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Cnooc CEO Says More Canadian Purchases Are ‘Not My Priority’

Feb. 27 (Bloomberg) -- Cnooc Ltd. isn’t looking for more acquisitions in Canada after completing its $15.1 billion takeover of Nexen Inc.

More purchases in Canada are “not my priority,” Chief Executive Officer Li Fanrong told reporters at a press briefing in Calgary today. Cnooc, the largest offshore oil and natural gas producer in China, will focus on improving performance and stabilizing the workforce at Nexen. The acquisition added 20 percent to Cnooc’s production and 30 percent to its reserves, he said.

Cnooc will keep Nexen’s bonds outstanding, Chief Financial Officer Zhong Hua said at the briefing. “If necessary, we’re going to provide the necessary guarantee for the facility,” Zhong said.

To contact the reporter on this story: Rebecca Penty in Calgary at rpenty@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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