Seven years after China National Offshore Oil Corporation closed its milestone US$15.1 billion acquisition of Nexen Inc., the corporate is rebranding the subsidiary and eradicating its Canadian title.

Nexen is now a part of CNOOC International, the worldwide division of CNOOC Ltd., it was introduced on Tuesday.

“On January 14, 2019, Nexen Energy ULC built-in into CNOOC International, turning into one crew below one model,” company communications supervisor Brittney Price instructed JWN by way of e mail.


“This demonstrates CNOOC Limited’s continued dedication to rising its worldwide portfolio.”

The former Nexen’s property, together with offshore platforms within the North Sea and Gulf of Mexico, the Long Lake oilsands undertaking, shale gasoline in northeast B.C., exploration offshore Newfoundland and Labrador, and its curiosity within the Soderglen wind farm in southern Alberta, are actually listed alongside different CNOOC operations in 20-plus nations globally.

“While our roots had been established in China, the place right now we’re the world’s largest offshore oil producer, our future is concentrated on a worldwide entrance to develop into an operator, accomplice and employer of alternative,” says a video describing the brand new CNOOC International.

“Together as one international crew we are going to harness our tradition and expertise to develop our manufacturing, our expertise and . Together we’re extra centered, decided and stronger than now we have ever been earlier than. Together now we have a brand new sense of function and pleasure. Individually we could also be totally different however as a crew we’re very a lot the identical.”

Price added that, “Aligning our worldwide enterprise below one model doesn’t change our dedication to delivering protected, dependable operations and dealing collaboratively with stakeholders within the native communities the place we function.”

Canada modified its international funding guidelines in 2012 following approval of CNOOC’s Nexen acquisition and the takeover of Progress Energy Canada by Malaysia state oil firm Petronas.

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Investments by international state-owned enterprises to amass management of a Canadian oilsands enterprise might be discovered to be of internet profit on an “distinctive foundation” solely.


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