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12 Pages

CNOOC moves to acquire Nexen for US$18.5 billion


CNOOC moves to acquire Nexen for US$18.5 billion

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 ...

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  • CNOOC moves to acquire Nexen for US$18.5 billion PDF - 695.69 KB 12 Pages, 7 Tables, 2 Figures

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
    • Upsides
      • Canada
      • UK
      • Nigeria
      • Deepwater GoM
    • Risks
      • Regulatory Hurdles
  • 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

In this report there are 9 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Nexen asset portfolio by region
    • Upstream assets: Table 1
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
    • Deal analysis: Table 3
  • Upsides and risks
  • Strategic rationale
    • Production by resource theme (with upside): 1) Nexen; 2) CNOOC-Nexen Combined
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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