Video: A Day in the Life Offshore

William Skogland, a student at Bergen Maritime Well Technology created the following film from clips provided by North Sea operator Nexen (a CNOOC subsidiary) and Odfjell Drilling. The fixed platform in the video is Nexen's Buzzard facility, located about 96 km northeast of Aberdeen in approximately 96 meters of water.  It is the largest UK North Sea oil discovery in the … [Read more...]

CNOOC Said to Cede Operating Control of Nexen’s U.S. Gulf Assets

By Rebecca Penty and Sara Forden (Bloomberg) -- Cnooc Ltd., China’s largest offshore oil and natural gas producer, was barred from controlling Gulf of Mexico oilfields under U.S. terms for its $15.1 billion takeover of Nexen Inc., people familiar with the matter said. In its purchase of Calgary-based Nexen, Cnooc acquired about 200 deep-water leases in the Gulf with … [Read more...]

Canadian Government Approves CNOOC Takeover of Nexen

HONG KONG--Cnooc Ltd. (CEO), China's largest offshore oil-and-gas producer by capacity, confirmed Saturday that the Canadian government approved its US$15.1 billion takeover bid for oil-sands operator Nexen Inc (NXY). The approval cleared a major hurdle for the Beijing-based energy giant in completing what would be China Inc.'s biggest foreign acquisition. It is also the … [Read more...]

Nexen Shareholders Approve CNOOC Takeover By a Landslide

TORONTO--Nexen Inc. shareholders, as expected, overwhelmingly voted in favor of Cnooc Ltd.'s proposed $15.1 billion takeover of the Calgary-based energy company. At a shareholder meeting in Calgary on Thursday, Nexen said 99% of votes cast by common shareholders supported the deal. The meeting was webcast. However, the closely scrutinized transaction still needs approvals … [Read more...]