CNOOC on the lookout for more deals post-Nexen
CNOOC will continue to seek growth opportunities abroad after completing mainland China's largest overseas acquisition, which its chairman said was full of challenges. China's largest offshore oil and gas producer completed on February 26 the US$15.1 billion acquisition of Canada-based Nexen, which has assets in North America, Europe and Africa.
CNOOC will continue to seek growth opportunities abroad after completing mainland China's largest overseas acquisition, which its chairman said was full of challenges.
China's largest offshore oil and gas producer completed on February 26 the US$15.1 billion acquisition of Canada-based Nexen, which has assets in North America, Europe and Africa.
This was despite opposition by politicians in Canada on concerns ownership of Nexen by a Chinese state firm would jeopardise Canadian control over strategic resources, as well as opposition by US legislators on worries it would harm national security.
"The acquisition process was full of difficulties and convolutions," said CNOOC chairman Wang Yilin. "As to whether we will pursue more deals overseas … we will stick to a requirement [by Beijing] to keep internationalising our operations."
As to whether we will pursue more deals overseas … we will stick to a requirement [by Beijing] to keep internationalising our operations
He made the comments after CNOOC yesterday posted net profit of 63.69 billion yuan (HK$79.5 billion) for last year, 9.3 per cent lower than in 2011.
