Chinese state-owned energy firm CNOOC Ltd. sees potential for renewed U.S.-China energy cooperation, particularly in liquefied natural gas (LNG), despite lingering trade barriers.
CNOOC Chief Executive Huang Yongzhang said the U.S. remains the world’s largest LNG producer and exporter, while China is the largest importer, creating room for future collaboration. The remarks follow a period of improved diplomatic relations, though trade in energy products remains constrained by tariffs imposed during last year’s trade war.
Huang noted that CNOOC and its partners, including U.S. firms, continue to explore investment opportunities where value can be created for shareholders. The comments were made after the company reported its half-year results on Thursday.
During a visit by former U.S. President Donald Trump to Beijing in May, U.S. officials discussed the possibility of energy deals, including increased Chinese purchases of U.S. LNG. No concrete agreements have materialized since then, and Huang did not outline specific transactions in his remarks.
CNOOC holds long-term supply agreements with U.S. LNG producers. Due to the tariffs, the company has resold cargoes rather than paying the duties, reflecting the ongoing challenges in cross-border energy trade despite the broader easing of tensions between the two nations.
