CNOOC Chairman: Confident Nexen Deal Will Be Completed by Year-End

HONG KONG - CNOOC Ltd., China's largest offshore oil-and-gas producer by capacity, Wednesday said it is confident its proposed $15.1 billion buyout of Canada's Nexen Inc. will be completed by the end of the year.

The company is in talks with the Canadian government and hopes to win its support, Chairman Wang Yilin said after a shareholders' meeting.

It is uncertain if Ottawa will approve the acquisition of Nexen, one of Canada's largest independent energy producers.

Canada vets big foreign deals for a net benefit to its economy. Prime Minister Stephen Harper has said the CNOOC deal requires special scrutiny owing to its size and CNOOC's state-owned status. A ruling is expected next month.

Copyright (c) 2012 Dow Jones & Company, Inc.


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