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The slight problem with North America calling itself the ‘New Middle East’, is that overseas investors will treat it as such. Cue China. The latest $15.1bn offer for Canadian based Nexen, at a whopping 61% premium over its share price, follows a long line of Chinese resource investment in North America. CNOOC has form, holding a stake in MEG Energy and outright ownership of Opti Canada.
Its Chinese partner in resource acquisition, Sinopec, has just snapped up international stakes in Talisman, having acquired Addax Petroleum in 2009.
The ambitious Chinese outfit holds stakes in Syncrude and Devon, with bids on the table for Daylight Energy – not to mention a white knight bid to help Chesapeake out of a deep shale gas hole. To complete the set, PetroChina has sunk $4bn into Canadian oil sands and British Columbia gas plays.
China has even pumped $17bn into American markets since 2010 to keep the donkeys nodding. You get the picture: ‘Seven Sisters’ has become ‘Three Chinese Brothers’ as far as North America is concerned.
Source: Reuters
Its Chinese partner in resource acquisition, Sinopec, has just snapped up international stakes in Talisman, having acquired Addax Petroleum in 2009.
The ambitious Chinese outfit holds stakes in Syncrude and Devon, with bids on the table for Daylight Energy – not to mention a white knight bid to help Chesapeake out of a deep shale gas hole. To complete the set, PetroChina has sunk $4bn into Canadian oil sands and British Columbia gas plays.
China has even pumped $17bn into American markets since 2010 to keep the donkeys nodding. You get the picture: ‘Seven Sisters’ has become ‘Three Chinese Brothers’ as far as North America is concerned.
Source: Reuters
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