hold for now, Cnooc could resume a sale once conditions improve, the people said.

A representative for Cnooc didn’t immediately respond to requests for comment.

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