In potentially the biggest foreign take-over of a Canadian energy company, Nexen Inc. of Calgary has agreed to a $15-billion offer from China’s National Off-shore Oil Company.  

This is not the first Canadian investment by State-owned CNOOC Ltd., but it is the largest. CNOOC is offering a 60 per cent premium on Nexen’s stock price, and there will be a listing on the Toronto Stock Market. 

CNOOC plans to set up their North American headquarters in Calgary.

“We are in Canada to be a player and to continue the commitment to the environment and community,” CNOOC’s CEO Li Fan Rong said.

Ottawa must still approve the deal whether it’s a net benefit to the country.  

Nexen is Canada’s 12th largest energy producer.