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Tag: Cnooc

Cnooc: the bonds bandwagon rolls on…but for how long?

May 3, 2013 5:47am by Stefan Wagstyl
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Cnooc, the Chinese state-run oil company, has joined the global rush to raise cheap corporate credit, with a $4bn bond, the biggest international issue in Asia in a decade.

The oil group has successfully placed the largest-ever international bond by a Chinese state enterprise and done so in a bumper week for global US$ corporate bonds with US giants Apple and IBM also selling mega issues.

Cnooc has every reason to raise money now to refinance its recent acquisition of Nexen, the Canadian energy group. But does the global rush to market suggest some companies fear the doors may soon close? Continue reading »

Tags: , Posted in China, Global |

Ecuador punts its oil bidding round but China may be only taker

Apr 24, 2013 5:57pm by Andres Schipani
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Ecuador is licensing a chunk of the Amazon. After touring Asia, Europe and North America, the Andean country’s government has extended from late May to mid-July a deadline by which bid for oil blocks located in the southeast of the country must be submitted.

The government says this will give companies more time to appraise the region’s geology and fill out the necessary paperwork. To some, it could suggest Ecuador had received less interest than initially hoped for. Continue reading »

Tags: , , Posted in Ecuador, LatAm |

[snap]: Canada green lights Cnooc and Petronas deals

Dec 7, 2012 10:54pm by Pan Kwan Yuk
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Christmas has arrived early for China and Malaysia. On Friday, Canadian regulators approved the proposed $18bn acquisition of Toronto-listed Nexen, a global oil and gas company, by China’s Cnooc, a state-owned oil group.

Concurrently, the government also reversed an earlier plan to block the $5.2bn bid for Progress Energy Resources, another Calgary-based oil and gas company, by Petronas of Malaysia.

Read the full story on ft.com Continue reading »

Tags: , , , , , Posted in Asia, China, Malaysia |

YPF gets a little help from China [updated]

Dec 6, 2012 7:41pm by Jude Webber
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Whenever the subject of partners for Argentina’s YPF to develop the Vaca Muerta shale deposits crops up, it isn’t long before someone suggests China as a potential investor.

So Carlos Bulgheroni’s admission that the Bridas group, in which his family and China’s CNOOC each own 50 per cent stakes, is planning to invest Vaca Muerta with YPF will have a lot of people sitting up. Continue reading »

Tags: , , , , , Posted in Argentina, Asia, China, LatAm |

Canada, Petronas-Progress and Cnooc-Nexen: the bright side

Oct 23, 2012 1:22pm by Leslie Hook
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For Chinese resources companies, Canada has long seemed like the promised land. Brimming with oil, timber and minerals, it also appeared more open to Chinese investment and less prone to resource nationalism than its neighbour, the US.

Or so it seemed until last weekend, when Ottawa rejected a $5bn bid from Petronas, the Malaysian state-owned oil company, to acquire Canadian company Progress Energy, sending a shockwave through the Chinese dealmaking community. A $15bn bid by Cnooc for oil group Nexen has been approved by the shareholders of both companies but awaits the OK from Canadian regulators. If Ottawa could turn Petronas away, it could shun Cnooc, too. Continue reading »

Tags: , , , Posted in Asia, China |

Guest post: Nexen shows Cnooc’s growing appetite for risk

Jul 27, 2012 1:02pm by beyondbrics
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By Simon Flowers of Wood Mackenzie

Cnooc Limited’s definitive agreement to acquire Nexen for $18.5bn marks a bold counter-cyclical move in what has been a relatively inactive market in 2012. It may also signal a new phase of Chinese national oil companies-led M&A following a lack of recent high-profile deals. Continue reading »

Tags: , , , , , Posted in Asia, China |

Shale gas: an EM game for EM players?

Jun 19, 2012 1:32pm by Peter Vanham
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Shale gas has the potential to transform the global gas industry. A lot of it is to be found in emerging markets, home to seven of the 10 biggest shale gas reserves worldwide. So you’d expect the world’s “supermajors” to be lining up for their slice of the cake.

Sure thing, says Christopher Haines, energy specialist at visiongain, a business information provider. But oil and gas companies from the developed world won’t have it all to themselves. Chinese and Indian companies will take their share, too – though other EM players may be left out. Continue reading »

Tags: , , , , , , , , , Posted in Global |

BP/Bridas: a light on a deal gone bad (updated with BP statement)

Apr 24, 2012 6:37pm by Pan Kwan Yuk
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How much would you pay to avoid fraud allegations?

$700m, it seems, if you are BP. On Monday, subsidiaries of the British oil major filed a lawsuit against Bridas, the Argentina-based oil and gas group that is half-owned by China’s Cnooc, over the terms of a collapsed deal that would have seen Bridas acquire its majority stake in Pan American Energy for $7.06bn. Continue reading »

Tags: , , , , Posted in Argentina, LatAm |

BB: time to register

Dear beyondbrics readers,

After more than three years of fully open access, we are taking the step of asking our readers to register on FT.com to read our articles. Beyondbrics will still be free but we'd like to know a bit more about you, our readers. Other FT blogs (including Alphaville) already do the same thing. Registration is active on beyondbrics from May 6.

Many of you are already registered on FT.com, or are subscribers - in which case, if you are logged in to the site you will not notice any difference. Just carry on as before.

For those of you not yet registered, it's a simple process which only takes a few moments.

Reading beyondbrics articles will NOT deduct from your free monthly quota of stories on FT.com.

Many thanks

Stefan Wagstyl, emerging markets editor

Global equities macromap

Number of the day

-0.2% Fall in Polish retail sales in April, rather worse than 1.1 per cent growth expected.

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