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Canada Clears China's $15.1B Bid for Nexen Oil Firm


CNOOC seeks to increase its holdings in Canadian oil sands.
Base Map Source: National Energy Technology Laboratories
The Canadian government approved China's foreign oil company bid of $15.1 billion in cash for Canadian producer Nexen. It is the Asian country's largest attempt to acquire a North American oil firm since 2005.

When the deal is finished, China National Overseas Oil Corporation will pay a 61 percent premium to obtain a firm with oil sand reserves in Alberta, shale gas in British Columbia and oil holdings around the world.

Nexen, in a joint project with CNOOC, is mining oil sands in the Long Lake area of Alberta, but that operation is behind schedule on its production goals.

The move by China to take a bigger stake in North American oil is expected to be a major factor for Canada in developing its energy strategy. For instance, the deal could influence the deliberations of the controversial Northern Gateway pipeline, designed to move Alberta oil sands products to Asian markets.

In 2005 CNOOC tried to acquire Unocal for $18 billion, but was frustrated by political resistance in the United States.


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Canada Clears China's $15.1B Bid for Nexen Oil Firm

Links for the search term: Oil Sands

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Interactive map with layers of different types of resources. The Web site also has maps of the provinces.

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