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CNOOC expect Nexen deal to be completed in Q1 of 2013

BY YVONNE LEE

HONG KONG -- CNOOC said it expects its proposed $15.1 billion purchase of Nexen to be completed in the first quarter of 2013.

A CNOOC spokeswoman said the deal is still awaiting overseas government approval so it couldn' t be closed in the fourth quarter, as originally planned. Earlier this month, Canada approved Cnooc' s proposed acquisition of Nexen, clearing a major hurdle for the Beijing-based energy giant in completing what would be China' s biggest ever foreign acquisition. It is also the most ambitious bid by a foreign government-owned entity so far to enter North America' s booming energy industry. The deal is now waiting approval by the United States government.

CNOOC and Nexen were already partners in developing Canada' s oil sands. The Chinese company acquired Nexen' s bankrupt partner, OPTI Canada, which was involved in the Long Lake oil sands project, in 2011. For Cnooc, the Nexen deal comes seven years after the Chinese company' s 2005 failure to acquire Unocal for $18.5 billion.

Dow Jones Newswires

12/28/2012

 

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