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GasBuddy News Article

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CNOOC Become First Ever Chinese Firm to Invest in Canadian Oil Sand Production

OIL Price -- In move that offers more proof of Canada’s shift from the US towards China as its number one oil and natural gas partner, CNOOC Ltd. have made a deal to buy Nexen Inc. for $15.1 billion. It will be the first time ever that a Chinese company owns and operates a Canadian oil sands production facility.

If you look at it the US really brought this on themselves; first by spurning China, then Canada. Chinese firms have focussed on Canada more and more in recent years after US political opposition saw CNOOC’s $18.5 billion bid for the California based Unocal Corp. fall through in 2005. Canada has been looking for an alternative market for its oil after President Obama blocked plans for the Keystone XL pipeline last year.

In a lighter version of ‘the enemy of my enemy is my friend’, Canada and


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Submitted Jul 25, 2012 By: mastermariner
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REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

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Message Posted: Jul 28, 2012 6:56:41 AM

China buys what the US can't afford.
RONALD777
Champion Author Houston

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Message Posted: Jul 27, 2012 10:17:32 PM

Obama can take a bow for this fiasco.
bikerchicklette
Champion Author Washington

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Message Posted: Jul 26, 2012 8:53:19 AM

yea ?
W4YAH
Champion Author Florida

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Message Posted: Jul 25, 2012 11:53:46 AM

A day late and a dollar short.
doctorindyj
Champion Author Santa Fe

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Message Posted: Jul 25, 2012 10:02:20 AM

More power to them. Less to us.
nj2000ng
Champion Author Houston

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Message Posted: Jul 25, 2012 9:30:54 AM

ok
mswillia
Champion Author Milwaukee

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Message Posted: Jul 25, 2012 8:52:11 AM

highest bidder gets the merchandise
treehood
Champion Author San Diego

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Message Posted: Jul 25, 2012 8:47:08 AM

The US did not bring this upon ourselves. The current administration brought this about. Gee, I wonder why?
ARCO
Champion Author Pittsburgh

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Message Posted: Jul 25, 2012 8:45:54 AM

WON'T BE THE LAST
bluebird1
Champion Author Toronto

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Message Posted: Jul 25, 2012 8:41:52 AM

It's a first for owning facility outright but far from the first Chinese investment in the Oil sands!!!
vcsuksu21
Champion Author Virginia

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Message Posted: Jul 25, 2012 8:41:08 AM

ok
jwalkerh
Champion Author Louisiana

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Message Posted: Jul 25, 2012 8:36:38 AM

China is not picky...
ted4636
Champion Author Cleveland

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Message Posted: Jul 25, 2012 8:34:12 AM

ok
Hangnail309
Champion Author Manitoba

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Message Posted: Jul 25, 2012 8:33:51 AM

China, everywhere China ...
bikerchicklette
Champion Author Washington

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Message Posted: Jul 25, 2012 8:32:51 AM

ok
Minutefan
Champion Author Springfield

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Message Posted: Jul 25, 2012 8:32:22 AM

Interesting development.
techque
Champion Author St. Louis

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Message Posted: Jul 25, 2012 8:32:19 AM

the road to the end of North American prosperity.
curlypooh
Champion Author New Jersey

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Message Posted: Jul 25, 2012 8:32:11 AM

We need a revolution in china
oppdetcon
Champion Author Ottawa

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Message Posted: Jul 25, 2012 8:31:35 AM

Money is the root of all evil...
schvanda63
Champion Author Lansing

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Message Posted: Jul 25, 2012 8:31:13 AM

So instead of buying the oil AFTER it was run through the Keystone (if it was built), the Chinese are cutting out the middle man (the US) and buying it direct (and probably cheaper). China gets the oil either way. All the Keystone pipeline was going to do was make it easier to sell Canadian oil to the world market, NOT THE USA.
tribill
Champion Author Twin Cities

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Message Posted: Jul 25, 2012 8:30:54 AM

Whatever...
Lologogo
Champion Author Twin Cities

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Message Posted: Jul 25, 2012 8:30:00 AM

Great, now a country that cares even less about the environment is going to be running a very sensitive, and delicate operation on this continent. We might as well say goodbye to all the animals now, because they will all be gone in our lifetime.
js0743
All-Star Author Georgia

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Message Posted: Jul 25, 2012 8:29:56 AM

No surprise there.
HoosierDaddyKY
Champion Author Kentucky

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Message Posted: Jul 25, 2012 8:29:53 AM

Very interesting!
rnlunder
Champion Author Waco

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Message Posted: Jul 25, 2012 8:29:35 AM

Yep, another Obama misque. If he had approved the Keystone Pipeline as he should have done, this would have never happened....Now China owns all the oil, and we all know that China will build their own pipeline to the Pacific and they will reap the benefits of all that oil.
mitchells
Champion Author Montreal

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Message Posted: Jul 25, 2012 8:27:56 AM

They mainly bought NEXEN not for the oil sands, but for their other international reserves, like in the North Sea, since there's no way to currently get Canadian Oil Sands oil to China
ratboy1968
Champion Author Montreal

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Message Posted: Jul 25, 2012 8:27:39 AM

ok
doncNJ
Champion Author New Jersey

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Message Posted: Jul 25, 2012 8:27:10 AM

And now China will get the oil than we could have had with the keystone pipeline.
TBecker1415
Champion Author Missouri

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Message Posted: Jul 25, 2012 8:27:03 AM

bad for US.
RockCity
Champion Author Denver

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Message Posted: Jul 25, 2012 8:26:51 AM

We will get back on track (big business running this country) soon enough. Most of mittens main team is comprised of the bush, cheney crowd. They will have us back to where we were in 2008 in no time perhaps.
OldMan322
Champion Author Illinois

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Message Posted: Jul 25, 2012 8:26:26 AM

Thank you Mr. 'Nobama'
BigBrat
Champion Author Phoenix

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Message Posted: Jul 25, 2012 8:26:16 AM

okj
maryph1958
Champion Author Cincinnati

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Message Posted: Jul 25, 2012 8:26:01 AM

ok
Goatroper
Champion Author Dallas

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Message Posted: Jul 25, 2012 8:24:46 AM

"Canada has been looking for an alternative market for its oil after President Obama blocked plans for the Keystone XL pipeline last year." says it all
leraar2
Champion Author Massachusetts

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Message Posted: Jul 25, 2012 8:24:26 AM

more BS from international oil companies
that have no loyalty to any country.
ZeroBoxes
Champion Author Mississippi

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Message Posted: Jul 25, 2012 8:24:12 AM

What a missed opportunity.

Stupidity is permanent; ignorance can be educated.

The student also much show up and be willing to listen, question, and exchange ideas.

Nuff said.
jh1552
Sophomore Author Cincinnati

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Message Posted: Jul 25, 2012 8:23:21 AM

ok
Blue_Cruzer
Champion Author Lexington

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Message Posted: Jul 25, 2012 8:22:53 AM

Money talks>
mnbeancounter
Champion Author Minnesota

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Message Posted: Jul 25, 2012 8:22:53 AM

Should have started on Keystone this last spring
cincommutr
Veteran Author Cincinnati

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Message Posted: Jul 25, 2012 8:22:51 AM

Not like the U.S. gov. wasn't warned.
bozo
Champion Author Boston

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Message Posted: Jul 25, 2012 8:21:41 AM

not good.
ModelWarships
Champion Author Missouri

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Message Posted: Jul 25, 2012 8:20:40 AM

sigh
DerTaubman
Champion Author Detroit

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Message Posted: Jul 25, 2012 8:19:35 AM

So the US isnt the only country selling out to China.
Goody2317
All-Star Author Wilmington

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Message Posted: Jul 25, 2012 8:19:05 AM

Unless it is (failed) green energy technology, this president does not want to invest in anything that would keep this country dependent on fossil fuels (Keystone Pipeline).
oldred11
Champion Author Indianapolis

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Message Posted: Jul 25, 2012 8:19:03 AM

We knew this was coming, it was reported last year. Why is it now a surprise?
2gjh
Champion Author North Dakota

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Message Posted: Jul 25, 2012 8:18:41 AM

Thanks to Obummer
radiorumor
Champion Author Texas

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Message Posted: Jul 25, 2012 8:18:27 AM

It’s all about money; I could have bought this if I had 15.2 billion
LostToo
Champion Author Illinois

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Message Posted: Jul 25, 2012 8:18:20 AM

Well... It.... Will.... Make for easir supplie lines for when we blokade Canadian.
angel4me
Champion Author San Jose

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Message Posted: Jul 25, 2012 8:18:17 AM

the Chinese already own most of the world......
autohio
Champion Author Ohio

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Message Posted: Jul 25, 2012 8:17:24 AM

Bound to happen
rosyLI
Champion Author Long Island

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Message Posted: Jul 25, 2012 8:15:25 AM

China is taking over and Obama is sitting on his head.
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