China’s CNOOC agrees to alter Nexen’s US oil lease, says reports

Chinese oil giant CNOOC Ltd has agreed to changes its oil-drilling leases in the Gulf of Mexico to quell US national security concerns as a condition for US approval of its $15 billion (HK$ 116.32) buyout of Canada’s Nexen Inc.

The “most significant” term of the agreement involves removing CNOOC as site operator, Bloomberg reported, citing an email to employees from Peter Addy, the president of Nexen’s US unit.

via Business feed http://www.scmp.com/business/article/1169260/chinas-cnooc-agrees-alter-nexens-us-oil-lease-says-reports