FOCUS 11
KPMG’s involvement in the acquisition began early on in the process. “We had previously advised CNOOC on a number of transactions, so they knew our experience and global capabilities in the Oil & Gas sector, “says Vic Naathen, an Associate Director in the UK fi rm’s Energy and Natural Resources practice. “We then quickly mobilised our Oil & Gas teams from across our global network in Beijing, London and Calgary.”
Nexen’s diverse asset footprint spans the globe, with signifi cant holdings in Canada, the US, the UK North Sea and West Africa. Their assets span the exploration and production sector, including conventional oil and gas, oil sands, shale gas and energy marketing. Thus, in terms of due diligence and deal structure, the transaction required a thorough understanding of the risks and value drivers across a range of commercial situations and territories.
In this respect, relationships were hugely important, both in terms of winning the work, but also in the ability to quickly assemble an experienced, cross- border team. “It was truly an international effort,” says Vic. “The Oil & Gas network within KPMG enabled us to quickly bring together and harness the required global industry knowledge and skills.”
Vic’s work began in London before quickly relocating to Beijing, where he spent six months working in-step with the client on the project. “Initially we were working on information from the public domain,“ he says, “our role was to analyse this information on Nexen in order to understand the company, as well as identify its key risks and value drivers.”
A second phase of due diligence followed once Nexen opened its books to CNOOC. At this stage, CNOOC and its advisors, including KPMG, had
NEXEN BUILDING, CANADA © 2013 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member fi rm of the KPMG network of independent member fi rms affi liated with KPMG International Cooperative, a Swiss entity. All rights reserved.
IT WAS TRULY AN INTERNATIONAL EFFORT. THE OIL & GAS NETWORK WITHIN KPMG ENABLED US TO QUICKLY BRING TOGETHER AND HARNESS THE REQUIRED GLOBAL INDUSTRY KNOWLEDGE AND SKILLS.
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CNOOC
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