M&A Deal Summary

CNOOC Acquires Nexen Energy ULC

On July 23, 2012, CNOOC acquired oil/gas exploration company Nexen Energy ULC for 15.1B USD

Acquisition Highlights
  • This is CNOOC’s 5th transaction in the Oil/Gas Exploration sector.
  • This is CNOOC’s largest (disclosed) transaction.
  • This is CNOOC’s 2nd transaction in Canada.
  • This is CNOOC’s 2nd transaction in Alberta.

M&A Deal Summary
Date 2012-07-23
Target Nexen Energy ULC
Sector Oil/Gas Exploration
Buyer(s) CNOOC
Deal Type Add-on Acquisition
Deal Value 15.1B USD
Advisor(s) Goldman Sachs
RBC Capital Markets (Financial)
Blake, Cassels & Graydon LLP
Paul, Weiss, Rifkind, Wharton & Garrison (Legal)

Target

Nexen Energy ULC

Calgary, Alberta, Canada
website
Nexenis an upstream oil and gas company responsibly developing energy resources in the UK North Sea, offshore West Africa, the United States and Western Canada.Nexen has three principal businesses: conventional oil and gas, oil sands and shale gas / oil.

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Buyer(S) 1

Buyer

CNOOC

Hong Kong, China

website

Category Company
Founded 1999
Sector Oil/Gas Exploration
Employees18,151
Revenue 432.2B CNY (2022)
DESCRIPTION

CNOOC is a producer of offshore crude oil and natural gas in China and one of the independent oil and gas exploration and production companies in the world. The Group mainly engages in exploration, development, production and sale of oil and natural gas. CNOOC was founded in 1999 and is based in Hong Kong, China.

DEAL STATS #
Overall 5 of 6
Sector (Oil/Gas Exploration) 5 of 6
Type (Add-on Acquisition) 2 of 2
State (Alberta) 2 of 2
Country (Canada) 2 of 2
Year (2012) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-28 OPTI Canada

Calgary, Alberta, Canada

OPTI Canada Inc. an oil sand operator, develops integrated bitumen and heavy oil projects in Canada.

Buy $2.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-07 Arctic LNG 2

Russia

Arctic LNG 2 LLC the second large onshore conventional natural gas project led by JSC Novatek on the Gydan Peninsula in Russia, which contains the development and production of Utrenneye gas field and the construction and operation of three liquefied natural gas trains. Arctic LNG 2 LLC holds the liquefied natural gas license that grants an exclusive right to export liquefied natural gas produced from gas extracted from the Utrenneye gas field.

Buy -
Mergr

Product

Company

Legal