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FACTBOX-Chinese investments in Canada's oil and gas sector
December 7, 2012 / 11:10 PM / 5 years ago

FACTBOX-Chinese investments in Canada's oil and gas sector

(In U.S. dollars unless noted)

Dec 7 (Reuters) - Even before adding Nexen Inc to the list, China has significant assets in Canada’s rich oil sands, an area with the biggest proven resources of energy outside Venezuela and Saudi Arabia.

The Canadian government approved CNOOC Ltd’s $15.1 billion bid for Nexen on Friday, accepting the takeover by the state-owned Chinese company would bring a net benefit to Canada.

Below is a list of China’s other investments in Canadian oil and gas companies and assets:


*September - Talisman Energy Inc says Sinopec Corp , China’s top refiner, agreed to buy a 49 percent stake in its North Sea operations for $1.5 billion.

*February - PetroChina agrees to buy a 20 percent stake in Royal Dutch Shell Plc’s Groundbirch shale gas property in northeastern British Columbia for an undisclosed price.

*January - PetroChina becomes the first Chinese state-owned company to wholly own a Canadian oil sands development after agreeing to buy out Athabasca Oil Sands Corp’s stake in a newly approved project for C$680 million ($687.81 million).


*November - Nexen and CNOOC form a joint venture to explore Nexen’s Gulf of Mexico properties for an undisclosed price.

*October - Sinopec agrees to buy Canadian oil and gas explorer Daylight Energy Ltd for C$2.2 billion in cash to acquire its northeastern British Columbia shale gas holdings.

*July - CNOOC agrees to buy struggling Opti Canada Inc for $34 million and $2 billion in debt, to gain a 35 percent stake in Nexen’s underperforming Long Lake oil sands project in northern Alberta.

*June - Encana Corp and PetroChina walk away from a C$5.4 billion deal that would have seen the two form a joint venture to exploit Encana’s massive Cutbank Ridge gas field in northeastern British Columbia.


* April - Sinopec agrees to buy ConocoPhillips’ 9.03 percent stake in Syncrude Canada Ltd for $4.65 billion.

* April - Penn West Exploration sells a 45 percent stake in an oil sands project to China Investment Corp for C$817 million.


* August - PetroChina agrees to buy a 60 percent stake in two undeveloped oil sands properties held by Athabasca Oil Sands Corp that could eventually produce as much as 500,000 barrels per day.

* April - Sinopec acquires an additional 10 percent stake in Total SA’s undeveloped Northern Lights oil sands project for a price that has not yet been disclosed. The purchase brings Sinopec’s stake in Northern Lights to 50 percent. Construction of Northern Lights, once expected to cost $10.7 billion, is on hold.


* April - CNOOC pays $122 million for 16.7 percent in MEG Energy Ltd, which is developing an oil sands project in northern Alberta that could eventually pump up to 210,000 bpd, while other properties in MEG’s portfolio could eventually produce 500,000 bpd, according to company documents.

$1=$0.99 Canadian $1 = 0.9887 Canadian dollars Reporting by Scott Haggett. Editing by Andre Grenon

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