China has taken over Scotland's North Sea oil production | WHAT REALLY HAPPENED

China has taken over Scotland's North Sea oil production

China has taken over Scotland's oil production and now controls two of the North Sea's biggest oilfields.

According to The Times' analysis of China National Offshore Oil Corporation's (CNOOC) accounts, a CNOOC-owned company Nexen extracts nearly 200,000 barrels of oil per day across those two fields. This makes it the largest producer in the area.

According to The Times, CNOOC, a state-owned oil company and is controlled by China's ruling communist party, has been able to grow its marketshare in Scotland rapidly because former Chancellor George Osborne gave tax breaks for oil companies in the North Sea.

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