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.

Related Articles

IAGC appoints new president

09/19/2014 The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.

MARKET WATCH: Crude oil futures down more than $1 in New York, London

09/19/2014 The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

ExxonMobil, Linn to make second asset exchange this year

09/19/2014 ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected