Michele Kearney's Nuclear Wire

Major Energy and Environmental News and Commentary affecting the Nuclear Industry.

Saturday, October 3, 2015

The End of China’s Play in the Canadian Oil Sandbox?

The End of China’s Play in the Canadian Oil Sandbox?
By Wenran Jiang
Only three years ago, China National Offshore Oil Corporation (CNOOC), China’s third-largest national oil company (NOC), launched the largest-ever Chinese overseas takeover bid, offering $15.1 billion to buy Nexen Inc., Canada’s ninth-largest oil company. Together with China National Petroleum Corporation and Sinopec Group, China’s two largest NOCs, and other state-owned financial institutions, Chinese firms invested around $35 billion in Canada’s energy sector between 2009 and 2013, making Canada the destination of one-third of Chinese overseas energy investment in this period . But the “Great Leap Forward” of Chinese investment in Canada has proven controversial, as evidenced by the intense debate over CNOOC’s acquisition of Nexen in the fall of 2012, and the recent criticism of the company’s oil leaks in Alberta.

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