Arab Today, arab today chinese company buys canada oil producer
Last Updated : GMT 10:43:16
Arab Today, arab today
Arab Today, arab today

Chinese company buys Canada oil producer

Arab Today, arab today

Arab Today, arab today Chinese company buys Canada oil producer

Calagary - UPI

The Canadian energy producer Nexen said Monday it was being acquired by CNOOC Limited, China\'s leading offshore oil and natural gas producer, for $15.1 billion. The Chinese company agreed to pay $27.50 per share, a 61-percent premium over the July 20 closing price for Nexen on the New York Stock Exchange. \"This transaction delivers significant and immediate value to Nexen shareholders, Nexen Chairman Barry Jackson said in a written statement. \"The board is unanimous in its view that the transaction is in the best interest of Nexen and recommends shareholders vote in favor of the transaction.\" The cash transaction is expected to close in the fourth quarter and will add Nexen\'s 900 million barrels of proven oil-equivalent reserves to CNOOC\'s global assets. Nexen also holds more than 1.1 billion barrels of probable oil-equivalent reserves. The deal brings one of the leading developers of Canadian oil sands into the CNOOC portfolio. Nexen also has interests in the production of conventional and shale gas in Canada as well as offshore production in Nigeria, the Gulf of Mexico and the North Sea. \"The acquisition reflects our strong belief in Nexen\'s rich and diverse portfolio of assets and world-class management and employees,\" said CNOOC Chairman Wang Yilin. \"This is an exciting opportunity for us to build on our existing joint venture relationship with Nexen in Canada, and to acquire a leading international platform in the process.\" CNOOC, a privately held company, has been active in Canada for nearly a decade, Nexen said in its statement. It holds stakes in three other Canadian energy companies: MEG Energy, Inc; Northern Cross (Yukon) Limited, and OPTI Canada, Inc. CNOOC said it had no plans to cut Nexen\'s workforce and was committed to carrying out Nexen\'s current capital investment strategy over the near term. The Chinese company will base its North and South American operations out of the Nexen headquarters in Calgary.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chinese company buys canada oil producer Arab Today, arab today chinese company buys canada oil producer

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chinese company buys canada oil producer Arab Today, arab today chinese company buys canada oil producer

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan

GMT 06:08 2017 Sunday ,18 June

Lower oil prices set to test US shale driller

GMT 05:10 2017 Wednesday ,14 June

Oil prices edge down

GMT 05:22 2017 Tuesday ,13 June

Oil rises as investors buy into US crude

GMT 15:11 2017 Saturday ,10 June

Oil prices steady despite supply glut

GMT 14:28 2017 Sunday ,04 June

Kuwait oil price down 52 cents to USD47.83 pb
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday