Nexen shares fall after Canadian PM comments on foreign investments Shares of Nexen (NXY) which has been the object of a takeover bid by China's CNOOC (CEO) are trading lower after Canada's Prime Minister Stephen Harper said, as reported by Reuters, that stat-owned enterprises are different from publicly traded companies when it comes to foreign investment in the country's energy sector. CNOOC is a state owned company in China. In late afternoon trading shares of Nexen are down almost 1% to $25.39.
CNOOC makes mid-sized new discovery in Eastern South China Sea CNOOC announced that the company made a mid-sized new discovery Lufeng14-4 in the Eastern South China Sea. The Lufeng14-4 structure is located in Lufeng Sag in the Pearl River Mouth Basin of the South China Sea with an average water depth of 145 meters. The discovery well Lufeng14-4-1 was drilled and completed at a depth of 4,098 meters and encountered oil pay zones with a total thickness of approximately 150 meters. The oil production of the well tested around 1,320 barrels per day. The successful exploration of Lufeng14-4 demonstrated the company's remarkable breakthrough in the exploration area of the Paleogene SystemCand further proved the huge exploration potential of the Paleogene System in the Pearl River Mouth Basin.