CNOOC speeds asset buys via partnerships -chairman

BEIJING, Nov 20 (Reuters) - China's top offshore producer CNOOC Ltd (0883.HK: Quote, Profile, Research) has sped up asset acquisitions in tie-ups with international firms, while rising global protectionism has made big company takeovers difficult, its chairman said on Friday.

"Perhaps we've slowed down on buying over companies, but we have accelerated partnerships with firms," CNOOC Chairman Fu Chengyu told reporters on the sidelines of an economic forum.

Earlier this month, CNOOC Ltd, China's No.3 oil and gas producer, agreed to buy a minority stake in four blocks in the Gulf of Mexico from Norway's Statoil (STL.OL: Quote, Profile, Research), making it the first Chinese firm with access to the U.S. Gulf oil reserve.

Its new energy affiliate, CNOOC New Energy Investment, this week entered a partnership with Australia-based firm Altona Energy Plc (ALRE.L: Quote, Profile, Research) to jointly study and develop a coal mine in south Australia.

Fu stressed that trade protectionism was set to rise as the world slowly emerges from crisis, highlighting a factor behind CNOOC's shift in its overseas strategy a year ago -- to refrain from big-scale company acquisitions during a crisis.

"During the time-consuming recovery of the world economy, trade protectionism will only strengthen not weaken," he said.

CNOOC's last major acquisition was the $2.7 billion investment in 2006 for a stake in a deepsea Nigerian oilfield. (Reporting by Chen Aizhu; Editing by Jacqueline Wong)