Canada has approved the proposed $15.1bn acquisition of Nexen by CNOOC and the acquisition of Progress Energy Resources by Petronas (Malaysia) for $5.26bn.
With these transactions approved, CNOOC gains stakes in Canada’s largest oil-sands project and the biggest position in the Buzzard oil field in the British North Sea. Nexen is a Canadian-based global energy company, focused on three growth strategies: oil sands and shale gas in western Canada and conventional exploration and development primarily in the North Sea, offshore West Africa and deepwater Gulf of Mexico.
The acquisition of Progress Energy will enable Petronas to secure long-term strategic gas resources and leverage on Progress’ extensive experience
in unconventional resource development to further grow its unconventional business. At the same time, Petronas will be bringing LNG experience and expertise in developing LNG infrastructure in Western Canada, thus further cementing its position as a major long term global LNG player.