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CNOOC to acquire Canada's Nexen

Jul. 24, 2012 (China Knowledge) - CNOOC Ltd<0883>, the largest offshore oil company in China, announced yesterday that it has agreed to take over Canada-based Nexen Inc for US$15.1 billion or US$27.5 per share in cash.

The transaction, the biggest-ever overseas acquisition in the energy sector, will enable CNOOC to get access to offshore oil and gas resources in Canada, the U.K., Mexico and Nigeria.

The Chinese oil company said in a statement filed with the Hong Kong Stock Exchange that it plans to fund the proposed takeover through existing cash resources and external financing.

The deal, which has been approved by the boards of directors of CNOOC and Nexen, still faces government and regulatory reviews from Canada and the U.S, and is expected to be completed in the fourth quarter.

Nexen, whose daily output was about 207,000 barrels of oil equivalent in 2011, expected about 70% of its output this year to come from offshore oilfields.

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