CNOOC Ltd.'s pending acquisition of Nexen Inc. puts to the greatest test yet U.S. sentiment about Chinese E&Ps holding operated ownership of American oil and gas assets. The outcome of a decision later this year may be a win for U.S. energy producers who demand, in exchange, more access to Chinese E&P assets. And, it could be a win for U.S. E&Ps that would like another premium-paying bidder in their datarooms.
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