Via Reuters:

  • PetroChina may sell out from natural gas projects in Australia and oil sands in Canada to stem losses and divert funds to more lucrative sites in the Middle East, Africa and central Asia, two people with knowledge of the matter said.
  • The sales follow an internal review of PetroChina's global portfolio that began last year, the two sources said, declining to be named as the discussions are not public.
  • Unlike CNOOC's sales, PetroChina's divestitures are driven more by the assets' disappointing economics than any fear of U.S. sanctions as it does not own any oil and gas assets in the United States, though political strains with Australia and Canada also played a part, they said.