CNOOC LIMITED CNOOC Limited Reaches Definitive Agreement to Acquire Nexen Inc. July 23, 2012
Transaction Overview Expanding international operations through acquisition of Nexen Inc.(Nexen), a leading E&P company based in Canada Acquire 100% of the outstanding common and preferred shares of Nexen Structure Structured as a…
Nexen Overview Nexen is a Canadian-based upstream oil and gas company engaged in developing energy in several of the worlds leading oil-rich basins Company Overview Financial Statistics Offer Consideration Established in 1971…
Disciplined M&A Strategy Consistent with CNOOC Limiteds global, value-driven M&A strategy Growth strategy Reserves and production growth West Africa Project 45% interest in Nigeria OML130 Consideration: US2.268 bn Develop…
A Strategic Buildout A rare opportunity to acquire long-life reserve assets and create a major North and Central American platform 20% production increase (of which 80% are liquids, 70% of liquids linked to Brent) Reserve and 30%…
Expanding Our Global Footprint Nexen offers CNOOC Limited a chance to grow its production and reserve base in many of its existing areas of operations and adds a large North Sea position as well as Horn River shale Strengthening CNOOC…
Canadian Oil Sands Long Lake and Other In-Situ Syncrude Summary Summary Net 1P Reserves: 295 mmboe (1) Net 1P Reserves: Horizon Net 2P Reserves: 1,027 mmboe (1) 282 mmboe (1) CR: 3.8 bn boe Net 2P Reserves: Joslyn Creek Muskeg…
Other North American Assets Gulf of Mexico (US) Horn River (Canada) Houston New Orleans Shelf Summary Horn River Cordova Owns over 300,000 acres Basin of shale gas lands Appomattox (20%) Longhorn (25%) Net 1P Reserves: Steamboat…
North Sea Entry Summary Map Map of North Sea 68 blocks Northern Northern North Sea Atlantic Atlantic Margin North Sea Net 1P Reserves: 203 mmboe (1) Margin Net 2P Reserves: 310 mmboe (1) Current Net Production: 114…
Nigeria Bolt-on Summary Map of Nigeria Offshore 20% interest in Usan & Usan West fields offshore Nigeria Usan field commenced production in February 2012 Includes several other discoveries and exploration prospects beyond…
Attractive Reserve and Production Growth Provides significant reserve expansion and production growth Reserves and Resources Production (Mmboe) (mmboe per year) 68 to 80 Upside + 330 to 340 Long-term 5,600 Growth (CR) +20% -…
Reserve Portfolio Diversification and Derisking Provides reserve diversification and significantly increases international exposure to OECD countries Proved Reserves Portfolio International Reserves: Portfolio Derisking 2011…
Establishing a North and Central American Platform Nexens experienced management and operating team offers critical North America expertise and provides foundation for CNOOC Limiteds North and Central American Headquarters Utilize…
Conclusion A rare opportunity to acquire long-life reserve assets and create a major North and Central American platform Nexen acquisition is consistent with CNOOC Limiteds disciplined M&A strategy focused on resources, risk and…
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