With China’s global reach in the energy industry, what happens elsewhere is liable to affect domestic companies. After the financial crisis, many debt-laden governments removed restrictions on Chinese investment and, consequently, M&A activity picked-up. A manager at Canadian Rockies International Energy Co Ltd described this progression: “Chinese oil companies seized the opportunity and carried out a lot of large overseas oil asset M&A projects. In 2012, in particular, there was a surge… For example, CNOOC [China National Offshore Oil Corporation] acquired the Canada-based Nexen at nearly USD 20bn.”
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