• Tue
  • Dec 23, 2014
  • Updated: 1:56am

Nexen

CNOOC shares hit by sober outlook

The headquarters of China National Offshore Oil Corp (CNOOC) in Beijing. Photo: Reuters

CNOOC shares fell the most in more than two years yesterday after the energy giant announced lower-than-expected projections for its output this year and next. Shares in the mainland's dominant offshore oil and gas producer fell 6.3 per cent to HK$13.08.

Wednesday, 22 January, 2014, 1:31pm

CNOOC weighs up LNG expansion in Canada

It has been estimated that demand for LNG in Asia will surge from 140 million tonnes this year to 500 million tonnes in 2030. Photo: AP

CNOOC, China's dominant offshore oil and gas producer, has agreed to examine the viability of building facilities on the west coast of Canada to liquefy and export natural gas produced from interior fields, as part of the country's efforts to secure more energy sources.

14 Nov 2013 - 1:24am

CNOOC joins the rush with US$4b bond sale

CNOOC joins the rush with US$4b bond sale

The mainland's largest offshore energy explorer undertook a record offering of securities to replace part of a loan used to acquire Nexen, which operates in Canada's oil sands, data shows. The company paid 3 per cent to sell debt due 2023, 87.5 basis points less than a year earlier, after 10-year Treasury yields last week fell to the lowest since December. Mainland borrowers are paying an average of 45 basis points less than in 2012 for US dollar loans.

7 May 2013 - 4:27am

CNOOC on the lookout for more deals post-Nexen

CNOOC chairman Wang Yilin said the process involved in acquiring Nexen was "full of difficulties and convolutions". Photo: May Tse

CNOOC will continue to seek growth opportunities abroad after completing mainland China's largest overseas acquisition, which its chairman said was full of challenges. China's largest offshore oil and gas producer completed on February 26 the US$15.1 billion acquisition of Canada-based Nexen, which has assets in North America, Europe and Africa.

23 Mar 2013 - 5:14am

Nexen deal shows how Chinese firms can do business in US

The CNOOC-Nexen deal shows foreign acquisitions needn't be a minefield for Chinese firms. Photo: Reuters

The fact that China National Offshore Oil Corporation's US$15.1 billion acquisition of Calgary-based Nexen went through successfully, with the required US approval, shows that direct investment capital flows from China are not always subject to political hijacking, as many on the mainland claim.

18 Mar 2013 - 1:41am 1 comment

Nexen deal sees US hobble CNOOC in Gulf fields

Li Fanrong of CNOOC and Nexen's Kevin Reinhart. Photo: Reuters

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.

3 Mar 2013 - 5:17am

CNOOC will face serious challenges managing Nexen

How CNOOC integrates and manages Nexen will provide a noteworthy example for major state-owned enterprises to follow in the future.

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 manages Nexen will provide a noteworthy example for major state-owned enterprises to follow in the future.

20 Feb 2013 - 4:12am

CNOOC-Nexen deal opens Canadian investment door

Canadian authorities have approved the acquisition of Nexen Inc by China's CNOOC Ltd. Photo: Reuters

After careful consideration, the Canadian government has finally approved the acquisition of Nexen by the China National Offshore Oil Corporation (CNOOC). The decision, twice delayed because of significant opposition, has cleared some important hurdles for China's largest foreign investment project and for Canada's second-largest foreign acquisition in history.

15 Dec 2012 - 3:30am

Goldman, BMO among banks to get fees for Nexen, Progress

Bankers are in line for a fee bonanza after Canada gave the all-clear for takeovers of two energy firms – Nexen and Progress Energy Resources. Photo: EPA

Goldman Sachs, Bank of Montreal and other financial firms stand to claim as much as US$150 million in investment-banking fees after Canada approved the foreign takeovers of Nexen and Progress Energy Resources.

10 Dec 2012 - 3:07pm

Cnooc may have to cede control of rigs near base for Nexen deal

US security officials may insist that Chinese oil and gas giant Cnooc give up control of drilling platforms near a major US military facility to win approval of a bid for Canada’s Nexen. Photo: Bloomberg

China’s biggest offshore oil and gas producer may have to give up control of drilling platforms 50 miles from a major US military base to win government approval for its US$15.1 billion purchase of Canada’s Nexen.

7 Dec 2012 - 11:13am

CNOOC resubmits bid for Nexen to US regulators

CNOOC has withdrawn and resubmitted its bid for Canada's Nexen to United States regulators for approval. Photo: Bloomberg

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.

29 Nov 2012 - 3:46am

Chinese envoy to Canada denies company spying

Chinese ambassador to Canada, Zhang Junsai. Photo: SCMP

Beijing’s envoy to Canada on Saturday denied that Chinese companies were involved in industrial espionage, and challenged anyone to prove the contrary.

“I can assure you that our companies working in other countries are strictly doing business according to the local laws,” Ambassador Zhang Junsai told CBC radio.

18 Nov 2012 - 10:55am

Working with China is a far more productive strategy than exclusion

It is a much better option for the West to co-operate with a politically evolving country than to fight it.

It is hard to tell which society, Asian or Western, is imprisoned by the more retrograde ideas. Equally so, pleasant surprise is the result of hearing that new and positive attitudes take root in what was previously infertile political soil.

27 Oct 2012 - 3:00am 5 comments

Briefs, October 26, 2012

Third-quarter earnings of Nexen plunged.

Shale gas auction attracts 152 bids

The mainland's second round of shale gas auctions drew 152 bids from 83 companies as non-state firms were allowed to take part for the first time. China, which has the world's biggest shale gas reserves, has yet to produce the fuel commercially. The blocks auctioned cover 20,002 square kilometres across eight provinces. Bloomberg  

26 Oct 2012 - 2:50am

Huawei row shines light on East-West culture clash

Photos: AP, Reuters

US security fears over two China telecom firms have spotlighted Western suspicions that Chinese companies are state-influenced, a culture clash analysts say could loom larger as the country’s businesses look overseas.

29 Aug 2013 - 4:13am

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