August 21, 2012 / 7:52 AM / 6 years ago

CNOOC plans to raise capital for Nexen bid to maintain credit rating

HONG KONG, Aug 21 (Reuters) - China’s CNOOC Ltd, the country’s top offshore oil producer, said on Tuesday that it has a cash pile of more than 100 billion yuan ($15.72 billion), although it still plans to raise capital to fund its planned $15.1 billion cash bid for Canadian oil producer Nexen Inc to maintain its credit rating.

Company executives, who were speaking at an earnings press briefing, also said CNOOC had no plans to divest any Nexen assets after the planned acquisition.

CNOOC posted a 19 percent fall in first-half net profit due to lower production caused by an oil spill, and increased costs.

State-controlled CNOOC posted a January-June net profit of 31.87 billion yuan ($5.01 billion), compared with 39.34 billion yuan a year earlier a n d an average forecast of 34.2 billion yuan from seven analysts polled by Reuters.

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