China National Offshore Oil Corp. (CNOOC) announced on February 26 that it has closed the deal to acquire Canada's Nexen Inc.

CNOOC, China's largest offshore oil and gas producer, said the company paid about $15.1 billion for Nexen's common and preferred shares.

Wang Yilin, Chairman of CNOOC, said the company is delighted to have acquired a leading international platform through the acquisition of Nexen.

Kevin Reinhart will continue to serve as CEO of Nexen, which will operate as a wholly owned subsidiary of CNOOC.

Li Fanrong, CEO of CNOOC Ltd., a listed subsidiary of the group will chair the new Nexen board.

The deal was first announced in July 2012. It is the largest overseas acquisition ever made by a Chinese company.