CNOOC-Nexen deal

China National Offshore Oil Corporation (CNOOC) is the third-largest national oil company in China, after CNPC (parent of PetroChina), and China Petrochemical Corporation (parent of Sinopec). It focuses on exploration and development of crude oil and natural gas offshore of China. CNOOC Group is owned by the government, and its subsidiary, CNOOC Ltd is listed in Hong Kong. Another subsidiary, China Oilfield Services, is listed in Hong Kong and New York. In July 2012, CNOOC announced an agreement to acquire Nexen, a Canadian oil and gas company, for approximately US$15.1 billion.

ENERGY

Nexen deal sees US hobble CNOOC in Gulf fields

3 Mar 2013

CNOOC's purchase of Nexen includes about 200 deep-water leases in the Gulf. The company surrendered operating control of them to quell US national security concerns.

China’s CNOOC agrees to alter Nexen’s US oil lease, says reports

2 Mar 2013

Chinese oil giant CNOOC Ltd has agreed to changes its oil-drilling leases in the Gulf of Mexico to quell US national security concerns as a condition for US approval of its $15 billion (HK$116.32...

CNOOC will face serious challenges managing Nexen

20 Feb 2013

CNOOC's acquisition of Nexen is being watched closely, given that it is China's largest overseas investment acquisition to date. How the China National Offshore Oil Corporation integrates and...

Business Management: China's M&A deals

5 Jan 2013

Chinese companies are increasingly using overseas mergers and acquisitions (M&As) as a way of acquiring new capabilities as they expand globally.

Canada approves CNOOC's Nexen takeover

8 Dec 2012

Canadian Prime Minister Stephen Harper approved the HK$117 billion takeover of Canadian oil-sands firm Nexen by China's CNOOC on Friday. The deal is the largest ever takeover by a Chinese company...

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CNOOC may give up control of rigs near military base for Nexen deal

China's biggest offshore oil and gas producer may have to give up control of drilling platforms 80 kilometres from a major US military base to win government approval for its US$15.1 billion...

Nexen gives CNOOC price power

Hong Kong-listed CNOOC's US$15.1 billion takeover of Nexen would give the Chinese company the largest stake of an oil field in the North Sea that "has increasingly influenced" global oil prices,...

CNOOC resubmits bid for Nexen to US regulators

Chinese oil and gas giant CNOOC has withdrawn and resubmitted its C$15.1 billion (HK$117.8 billion) bid for Canada's Nexen to United States regulators for approval.

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