Offshore staff
CALGARY, Canada –Two Chinese companies have made investments to expand their international operations.
CNOOC Ltd. (SEHK:00883;NYSE:CEO) AND Nexen Inc. (TSX: NXY;NYSE: NXY) have signed an agreement whereby CNOOC buys all of Nexen’s shares for $15.1 billion.
Pending regulatory approvals, the deal is scheduled to close in 4Q 2012.
Meanwhile, Sinopec International Petroleum Exploration and Production Corp. has agreed to acquire 49% equity in Talisman Energy Inc.’s (TSX:TLM;NYSE:TLM) UK North Sea business for $1.5 billion.
In the Nexen purchase, among the holdings CNOOC will acquire includes acreage offshore the UK North Sea, Gulf of Mexico, and Nigeria.
As to the Talisman agreement, the new joint venture says it plans to invest in infill drilling, exploration, and extension of field life projects.
7/23/2012
