Cnooc's (CEO) intention to take over Nexen (NXY.T) would give the
Chinese company access to Nexen's extensive experience with unconventional oil
and gas resources in North America, says JBC Energy.
This comes "as
China
has
hopes of developing these resources back home on their own turf in order to
help quench the future energy thirst of its economy," he says.
In addition,
the planned purchase of Nexen would give Cnooc more insight into the dynamics
of
North Sea
fundamentals, he notes. ICE September Brent is up
51 cents, or 0.5%, at $103.74/bbl. Nymex September crude is up 35 cents, or
0.4%, at $88.48/bbl.