Energy Business Update: Nexen-Cnooc Deal NEWS, Chevron PARTNERS With YPF

Comments by the Canadian finance minister Jim Flaherty caused shares of Nexen, Inc. (NYSE:NXY) to dip slightly Friday. Speaking of the firm’s proposed acquisition by Cnooc Limited (NYSE:CEO), Flaherty is now walking back reports that he had privately warned his colleagues that disallowing the deal could hurt investor confidence and also damage relations with China.

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Chevron Corporation (NYSE:CVX) and Argentina’s government-run YPF Sociedad Anonima (NYSE:YPF) have reached an arrangement through which shale in the latter’s Vaca Muerta region will be developed. The region is thought to contain massive amounts of shale oil and shale gas resources. Currently, YPF is searching for partners and funding with which to conduct an ambitious exploration and production plan during the next five years.

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