State owned Chinese National Offshore Oil Corporation isn’t going to make any more big deals in the oil patch since the $15.1-billion takeover of Nexen this week.
CEO and President, Li Fanrong says his main goal is to fully understand the potential of Nexen’s resources.
He says he wants to expand its operations.
C-E-O Kevin Reinhart — who will stay in charge of it’s operations at the head office in Calgary — says there’s more than enough opportunity to grow.
It expects a 20-percent boost in its annual production and a 30-percent increase in its reserve base.
February 28th, 2013
