Canada has blocked Malaysian state oil firm Petronas' C$5.17 billion ($5.22 billion) bid for gas producer Progress Energy Resources Corp , a surprise move that could signal problems for a much bigger offer by China's CNOOC Ltd for oil producer Nexen Inc .The announcement late on Friday in Canada is a blow to the expansion plans of Petronas as its domestic oil supplies shrink and it seeks to boost its resources beyond Malaysia and volatile areas such as Sudan.Its bid for Progress had not been expected to run into hurdles in a review process that asks the government to examine whether a deal is of "net benefit" to Canada. A rejection of both the CNOOC and Petronas bid could significantly damage the trade ties that Canada has been trying to build, especially with the Chinese.Petronas, which said it was not ready to make any comment, has up to 30 days to make additional representations that could make its offer more palatable but it was not immediately clear what else it could put on the table.
CNOOC Limited is an investment holding company. The Company, along with its subsidiaries, is a producer of offshore crude oil and natural gas and an independent oil and gas exploration and production company. Shares of CEO traded higher by 0.3% or $0.62/share to $206.90. In the past year, the shares have traded as low as $170.70 and as high as $234.00. On average, 122672 shares of CEO exchange hands on a given day and today's volume is recorded at 74580.
Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY fell by 1.47% or $-0.38/share to $25.40. In the past year, the shares have traded as low as $13.63 and as high as $26.21. On average, 9920660 shares of NXY exchange hands on a given day and today's volume is recorded at 18509424.
Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY fell by 0.98% or $-0.25/share to $25.15. In the past year, the shares have traded as low as $14.20 and as high as $26.70. On average, 2720270 shares of NXY.TO exchange hands on a given day and today's volume is recorded at 2011207.
Progress Energy Resources Corp (Progress) is engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves in the provinces of British Columbia and Alberta. Shares of PRQ fell by 0.87% or $-0.19/share to $21.65. In the past year, the shares have traded as low as $9.44 and as high as $22.94. On average, 2286570 shares of PRQ.TO exchange hands on a given day and today's volume is recorded at 9977101.
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