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CNOOC completes acquisition of Nexen

CNOOC Ltd. completed its acquisition of Nexen Inc. for $15.1 billion giving the Chinese oil and natural gas company holdings in Nexen’s oil sand and shale gas plays in Canada along with conventional crude oil reserves in the North Sea and Gulf of Mexico.

Closing followed a series of approvals from Canadian, UK, and US regulators (OGJ Online, July 30, 2012).

CNOOC Chairman Wang Yilin called Nexen “a leading international platform.” CNOOC Chief Executive Officer Li Fanrong will assume the chairmanship of Nexen’s board.

Nexen, which will operate as a wholly owned subsidiary of CNOOC, will continue to be led by its existing Chief Executive Officer Kevin Reinhart. CNOOC said Nexen’s headquarters will remain in Calgary.

A new Nexen board including CNOOC representatives, Nexen representatives, and Canadian independent directors was established. Nexen’s stock was expected to be delisted from the Toronto Stock Exchange within days.


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