Key facts
- CNOOC CEO Huang Yongzhang sees potential for energy cooperation between China and the U.S.
- CNOOC would consider future investments with U.S. partners.
- Existing tariffs from the U.S.-China trade war remain in place, impacting energy trade.
- The U.S. is the largest LNG exporter, while China is the largest importer.
- Chinese energy companies with U.S. LNG deals are reselling cargoes to bypass tariffs.
Chinese state-owned oil and gas major CNOOC sees potential for energy cooperation between China and the United States, according to CEO Huang Yongzhang. He added that the company would consider investments alongside U.S. partners in the future.
China was a buyer of U.S. oil and gas until Beijing imposed tariffs on these products during the trade war. While relations have improved, the tariffs remain, largely freezing energy trade. During President Donald Trump's visit to Beijing in May, U.S. officials discussed potential energy deals, including increased Chinese purchases of liquefied natural gas, though no concrete agreements have materialized.
"The U.S. is currently the world's largest producer and exporter of LNG, while China is currently the largest importer of LNG — so there is actually still a lot of room for cooperation in the future," Huang stated, without providing specific details on potential deals.