Canada (Finally) Approves CNOOC-Nexen Deal

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You remember the CNOOC-Nexen deal, right? China’s State-owned CNOOC was looking for some offshore energy assets, and Canadian oil and gas producer Nexen raised its hand and said “Pick me!” Hilarity then ensued on the political front, both in the U.S. and Canada, and somewhere along the way, I’m sure some of the Chinese people had their feelings hurt. Oh yeah, and Malaysia’s Petronas may have had a deal of their own scuttled by the Canadian authorities as a result of all this. Fun fun fun.

If you need a refresher course on this record-setting acquisition (US $15.1 billion), check out some of these old China Hearsay posts:

Who Lost Canada? America’s Neighbors turn to China for Energy Deal

Someone Predicted the Political Spin on CNOOC-Nexen Deal. Oh Right, That Was Me.

CNOOC-Nexen Politics Continues to Entertain

Your Daily Dose of CNOOC-Nexen Political Hijinks

CNOOC-Nexen Opposition in U.S. Spreads to the Mentally Ill

CNOOC-Nexen Deal in Canada Takes a Turn for the Weird

You can probably tell just from these post titles that I had fun with this foreign investment story. But sadly, as with all things, this story is over:

The Canadian government has approved the sale of oil company Nexen to state-owned Chinese firm CNOOC, but said it would likely block any such future takeovers.

[ . . . ]

Canadian Prime Minister Stephen Harper said: “Foreign state control of oil sands development has reached the point at which further such foreign state control would not be of net benefit to Canada.

2 responses on “Canada (Finally) Approves CNOOC-Nexen Deal

  1. fdawei

    Prime Minister Harper is a turn-coat and is not to be trusted. Unfortunately, he is our prime minister. What will he give away next in the cause of promoting bilateral agreements and relationships? Alberta Tar Sands and Trans Canada Pipeline are traitors to the country with their prevarications, intimidation, threats and other poisonous acts to threaten those opposed to the Keystone pipeline bringing the Alberta Tar Sands shale oil from Canada to the US. The prime minister should have made a strong and forceful statement in condemnation of the thuggish approach by TCPL against those protesting the pipeline’s very existence and to those arrested, harassed, tear gassed and pepper-sprayed by their hired thugs.
    Stay tuned for the next great Canadian give-away. Too bad it won’t be the prime minister.

  2. Marius Van Andel

    Our PM Harper has gotten a lot of deserved flack lately (fighter aircraft, Israel, CNOOC-Nexen and much much more). He now appears to be shell-shocked and gave in on the foreign take-over of oil and gas development.

    This should not be all considered in the same light. There is not a country in the world that I know of that does not somehow keep a hand in who controls its strategic resources, oil and gas and yes, water, foremostly. So to all those critics, go get a life and keep your bluster where it matters. As a lefty liberal, I support such policies but It is clear that political colour does not matter, they all do it. And if a decisionmaker changes his mind, so be it, that is every decisionmaker’s right.