Vancouver—The proposed takeover of Canadian independent Nexen by CNOOC, China’s largest offshore oil producer, hinges on what shapes up as the most exhaustive test so far of Prime Minister Stephen Harper’s enthusiasm for foreign investment in Canada’s energy sector to help achieve his goal of opening new energy export markets beyond the US. The deal also includes a shift in ownership of the key North Sea Buzzard field, which produces about half of all crude oil going into the Forties crude blend (see story, page 9).
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