CNOOC Buys Canada’s Nexen for $15.1 Bln

CNOOC Buys Canada's Nexen for $15.1 Bln

China’s state-controlled oil company CNOOC Limited announced today that it has completed its acquisition of Canada’s oil company Nexen Inc. . Total consideration of approximately US$15.1 billion has been paid for Nexen’s common and preferred shares.

Wang Yilin, Chairman of CNOOC Limited said, “The Company is delighted to acquire a leading international platform through the acquisition of Nexen. We strongly believe that this acquisition is a good strategic fit for us and will create long-term value for our shareholders.”

Li Fanrong, Chief Executive Officer of the Company commented, “Nexen is a strong, diverse company with attractive growth prospects, a large resource and reserve base, high potential exploration prospects, and high quality talented employees capable of extracting the value of these assets. We will thoroughly utilize the platform it provides to further our overseas business. ”

Nexen will operate as a wholly-owned subsidiary of CNOOC Limited, and will continue to be led by CEO, Kevin Reinhart, who has been with Nexen for over 18 years. A new Board of Directors comprised of CNOOC Limited, existing Nexen management and Canadian independent directors has been established, with Li Fanrong as Chairman of the Board.

Related:

Rep. Markey Against CNOOC’s Royalty-Free Drilling in US

U.S. Regulator Gives Nod to CNOOC-Nexen Deal

February 26, 2013

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