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CNOOC completes $US15bn Nexen purchase

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AP

2013-02-26

Chinese oil company CNOOC has completed its $US15.1 billion ($A14.75 billion) purchase of Canadian energy producer Nexen.

State-owned CNOOC said in a statement that the acquisition was completed on Monday.

China's biggest overseas energy deal was finalised after winning approval from a US agency that reviews takeovers by foreign companies for national security implications. The agency had a say because Nexen has Gulf of Mexico oil and gas fields.

Canada approved the deal despite worries it could lead to a flood of takeovers in the country's oil sands sector.

Canada's Prime Minister Stephen Harper said approval of similar deals in the future would be unlikely.

Calgary-based Nexen also operates in western Canada, the North Sea, Africa and the Middle East.