Long way to go for CNOOC after Nexen takeover approval (4)

The Canadian company saw net income decrease to 59 million U.S. dollars in the third quarter of this year, 85 percent down from the previous quarter, with lower production and higher operating costs, according to its quarterly results.

Future oil price fluctuations may also impact CNOOC's profits. Wang said financially-troubled energy firms being acquired and getting capital will in the long term benefit global energy supply and reduce oil prices.

For China's state oil companies, it remains politically risky to "go global" as their state ownership often raise concerns over national security, said Wang.

Right after the approval, Canadian Prime Minister Stephen Harper told a press conference that the CNOOC-Nexen deal should be viewed as "the end" rather than the "beginning of a trend."

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