CNOOC Limited's Acquisition of Nexen Inc.

CNOOC Limited's Acquisition of Nexen Inc. 
OTTAWA, ONTARIO -- (Marketwire) -- 12/07/12 -- Today, the Honourable
Christian Paradis, Minister of Industry, made the following statement
regarding the application under the Investment Canada Act made by
CNOOC Limited (CNOOC) to acquire Nexen Inc. (Nexen):  
"Under the Investment Canada Act, CNOOC has satisfied me that, under
existing Guidelines, their proposed transaction to acquire control of
Nexen is likely to be of net benefit to Canada.  
"In making my determination, I carefully considered the plans,
undertakings and other information submitted by CNOOC in light of the
net benefit factors listed in section 20 of the Act and existing
"To demonstrate that the transaction is likely to be of net benefit,
CNOOC has made significant commitments to Canada in the areas of:
governance, including commitments on transparency and disclosure;
commercial orientation, including an adherence to Canadian laws and
practices as well as free market principles; and employment and
capital investments, which demonstrate a long-term commitment to the
development of the Canadian economy. A compliance report related to
the undertakings will be provided to Industry Canada annually."
Margaux Stastny
Director of Communications
Office of the Honourable Christian Paradis
Minister of Industry
Media Relations
Industry Canada
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