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CNOOC Executive Director, President and Chief Executive Li Fanrong attends a news conference on its 2012 strategy preview in Hong Kong in this January 18, 2012, file photo.
CNOOC Executive Director, President and Chief Executive Li Fanrong attends a news conference on its 2012 strategy preview in Hong Kong in this January 18, 2012, file photo.
(Bobby Yip/Reuters)

China’s back buying in the oil patch

A $320-million takeover of a Canadian oil company by a Chinese one would have barely registered a year or two ago, when ever-larger Calgary-based producers were getting picked off left and right.

Now, Yanchang Petroleum Group’s friendly acquisition of Novus Energy Ltd., a junior energy concern, has the oil patch buzzing. The biggest reason: It’s the first Canadian energy acquisition by a state-owned Chinese company since last year when CNOOC Ltd. bid $15.1-billion (U.S.) for Nexen Inc.