Oil firms snap up opportunities

Chinese oil companies grabbed the opportunity to acquire overseas assets at a time when crude oil prices are low and foreign companies are short of money, energy experts said after China Petrochemical Corp and CNOOC Ltd announced two separate acquisitions on Monday.

"The acquisitions will help the country lower the risks when energy shortages become an urgent problem in the global market," said Lin Boqiang, director at the China Center for Energy Economics Research at Xiamen University.

CNOOC, China's largest offshore oil and gas explorer, agreed to pay $15.1 billion to acquire Nexen Inc, the Calgary-based oil and gas producer.