Seven years after China National Offshore Oil Corporation closed its milestone US$15.1 billion acquisition of Nexen Inc., the company is rebranding the subsidiary and removing its Canadian name.
Nexen is now part of CNOOC International, the international division of CNOOC Ltd., it was announced on Tuesday.
“On January 14, 2019, Nexen Energy ULC integrated into CNOOC International, becoming one team under one brand,” corporate communications manager Brittney Price told JWN via email.
“This demonstrates CNOOC Limited’s continued commitment to growing its international portfolio.”
The former Nexen’s assets, including offshore platforms in the North Sea and Gulf of Mexico, the Long Lake oilsands project, shale gas in northeast B.C., exploration offshore Newfoundland and Labrador, and its interest in the Soderglen wind farm in southern Alberta, are now listed alongside other CNOOC operations in 20-plus countries globally.
“While our roots were established in China, where today we are the world’s largest offshore oil producer, our future is focused on a global front to become an operator, partner and employer of choice,” says a video describing the new CNOOC International.
“Together as one global team we will harness our culture and experience to grow our production, our talent and our capability. Together we are more focused, determined and stronger than we have ever been before. Together we have a new sense of purpose and pride. Individually we may be different but as a team we are very much the same.”
Price added that, “Aligning our international business under one brand does not change our commitment to delivering safe, reliable operations and working collaboratively with stakeholders in the local communities where we operate.”
Canada changed its foreign investment rules in 2012 following approval of CNOOC’s Nexen acquisition and the takeover of Progress Energy Canada by Malaysia state oil company Petronas.
Investments by foreign state-owned enterprises to acquire control of a Canadian oilsands business will be found to be of net benefit on an "exceptional basis" only.