April 2013, Vol. 240 No. 4

Projects

CNOOC Limited Completes Acquisition of Nexen Inc.

China-owned CNOOC Limited has completed its acquisition of Nexen Inc. for US$15.1 billion.

Li Fanrong, CEO, commented, “Nexen is a strong, diverse company with attractive growth prospects, a large resource and reserve base, high potential exploration prospects, and high quality talented employees capable of extracting the value of these assets. We will thoroughly utilize the platform it provides to further our overseas business.”
Nexen will operate as a wholly-owned subsidiary of CNOOC Limited, and will continue to be led by CEO, Kevin Reinhart, who has been with Nexen for 18 years. A new Board of Directors comprised of CNOOC Limited, existing Nexen management and Canadian independent directors has been established, with Fanrong as chairman.