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Oil & Gas

Chinese oil giant acquires Canada’s Nexen

July 26, 2012
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ALBERTA, Canada — China National Offshore Oil Co. (CNOOC) has reached an agreement to acquire Alberta-based oil and gas producer Nexen Inc. in a transaction valued at $15.1 billion.

According to a press release, Nexen will complement CNOOC Limited''s large offshore production footprint in China and extends CNOOC Limited''s global presence with a high-quality asset base in many of the world''s most significant producing regions — including Western Canada, the U.K. North Sea, the Gulf of Mexico and offshore Nigeria — focused on conventional oil and gas, oil sands and shale gas.

"The acquisition reflects our strong belief in Nexen''s rich and diverse portfolio of assets and world-class management and employees,” said Wang Yilin, chairman of CNOOC Limited. “This is an exciting opportunity for us to build on our existing joint venture relationship with Nexen in Canada, and to acquire a leading international platform in the process. We strongly believe that this acquisition will create long-term value for CNOOC Limited''s shareholders."

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