U.S. Regulator Gives Nod to CNOOC-Nexen Deal

China’s oil company CNOOC has announced that the Committee on Foreign Investment in the United States has given formal approval in connection with the CNOOC’s potential acquisition of Canada’s Nexen.

This means that all of the requisite approvals to proceed to close have now been granted. The transaction is expected to close the week of February 25, 2013 and remains subject to customary closing conditions.

By the acquisition of Nexen, CNOOC will take ownership of high-quality asset base in many of the world’s most significant producing regions – including Western Canada, the U.K. North Sea, the Gulf of Mexico and offshore Nigeria – focused on conventional oil and gas, oil sands and shale gas.

In December 2012, CNOOC announced it had secured approval from Canada’s Minister of Industry that its proposed acquisition of Nexen was approved by the Minister under the Investment Canada Act.

If the takeover is successfully completed it will be the largest ever acquisition by a Chinese NOC (National Oil Company).

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Offshore Energy Today Staff, February 13, 2013