CNOOC in no hurry to ink more oilpatch deals after Nexen takeover closes

CALGARY – CNOOC Ltd. is in no hurry to do any more big deals in the oilpatch since its $15.1 billion takeover of Nexen closed earlier this week.

Li Fanrong, CEO of the Chinese state-owned firm, says the focus is now on getting Nexen’s operations “right” and growing its production in the North Sea, oilsands, Gulf of Mexico, northeastern B.C. and west Africa.

Kevin Reinhart, who will oversee Nexen’s operations and $8 billion in CNOOC’s North and Central American assets, says it’s “business as usual” for the company’s 3,000 employees.

Reinhart says there was “abnormally low” turnover since the deal was first made public last July, since many of those employees had long-term incentive programs tied to closing.

CNOOC outlined a number of commitments when the takeover was announced, including keeping the head office in Calgary and list its shares on the Toronto Stock Exchange.

Reinhart says negotiations with Ottawa in the following months were over the finer details of those commitments.