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China oil giant buys into North America

CNN Money -- A major Chinese oil producer has gained a big toehold in North America's energy market with a $15.1 billion acquisition of a Canadian company.

Calgary-based Nexen Inc. said Monday that it has agreed to be acquired by China's CNOOC Ltd. in a cash transaction. The deal values Nexen shares at $27.50 each, a 61% premium from Friday's closing price of $17.06.

Nexen's assets in North America include exploration and development in the Gulf of Mexico and shale oil development in British Columbia.
The company also has operations in the North Sea off the coast of Great Britain and off the coast of Nigeria.
Nexen said the deal will require the approval of regulators, including those in the United States. The deal is expected to close by the end of the year.

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Submitted Jul 23, 2012 By: BurntOrange

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sparky808 Champion Author Honolulu Posts:2,981 Points:594,810 Joined:Sep 2011	Message Posted: Jul 24, 2012 1:27:35 PM Ignore sparky808 Report Abuse Thank you for posting.
BMWer Champion Author Calgary Posts:2,066 Points:1,662,020 Joined:Dec 2003	Message Posted: Jul 24, 2012 12:48:49 PM Ignore BMWer Report Abuse This still needs a government approval.
otherdave Champion Author Indiana Posts:3,373 Points:1,265,260 Joined:Oct 2008	Message Posted: Jul 24, 2012 7:01:53 AM Ignore otherdave Report Abuse NIIIIIIIIIIIIIICE!
hogfan24 Champion Author Arkansas Posts:1,961 Points:498,225 Joined:Dec 2011	Message Posted: Jul 24, 2012 5:12:39 AM Ignore hogfan24 Report Abuse Ok
djgunrunner Champion Author Salt Lake City Posts:10,082 Points:2,345,680 Joined:Apr 2005	Message Posted: Jul 24, 2012 4:06:41 AM Ignore djgunrunner Report Abuse Greed vs security. In Canada now going to belong to China, bought fair and square?
tidalwave3 Champion Author Tallahassee Posts:1,294 Points:1,460,075 Joined:Jun 2008	Message Posted: Jul 24, 2012 3:54:09 AM Ignore tidalwave3 Report Abuse Why doesn't China have oileir country?
UseLessGasFolks Champion Author Iowa Posts:5,431 Points:1,292,925 Joined:Jul 2007	Message Posted: Jul 24, 2012 1:30:43 AM Ignore UseLessGasFolks Report Abuse Do not buy ANYTHING made in China. You just contribute to the problem when you do.
LanguageMan1 Champion Author Tampa Posts:11,702 Points:1,657,790 Joined:Apr 2008	Message Posted: Jul 24, 2012 1:12:16 AM Ignore LanguageMan1 Report Abuse Not good, and Democrats and Republicans both would say "...the Chinese are our friends..."
defiancegasman Champion Author Ohio Posts:7,075 Points:1,322,185 Joined:May 2006	Message Posted: Jul 24, 2012 1:07:16 AM Ignore defiancegasman Report Abuse Yet AMERICAN AND CADAIAN companies are NOT ALLOWED to buy any Companies in CHINA. And CHINA is STOPPING certian raw materials like the METALS used in Lithium batteries from being exported, for their NATIONAL GOOD. The 1% will sell everything for THEIR MONEY and the HELL with the rest of the people!
pgerassi Champion Author Milwaukee Posts:10,882 Points:2,128,750 Joined:Apr 2007	Message Posted: Jul 24, 2012 12:27:35 AM Ignore pgerassi Report Abuse Charge them a $10 billion asset transfer fee.
bills299 Champion Author Atlanta Posts:3,346 Points:900,490 Joined:May 2005	Message Posted: Jul 24, 2012 12:27:24 AM Ignore bills299 Report Abuse Wow!
heartbroken2010 Champion Author Ottawa Posts:4,324 Points:893,535 Joined:Aug 2010	Message Posted: Jul 24, 2012 12:27:07 AM Ignore heartbroken2010 Report Abuse big population there to keep working so they have the money and will buy all they can.
gmcgas Champion Author Atlanta Posts:5,935 Points:1,710,355 Joined:Mar 2004	Message Posted: Jul 24, 2012 12:25:09 AM Ignore gmcgas Report Abuse not good.
mark1962 Champion Author Albany Posts:5,716 Points:1,261,490 Joined:Sep 2009	Message Posted: Jul 24, 2012 12:22:21 AM Ignore mark1962 Report Abuse They own us!
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: Jul 24, 2012 12:22:06 AM Ignore pastorpaulcg Report Abuse Ok
69Bonne Champion Author Gary Posts:1,135 Points:470,125 Joined:Sep 2005	Message Posted: Jul 24, 2012 12:21:56 AM Ignore 69Bonne Report Abuse Just wait and see when China wants to control their assets. They will control world oil prices and make it easier for them to get more oil. pretty scary.
jetskijerry Champion Author North Carolina Posts:3,881 Points:769,345 Joined:Mar 2011	Message Posted: Jul 24, 2012 12:20:23 AM Ignore jetskijerry Report Abuse China owns us
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Jul 24, 2012 12:20:16 AM Ignore tedjm1 Report Abuse Watch carefully. China could cause a big problem as they acquire a large holding in energy.
theWizK All-Star Author Columbus Posts:746 Points:382,130 Joined:May 2007	Message Posted: Jul 24, 2012 12:20:08 AM Ignore theWizK Report Abuse Yikes
GigHarborHound Champion Author Tacoma Posts:2,517 Points:484,490 Joined:Sep 2011	Message Posted: Jul 24, 2012 12:19:53 AM Ignore GigHarborHound Report Abuse Not good!!!
WebGabe Champion Author Pennsylvania Posts:2,349 Points:492,620 Joined:Jun 2007	Message Posted: Jul 24, 2012 12:19:49 AM Ignore WebGabe Report Abuse Time to start learning Chinese.
crreed1 Champion Author West Virginia Posts:1,970 Points:2,523,410 Joined:May 2005	Message Posted: Jul 24, 2012 12:17:02 AM Ignore crreed1 Report Abuse they are moving in
RADIOCANADA499 Champion Author Ontario Posts:2,316 Points:772,930 Joined:Aug 2005	Message Posted: Jul 24, 2012 12:16:58 AM Ignore RADIOCANADA499 Report Abuse Cool!!!
JamesCalvin Champion Author Lancaster Posts:3,171 Points:515,780 Joined:Nov 2011	Message Posted: Jul 24, 2012 12:16:58 AM Ignore JamesCalvin Report Abuse Do they get to vote in our election?
CdnLynx Champion Author Ontario Posts:1,018 Points:521,215 Joined:May 2008	Message Posted: Jul 24, 2012 12:16:47 AM Ignore CdnLynx Report Abuse People continue to rebuke President Obama (and other pseudonym's) as the root cause of all the American problems. You might as well blame Groucho Marx or Charlie Chaplin, makes about as much sense!
bra0712 Champion Author Arizona Posts:3,649 Points:764,795 Joined:Nov 2008	Message Posted: Jul 24, 2012 12:15:51 AM Ignore bra0712 Report Abuse Yippie
Rooster922 Champion Author Wilmington Posts:3,773 Points:653,145 Joined:Jan 2009	Message Posted: Jul 24, 2012 12:15:50 AM Ignore Rooster922 Report Abuse I could hardly comprehend what's going on.
silverfox63 Champion Author Michigan Posts:8,105 Points:1,608,790 Joined:Oct 2008	Message Posted: Jul 24, 2012 12:15:48 AM Ignore silverfox63 Report Abuse China is every where you look and we better take notice to this and soon.
miser709 Champion Author Grand Rapids Posts:1,268 Points:1,067,300 Joined:Mar 2004	Message Posted: Jul 24, 2012 12:15:27 AM Ignore miser709 Report Abuse To political.
Nicoalbum Champion Author Ottawa Posts:6,001 Points:1,185,220 Joined:Jan 2010	Message Posted: Jul 24, 2012 12:15:00 AM Ignore Nicoalbum Report Abuse China is taking over slowly everywhere.
Number43 Champion Author Lexington Posts:8,681 Points:1,635,245 Joined:Oct 2008	Message Posted: Jul 24, 2012 12:13:55 AM Ignore Number43 Report Abuse In the case of a global shortage it will be China that will have the oil.
TFowler513 Champion Author Memphis Posts:3,824 Points:1,410,510 Joined:Mar 2008	Message Posted: Jul 24, 2012 12:13:20 AM Ignore TFowler513 Report Abuse China is going for global domination!!!
regout Champion Author Quebec Posts:2,935 Points:828,705 Joined:May 2010	Message Posted: Jul 24, 2012 12:13:04 AM Ignore regout Report Abuse Hope our government will not agree to that offer.
1fulltank Champion Author Buffalo Posts:7,888 Points:1,541,385 Joined:Nov 2008	Message Posted: Jul 24, 2012 12:11:42 AM Ignore 1fulltank Report Abuse The selling of Canada, like the selling of the USA.
Number43 Champion Author Lexington Posts:8,681 Points:1,635,245 Joined:Oct 2008	Message Posted: Jul 24, 2012 12:11:35 AM Ignore Number43 Report Abuse Well said ssect8.China will soon own this place.
Bud122CA Champion Author California Posts:7,451 Points:1,602,075 Joined:Jul 2008	Message Posted: Jul 24, 2012 12:10:41 AM Ignore Bud122CA Report Abuse I thought they did this already when Obama sold our National Parks to China for the $800 TRILLION "loan".
Bigwaynef Champion Author South Carolina Posts:11,451 Points:2,077,835 Joined:Dec 2006	Message Posted: Jul 24, 2012 12:10:18 AM Ignore Bigwaynef Report Abuse I woner how much oBaMa gets to pocket...
ssect8 Champion Author Hartford Posts:7,973 Points:2,092,520 Joined:Jun 2006	Message Posted: Jul 24, 2012 12:07:47 AM Ignore ssect8 Report Abuse China has lots of money and they smarter than the idiots in DC, especially the white house and the democraps.
sprocketsplines Champion Author Washington Posts:1,667 Points:857,715 Joined:Oct 2010	Message Posted: Jul 24, 2012 12:06:41 AM Ignore sprocketsplines Report Abuse With crude oil prices dropping and exploration costs increasing, the net margin is vanishing so for a company in this situation if given a chance, they'll sell, take the money and run! It's better than turning the wells off.
Ticoman54 Champion Author Miami Posts:7,026 Points:1,488,020 Joined:Oct 2008	Message Posted: Jul 24, 2012 12:06:24 AM Ignore Ticoman54 Report Abuse Is anyone surprised?
jem069 Champion Author Detroit Posts:2,523 Points:684,155 Joined:Jan 2011	Message Posted: Jul 24, 2012 12:06:02 AM Ignore jem069 Report Abuse Ok
rahcat Champion Author Grand Rapids Posts:2,453 Points:659,275 Joined:Jan 2010	Message Posted: Jul 24, 2012 12:05:59 AM Ignore rahcat Report Abuse Watch out
langolera Champion Author Akron Posts:1,746 Points:663,055 Joined:Sep 2005	Message Posted: Jul 24, 2012 12:05:29 AM Ignore langolera Report Abuse they own alot already.
CdnLynx Champion Author Ontario Posts:1,018 Points:521,215 Joined:May 2008	Message Posted: Jul 24, 2012 12:05:11 AM Ignore CdnLynx Report Abuse Tigerpaw - "China will manage to cut themselves a deal on paying for the oil they get even from the Gulf of Mexico" China will pay the same as anybody else as the price of oil is controlled by the commodities exchange. It goes up and down during the day on the markets.
joel27nc Champion Author Raleigh Posts:10,522 Points:1,855,445 Joined:Mar 2008	Message Posted: Jul 24, 2012 12:05:01 AM Ignore joel27nc Report Abuse Ouch
Dodge_Me Champion Author Atlanta Posts:2,214 Points:553,230 Joined:Mar 2006	Message Posted: Jul 24, 2012 12:04:30 AM Ignore Dodge_Me Report Abuse Really, ya think, we're going to see a lot more of that real soon, china owns us already, pretty much.
SteelPenny Champion Author Dallas Posts:30,918 Points:2,604,565 Joined:Sep 2005	Message Posted: Jul 24, 2012 12:04:20 AM Ignore SteelPenny Report Abuse They already own the place thanks to Zero'BOY.
rozellep2 Sophomore Author Illinois Posts:105 Points:571,475 Joined:Aug 2005	Message Posted: Jul 24, 2012 12:00:56 AM Ignore rozellep2 Report Abuse Hilarious
drz614 Champion Author Harrisburg Posts:2,284 Points:594,595 Joined:Aug 2011	Message Posted: Jul 23, 2012 11:59:42 PM Ignore drz614 Report Abuse ok
TIGERPAW46 Champion Author Florida Posts:7,114 Points:1,352,710 Joined:Mar 2004	Message Posted: Jul 23, 2012 11:58:29 PM Ignore TIGERPAW46 Report Abuse well you ca figure China will manage to cut themselves a deal on paying for the oil they get even from the Gulf of Mexico. Meanwhile the USA , we will continue to get it socked to us due to our inept Government. [Edited by: TIGERPAW46 at 7/23/2012 11:58:54 PM EST]