Nexen, CNOOC deal receives Canadian approval

Nexen

Canadian-based energy company Nexen Inc. (TSX: NXY) (NYSE: NXY) said Friday that under the terms of the Investment Canada Act, the Honourable Christian Paradis, Minister of Industry, has approved the proposed acquisition of Nexen by CNOOC Limited (CNOOC). No further approvals are required in Canada.

"This is an important milestone in the process and confirms our belief that this transaction provides a number of significant benefits to Canada and to Nexen," said Kevin Reinhart, Nexen's interim President and CEO. "We remain focused on working with CNOOC to bring this transaction to a close."

The closing of the acquisition remains subject to the receipt of applicable government and regulatory approvals, and the satisfaction or waiver of the other customary closing conditions.

Nexen is focused on three growth strategies: oil sands and shale gas in western Canada and conventional exploration and development primarily in the North Sea, offshore West Africa and deepwater Gulf of Mexico.

Related Articles

IHS: Canadian oil sands investment will support more than 753,000 jobs by 2025

02/11/2014 The economic contributions of oil sands—currently greater than that of Saskatchewan, Canada’s fifth largest province—will grow substantially in coming years as oil sands production is expected to d...

Statoil, PTTEP swap Canadian oil sands assets

01/31/2014

Statoil and the Thai exploration and production company PTTEP have signed an agreement to divide their respective interests in the Kai Kos Dehseh (KKD) oil sands project in Alberta, Canada.

Gulfport Energy CEO to retire

01/29/2014 James Palm, CEO of Gulfport Energy Corp. (Nasdaq:GPOR), has announced his intent to retire from the company on February 15, 2014. In addition, Palm will resign from the company's Board of Directors...

Shale oil impacting global markets

10/10/2013

The US and Canada combined will be self-sufficient in total liquids before 2020

More Oil & Gas Financial Articles

IHS: Canadian oil sands investment will support more than 753,000 jobs by 2025

Tue, Feb 11, 2014

The economic contributions of oil sands—currently greater than that of Saskatchewan, Canada’s fifth largest province—will grow substantially in coming years as oil sands production is expected to double by 2025.

Statoil, PTTEP swap Canadian oil sands assets

Fri, Jan 31, 2014

Statoil and the Thai exploration and production company PTTEP have signed an agreement to divide their respective interests in the Kai Kos Dehseh (KKD) oil sands project in Alberta, Canada.

Gulfport Energy CEO to retire

Wed, Jan 29, 2014

James Palm, CEO of Gulfport Energy Corp. (Nasdaq:GPOR), has announced his intent to retire from the company on February 15, 2014. In addition, Palm will resign from the company's Board of Directors effective February 15, 2014.

Sunshine Oilsands signs joint operating agreement for Muskwa, Godin areas

Mon, Oct 21, 2013

Shale oil impacting global markets

Thu, Oct 10, 2013

The US and Canada combined will be self-sufficient in total liquids before 2020

Most Popular

Oil & Gas Jobs

Search More Job Listings >>
Subscribe to OGFJ