CNOOC to acquire Nexen for $15.1 billion

07/30/2012
CNOOC Ltd. will acquire Nexen Inc., Calgary, for $15.1 billion as China expands its holdings in worldwide exploration and production operations. CNOOC said the definitive agreement represents a 61% premium to Nexen's common share closing price on July 20, 2012. It said the deal "provides significant long-term benefits to Canada" and has the unanimous approval of the boards of both companies. Shareholder approval will be sought on Sept. 21. Nexen averaged production of 207,000 b/d of oil equivalent after royalties in the quarter ended June 30 and had 900 million boe of proved reserves and 1.122 billion boe of probable reserves at end of 2011. It also had best estimate contingent ...
read-story

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.

 

Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected