Canada Okays Cnooc/Nexen & Petronas/Progress, Kearl Launch Delayed: Energy Business Review
The government of Canada approved on Friday two major energy takeovers including the $15.1-billion acquisition of Nexen (NYSE:NXY) by the Chinese state oil company Cnooc Limited (NYSE:CEO) and the $5.2-billion proposal by Malaysia’s Petronas for Progress Energy (PRQNF.PK). Additionally, Prime Minister Stephen Harper reported new guidelines for examining proposed takeovers of Canadian entities by state-owned enterprises, among which include evaluating the potential influence of a foreign government in the enterprise. New regulations grant that from now on, only offers in exceptional circumstances will be allowed.
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Imperial Oil (AMEX:IMO) is seeing the launch of its 110,000 barrel-per-day Kearl oil sands mine delayed by bitter December weather in northern Alberta, making output unlikely until January, said Chief Executive Bruce March on Monday to reporters following a presentation to an investment conference. Kearl is jointly owned with the Exxon Mobil Corporation (NYSE:XOM).
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