{"id":163696,"date":"2013-10-06T22:32:41","date_gmt":"2013-10-07T05:32:41","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/?p=163696"},"modified":"2013-10-06T22:33:39","modified_gmt":"2013-10-07T05:33:39","slug":"education-chinas-oil-company","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2013\/10\/education-chinas-oil-company\/","title":{"rendered":"The Education of China&#8217;s Oil Company"},"content":{"rendered":"<p>Reuters has a lengthy and detailed account of &#8220;China&#8217;s largest foreign acquisition in modern Chinese history,&#8221; <a href=\"http:\/\/ca.reuters.com\/article\/businessNews\/idCABRE99600720131007?pageNumber=1&#038;virtualBrandChannel=0\"><strong>state-owned oil giant CNNOC&#8217;s $15.1 billion purchase of Canadian Nexen Inc<\/strong><\/a>. The successful acquisition comes eight years after <a href=\"http:\/\/chinadigitaltimes.net\/2005\/08\/chinese-company-ends-unocal-bid-citing-political-hurdles-david-barboza\/\">CNOOC&#8217;s failed bid to take over Unocal<\/a>, which was blocked following fierce political opposition in Washington. Yet now that the deal has been done, questions are being raised about possibilities for its long-term success:<\/p>\n<blockquote><p>But as deftly as it was done, it is now anything but clear that the Nexen acquisition was wise for CNOOC&#8217;s constituents &#8211; the Chinese government and shareholders in the publicly traded company.<\/p>\n<p>As one company insider told Reuters: &#8220;For CNOOC, the closing of the deal marked the end of euphoria, and the beginning of pain.&#8221;<\/p>\n<p>The central problem, analysts say, is that in a global energy industry transformed by the shale gas revolution in North America and elsewhere, CNOOC overpaid. And it underestimated the risks of monetizing the landlocked oil-sands and shale-gas assets in Canada that account for 75 percent of Nexen&#8217;s proven and probable reserves. <\/p>\n<p>The deal may be emblematic in a different way than its boosters think. Critics of China&#8217;s decade-long overseas resource-buying binge believe state-owned companies have wasted huge chunks of the money &#8211; because deals were done for political, not commercial, reasons. [<a href=\"http:\/\/ca.reuters.com\/article\/businessNews\/idCABRE99600720131007?pageNumber=1&#038;virtualBrandChannel=0\"><strong>Source<\/strong><\/a>]<\/p><\/blockquote>\n<p>Read more about <a href=\"http:\/\/chinadigitaltimes.net\/china\/cnooc\/\">CNOOC<\/a> and <a href=\"http:\/\/chinadigitaltimes.net\/china\/overseas-investment\">China&#8217;s overseas investments<\/a>, via CDT.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters has a lengthy and detailed account of &#8220;China&#8217;s largest foreign acquisition in modern Chinese history,&#8221; state-owned oil giant CNNOC&#8217;s $15.1 billion purchase of Canadian Nexen Inc. The successful acquisition comes eight years after CNOOC&#8217;s failed bid to take over Unocal, which was blocked following fierce political opposition in Washington. Yet now that the deal [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":163697,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[116,2,14744,14745,14746,100,1051],"tags":[5972,16325,779,4117],"class_list":["post-163696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","category-economy","category-level-2-article","category-level-3-article","category-level-4-article","category-politics","category-top-article","tag-cnooc","tag-oil-industry","tag-overseas-investment","tag-state-owned-enterprises","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.9 (Yoast SEO v23.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Education of China&#039;s Oil Company<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/chinadigitaltimes.net\/2013\/10\/education-chinas-oil-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Education of China&#039;s Oil Company\" \/>\n<meta property=\"og:description\" content=\"Reuters has a lengthy and detailed account of &#8220;China&#8217;s largest foreign acquisition in modern Chinese history,&#8221; state-owned oil giant CNNOC&#8217;s $15.1 billion purchase of Canadian Nexen Inc. The successful acquisition comes eight years after CNOOC&#8217;s failed bid to take over Unocal, which was blocked following fierce political opposition in Washington. Yet now that the deal [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"http:\/\/chinadigitaltimes.net\/2013\/10\/education-chinas-oil-company\/\" \/>\n<meta property=\"og:site_name\" content=\"China Digital Times (CDT)\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ChinaDigitalTimes\" \/>\n<meta property=\"article:published_time\" content=\"2013-10-07T05:32:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2013-10-07T05:33:39+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/chinadigitaltimes.net\/wp-content\/uploads\/2013\/10\/images8.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"192\" \/>\n\t<meta property=\"og:image:height\" content=\"129\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sophie Beach\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cdt\" \/>\n<meta name=\"twitter:site\" content=\"@cdt\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sophie Beach\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\/\/chinadigitaltimes.net\/2013\/10\/education-chinas-oil-company\/#article\",\"isPartOf\":{\"@id\":\"http:\/\/chinadigitaltimes.net\/2013\/10\/education-chinas-oil-company\/\"},\"author\":{\"name\":\"Sophie Beach\",\"@id\":\"https:\/\/chinadigitaltimes.net\/#\/schema\/person\/7f19e31b674d57a7dc20aab8e908c663\"},\"headline\":\"The Education of China&#8217;s Oil Company\",\"datePublished\":\"2013-10-07T05:32:41+00:00\",\"dateModified\":\"2013-10-07T05:33:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\/\/chinadigitaltimes.net\/2013\/10\/education-chinas-oil-company\/\"},\"wordCount\":230,\"publisher\":{\"@id\":\"https:\/\/chinadigitaltimes.net\/#organization\"},\"image\":{\"@id\":\"http:\/\/chinadigitaltimes.net\/2013\/10\/education-chinas-oil-company\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/chinadigitaltimes.net\/wp-content\/uploads\/2013\/10\/images8.jpg\",\"keywords\":[\"CNOOC\",\"oil industry\",\"overseas investment\",\"state-owned enterprises\"],\"articleSection\":[\"China &amp; 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