CNOOC Finished the Acquisition of Nexen Inc.

In February of 2013, China National Offshore Oil Corporation (CNOOC) announced the completion of the acquisition of Nexen Inc. with a total amount of $19.4billion. It was said that the deal had become the largest overseas merger and acquisition of China enterprise. CNOOC said the company net production is about 412 million of barrels of oil equivalent in 2013. The net production from the acquisition of Nexen was about 61 millions of barrels of oil equivalent. In 2014, it set the goal of net production of barrels of oil equivalent between 422 million and 435 million, and the acquisition from Nexen is about 69 million of barrels of oil equivalent.
 

According to the plan, in order to increase the exploration and development on the sustainable growth in 2014, CNOOC capital disposition is expected to reach from 105billion to 120billion RMB. Exactly, the Nexen capital expenditure will be accounted for about 19%. The total amount of money is 22.8billion RMB. In addition, capital investment in exploration, development and production are 19%, 65% and 14% respectively. Now, Nexen, the ever Canadian oil and gas company has become a wholly owned subsidiary of Beijing-based CNOOC Limited. CNOOC has claimed the marketing strategy and development plan in 2014. The officer said that the performance of Nexen conforms to the expectation and the cost of the short time is high.
 

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