Deal Insight
CNOOC moves to acquire Nexen for US$18.5 billion
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Report summary
CNOOC is to acquire Canadian large cap Nexen for US$18.5 billion (including net debt). The deal, which remains subject to approval by national regulators and Nexen shareholders, would see CNOOC acquiring material positions in Canadian oil sands, the North Sea, Nigeria and the Gulf of Mexico. We value the deal at US$18.1 billion, under our base case assumptions. This is the largest upstream deal in North America since Exxon Mobil's US$41 billion acquisition of XTO in December 2009, and ...
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
-
Upsides and risks
-
Upsides
- Canada
- UK
- Nigeria
- Deepwater GoM
-
Risks
- Regulatory Hurdles
-
Upsides
-
Strategic rationale
- Nexen
-
CNOOC
- Strategic fit
- Impact
- North America
- Rest of the world
- Implications for the industry
- APPENDIX - Upstream Portfolio
-
Canada
- Oil Sands
- Horn River Shale and western Canada
- UK assets
- Nigeria
-
US
- Deepwater GoM
- GoM Shelf
- Other Regions
- Oil & gas pricing and assumptions
Tables and charts
This report includes 9 images and tables including:
- Executive summary: Table 1
- Nexen asset portfolio by region
- Upstream assets: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Production by resource theme (with upside): 1) Nexen; 2) CNOOC-Nexen Combined
What's included
This report contains:
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