Chinese state oil firm China National Offshore Oil Corporation (CNOOC) is now free to carry out its £9.4billion takeover of Nexen.
US regulators yesterday gave the go-ahead to the deal, which is China’s largest foreign takeover.
It will see CNOOC take over Nexen’s business, including assets in the Gulf of Mexico, Canada’s Alberta oil sands and the North Sea, where it operates the major Buzzard hub – the UK’s largest producing field – and the £2billion Golden Eagle development. CNOOC will also pick up a stake in the west of Shetland North Uist prospect, being drilled by BP at a cost of about £500,000 a day using the Stena Carron drill ship.
Getting US approval, needed due to Nexen’s Gulf of Mexico assets, was the last hurdle for the deal, which had already been approved by Canadian and UK authorities. Nexen said it now expected the deal to close the week which starts on February 25.