CNOOC, Nexen Extend Takeover Deadline (Canada)

China’s national oil company CNOOC and Canada’s Nexen have mutually agreed to extend the deadline for CNOOC’s acquisition of the Canadian oil firm.

Since additional time is required to obtain relevant regulatory approval, the deadline is now extended by 30 days, until March 2, 2013.

According to a press release issued by Nexen, completion of the agreement remains subject to the receipt of United States regulatory approval and the satisfaction or waiver of other 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, January 28, 2013