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Not everyone sees a bright future for Cnooc (CEO +0.4%) after its Nexen takeover, as Jefferies...

Not everyone sees a bright future for Cnooc (CEO +0.4%) after its Nexen takeover, as Jefferies believes Cnooc's offshore China assets are mature and declining, which will force heavy spending on deepwater and overseas acquisitions. Jefferies thinks deepwater South China Sea, Uganda and oil sands investments could lead to ~50% capex increase in 2013 to ~$15B, resulting in negative free cash flows.
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