Oil vs. LNG | 19
LAST YEAR, WINDING up a record year
for M&A activity in Canada's oil and gas sector, Prime Minister Stephen Harper hurled a
curveball some fear struck out much future
foreign investment in Canada's oil sands
sector by the world's heaviest hitters: stateowned enterprises (SOEs) from countries
such as China, Malaysia and India.
In December, after approving two major take-overs of Canadian energy firms by
Asian SOEs – China National Offshore Oil
Corporation's (CNOOC) $15.1-billion acquisition of Nexen Inc. and the $5.2-billion
PETRONAS (Malaysia) take-over of Prog-
ress Energy Inc. – Harper warned "Canada is
not for sale" to foreign governments. While
most analysts believe the Nexen and Progress
acquisitions were actually driven by their natural gas assets, Harper used the deals to draw
a firm line in the oil sands industry.
While his government would still welcome acquisitions of non-controlling interest in oil sands operations by SOEs, Harper
said that deals like the Nexen take-over,
where an SOE gets total or majority control
of a Canadian oil sands company, is "the
end of a trend." Only in "exceptional circumstances" would the government permit
Lexpert®Ranked Lawyers
Herman, Michael
Gowling Lafleur
Henderson LLP
(416) 369-7281
michael.herman@
gowlings.com
Mr. Herman acts
for a wide range of
clients, including
entrepreneurial,
privately held
companies and midmarket investment and
financial institutions,
on matters relating
to M&A, corporate
development and
corporate finance.
Hill, Krista F.
Torys LLP
(416) 865-7953
khill@torys.com
Ms. Hill is widely
recognized as a
leading lawyer in
infrastructure and
power M&A and project
development. She has
significant expertise in
all aspects of power
projects, including
nuclear, gas-fired,
wind, hydro and solar
projects.
Holgate, David A.
Stikeman Elliott LLP
(403) 226-9010
dholgate@stikeman.
com
Hudec, Albert J.
Farris, Vaughan,
Wills & Murphy LLP
(604) 661-9356
ahudec@farris.com
Mr. Holgate focuses on
energy regulation as
counsel for applicants
and intervenors before
federal and provincial
regulatory agencies
on matters including
wells, pipelines, heavy
oil, oil sands, coal
developments and all
aspects of electricity.
Mr. Hudec's
corporate finance and
securities practice
focuses on crossborder M&A, public
equity and venture
capital financing,
and board and
independent committee
representation,
with emphasis on
the resource and
technology industries.
Hughes, Terrance M.
Norton Rose Fulbright
Canada LLP
(403) 267-8117
terry.hughes@
nortonrosefulbright.com
Hull, Robert G.S.
Gowling Lafleur
Henderson LLP
(416) 369-7313
robert.hull@
gowlings.com
Mr. Hughes's project
development practice
for domestic and
foreign clients
embraces oil, gas
and NGL pipelines;
processing, refining
and cogeneration
facilities; offshore gas
and integrated oil
sands projects, and he
also appears before
the NEB.
Mr. Hull is a partner in
corporate commercial
and securities law,
specializing in real
estate securities and
fund formation. He also
represents numerous
domestic and
international business
concerns active in
the Canadian energy
sector.
