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China oil giant buys into North America

CNN Money -- A major Chinese oil producer has gained a big toehold in North America's energy market with a $15.1 billion acquisition of a Canadian company.

Calgary-based Nexen Inc. said Monday that it has agreed to be acquired by China's CNOOC Ltd. in a cash transaction. The deal values Nexen shares at $27.50 each, a 61% premium from Friday's closing price of $17.06.

Nexen's assets in North America include exploration and development in the Gulf of Mexico and shale oil development in British Columbia.
The company also has operations in the North Sea off the coast of Great Britain and off the coast of Nigeria.
Nexen said the deal will require the approval of regulators, including those in the United States. The deal is expected to close by the end of the year.


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Submitted Jul 23, 2012 By: BurntOrange
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: China oil giant buys into North America Back to Topics
REPLIES (newest first) Post a Reply
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sparky808
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Message Posted: Jul 24, 2012 12:27:35 PM

Thank you for posting.
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BMWer
Champion Author Calgary

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Message Posted: Jul 24, 2012 11:48:49 AM

This still needs a government approval.
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otherdave
Champion Author Indiana

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Message Posted: Jul 24, 2012 6:01:53 AM

NIIIIIIIIIIIIIICE!
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hogfan24
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Message Posted: Jul 24, 2012 4:12:39 AM

Ok
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djgunrunner
Champion Author Salt Lake City

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Message Posted: Jul 24, 2012 3:06:41 AM

Greed vs security. In Canada now going to belong to China, bought fair and square?
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tidalwave3
Champion Author Tallahassee

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Message Posted: Jul 24, 2012 2:54:09 AM

Why doesn't China have oileir country?
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UseLessGasFolks
Champion Author Iowa

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Message Posted: Jul 24, 2012 12:30:43 AM


Do not buy ANYTHING made in China. You just contribute to the problem when you do.
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LanguageMan1
Champion Author Tampa

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Message Posted: Jul 24, 2012 12:12:16 AM

Not good, and Democrats and Republicans both would say "...the Chinese are our friends..."
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defiancegasman
Champion Author Ohio

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Message Posted: Jul 24, 2012 12:07:16 AM

Yet AMERICAN AND CADAIAN companies are NOT ALLOWED to buy any Companies in CHINA. And CHINA is STOPPING certian raw materials like the METALS used in Lithium batteries from being exported, for their NATIONAL GOOD.

The 1% will sell everything for THEIR MONEY and the HELL with the rest of the people!
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pgerassi
Champion Author Milwaukee

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Message Posted: Jul 23, 2012 11:27:35 PM

Charge them a $10 billion asset transfer fee.
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bills299
Champion Author Atlanta

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Message Posted: Jul 23, 2012 11:27:24 PM

Wow!
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heartbroken2010
Champion Author Ottawa

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Message Posted: Jul 23, 2012 11:27:07 PM

big population there to keep working so they have the money and will buy all they can.
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gmcgas
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Message Posted: Jul 23, 2012 11:25:09 PM

not good.
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mark1962
Champion Author Albany

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Message Posted: Jul 23, 2012 11:22:21 PM

They own us!
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pastorpaulcg
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Message Posted: Jul 23, 2012 11:22:06 PM

Ok
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69Bonne
Champion Author Gary

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Message Posted: Jul 23, 2012 11:21:56 PM

Just wait and see when China wants to control their assets. They will control world oil prices and make it easier for them to get more oil. pretty scary.
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jetskijerry
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Message Posted: Jul 23, 2012 11:20:23 PM

China owns us
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tedjm1
Champion Author New York

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Message Posted: Jul 23, 2012 11:20:16 PM

Watch carefully. China could cause a big problem as they acquire a large holding in energy.
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theWizK
Champion Author Columbus

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Message Posted: Jul 23, 2012 11:20:08 PM

Yikes
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GigHarborHound
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Message Posted: Jul 23, 2012 11:19:53 PM

Not good!!!
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WebGabe
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Message Posted: Jul 23, 2012 11:19:49 PM

Time to start learning Chinese.
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crreed1
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Message Posted: Jul 23, 2012 11:17:02 PM

they are moving in
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RADIOCANADA499
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Message Posted: Jul 23, 2012 11:16:58 PM

Cool!!!
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JamesCalvin
Champion Author Lancaster

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Message Posted: Jul 23, 2012 11:16:58 PM

Do they get to vote in our election?
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CdnLynx
Champion Author Ontario

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Message Posted: Jul 23, 2012 11:16:47 PM

People continue to rebuke President Obama (and other pseudonym's) as the root cause of all the American problems. You might as well blame Groucho Marx or Charlie Chaplin, makes about as much sense!
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bra0712
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Message Posted: Jul 23, 2012 11:15:51 PM

Yippie
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Rooster922
Champion Author Wilmington

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Message Posted: Jul 23, 2012 11:15:50 PM

I could hardly comprehend what's going on.
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silverfox63
Champion Author Michigan

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Message Posted: Jul 23, 2012 11:15:48 PM

China is every where you look and we better take notice to this and soon.
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miser709
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Message Posted: Jul 23, 2012 11:15:27 PM

To political.
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Nicoalbum
Champion Author Ottawa

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Message Posted: Jul 23, 2012 11:15:00 PM

China is taking over slowly everywhere.
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Number43
Champion Author Lexington

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Message Posted: Jul 23, 2012 11:13:55 PM

In the case of a global shortage it will be China that will have the oil.
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TFowler513
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Message Posted: Jul 23, 2012 11:13:20 PM

China is going for global domination!!!
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regout
Champion Author Quebec

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Message Posted: Jul 23, 2012 11:13:04 PM

Hope our government will not agree to that offer.
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1fulltank
Champion Author Buffalo

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Message Posted: Jul 23, 2012 11:11:42 PM

The selling of Canada, like the selling of the USA.
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Number43
Champion Author Lexington

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Message Posted: Jul 23, 2012 11:11:35 PM

Well said ssect8.China will soon own this place.
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Bud122CA
Champion Author California

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Message Posted: Jul 23, 2012 11:10:41 PM

I thought they did this already when Obama sold our National Parks to China for the $800 TRILLION "loan".
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Bigwaynef
Champion Author South Carolina

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Message Posted: Jul 23, 2012 11:10:18 PM

I woner how much oBaMa gets to pocket...
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ssect8
Champion Author Hartford

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Message Posted: Jul 23, 2012 11:07:47 PM

China has lots of money and they smarter than the idiots in DC, especially the white house and the democraps.
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sprocketsplines
Champion Author Washington

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Message Posted: Jul 23, 2012 11:06:41 PM

With crude oil prices dropping and exploration costs increasing, the net margin is vanishing so for a company in this situation if given a chance, they'll sell, take the money and run! It's better than turning the wells off.
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Ticoman54
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Message Posted: Jul 23, 2012 11:06:24 PM

Is anyone surprised?
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jem069
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Message Posted: Jul 23, 2012 11:06:02 PM

Ok
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rahcat
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Message Posted: Jul 23, 2012 11:05:59 PM

Watch out
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langolera
Champion Author Akron

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Message Posted: Jul 23, 2012 11:05:29 PM

they own alot already.
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CdnLynx
Champion Author Ontario

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Message Posted: Jul 23, 2012 11:05:11 PM

Tigerpaw - "China will manage to cut themselves a deal on paying for the oil they get even from the Gulf of Mexico"
China will pay the same as anybody else as the price of oil is controlled by the commodities exchange. It goes up and down during the day on the markets.
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joel27nc
Champion Author Raleigh

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Message Posted: Jul 23, 2012 11:05:01 PM

Ouch
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Dodge_Me
Champion Author Atlanta

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Message Posted: Jul 23, 2012 11:04:30 PM

Really, ya think, we're going to see a lot more of that real soon, china owns us already, pretty much.
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SteelPenny
Champion Author Dallas

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Message Posted: Jul 23, 2012 11:04:20 PM

They already own the place thanks to Zero'BOY.
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rozellep2
Sophomore Author Illinois

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Message Posted: Jul 23, 2012 11:00:56 PM

Hilarious
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drz614
Champion Author Harrisburg

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Message Posted: Jul 23, 2012 10:59:42 PM

ok
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TIGERPAW46
Champion Author Florida

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Message Posted: Jul 23, 2012 10:58:29 PM

well you ca figure China will manage to cut themselves a deal on paying for the oil they get even from the Gulf of Mexico. Meanwhile the USA , we will continue to get it socked to us due to our inept Government.

[Edited by: TIGERPAW46 at 7/23/2012 11:58:54 PM EST]
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