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CNOOC Ltd Completes Acquisition of Nexen Inc.
CNOOC Ltd announced that it has completed its acquisition of Nexen Inc. (Nexen). Total consideration of approximately USD15.1 billion has been paid for Nexen's common and preferred shares. Nexen will operate as a wholly owned subsidiary of CNOOC Limited, and will continue to be led by CEO, Kevin Reinhart, who has been with Nexen for over 18 years. A new Board of Directors comprised of CNOOC Limited, existing Nexen management and Canadian independent directors has been established, with Mr. Li Fanrong as Chairman of the Board.
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