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Keyword: cnooc

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  • Brazil oil auction: Lone bid wins exploration rights

    10/22/2013 5:48:28 PM PDT · by haffast · 1 replies
    BBC ^ | 21 October 2013 Last updated at 17:01 ET | BBC
    The rights to explore Brazil's biggest oilfield have been won at an auction by a consortium led by Brazil's state-run Petrobras, backed by Total, Shell and Chinese firms. The group made the only bid in the auction, offering the minimum share of the surplus production. The Rio de Janeiro beachfront hotel, where the auction took place, was guarded by 1,100 security personnel. Earlier, striking oil workers opposed to the contest clashed with police. Eleven companies had expressed interest in the Libra oilfield, but the Spanish Repsol pulled out on Monday, leaving the five winners as the only ones to present...
  • U.S. For Sale: Obama Lets China Gobble Up U.S. Energy

    01/31/2013 4:14:43 PM PST · by raptor22 · 12 replies
    Inestor's Business Daily ^ | January 31, 2013 | IBD EDITORIALS
    Oil And Politics: Beijing plays the debt card as the Obama administration quietly lets China acquire major ownership interests in oil and natural gas resources across the U.S. at the same time it blocks the Keystone pipeline. Normally, foreign investment in the U.S. is to be welcomed. It creates jobs, boosts economic growth and promotes trade and exports. But when that investor is an ambitious and increasingly belligerent China to whom we owe over a trillion dollars, eyebrows and concerns need to be raised. Reversing a Bush administration policy, the Obama administration is encouraging Beijing to acquire equity interests in...
  • Markey, Schumer Call on Temporary Block for CNOOC-Nexen Deal

    07/30/2012 8:47:09 PM PDT · by Rabin · 9 replies
    RigZone ^ | Monday, July 30, 2012 | Karen Boman
    Rep. Ed Markey (D-Mass.) has joined Sen. Charles E. Schumer (D-N.Y.) in calling for the United States to issue a conditional block CNOOC's proposed acquisition of Canada-based Nexen, The Wall Street Journal reported Monday. Markey said that Nexen has drilled for oil in the U.S. without paying royalties and that, if the merger proceeded, would result in a "massive transfer of wealth" to China at the expense of the American taxpayer, the Wall Street Journal reported. Sen. Charles E. Schumer (D-N.Y.) on Friday asked Treasury Secretary Timothy Geithner to block CNOOC's proposed acquisition of Canada-based energy company Nexen until the...
  • Do We Want To Buy Canadian Oil From The Chinese?

    07/30/2012 5:53:58 AM PDT · by raptor22 · 6 replies
    IBD editorials ^ | July 30, 2012
    Energy Policy: Buoyed by White House inaction, China's state-owned oil company has made a multibillion-dollar bid for a Canadian company with interests in Canada's oil sands — North American oil for the lamps of China. 'Do we really want to be buying our oil or Canadian oil back from the Chinese?" asked Sen. John Hoeven on Thursday as he reacted to news that China's state-owned oil company, CNOOC Ltd., had launched a $15.1 billion takeover bid for Canada's Nexen Inc., a company with operations in the Gulf of Mexico. Our answer would be no. But it may happen, thanks to...
  • Democrats Backpedal as China Readies $15.1 Billion Canadian Oil Deal

    07/29/2012 6:11:44 AM PDT · by hfartalot · 42 replies
    Breitbart TV ^ | 07/28/12 | Wynton Hall
    When President Barack Obama blocked the Keystone Pipeline, Republicans said the move would encourage Canada to pursue oil deals with China instead of the United States and cede a massive chunk of North American oil assets to the communist nation. Now, with China's state-run oil company CNOOC poised to cut a $15.1 billion deal--the largest ever foreign acquisition for a Chinese company--with Canadian oil company Nexen, Sen. Charles Schumer (D-NY) and Rep. Nancy Pelosi (D-CA) are in full backpedal mode.
  • CNPC, Sinopec, Cnooc Sign Venezuela O&G Deals

    12/05/2010 8:49:32 PM PST · by Rabin · 1 replies
    Rigzone, BEIJING (Dow Jones Newswires) ^ | Friday, December 03, 2010 | Simon Hall & Wan Xu
    China's three main state-owned oil companies have strengthened their ties to Venezuela's energy sector, signing six agreements and increasing their investments to a planned $40 billion (US) dollars. The deals are the latest of a string of multi-billion dollar South American ventures signed by Chinese companies in recent months, aimed at acquiring major chunks of the continent's rich resources and at helping fuel China's economic boom.
  • China stakes claim to S. Texas oil, gas

    10/13/2010 9:29:55 PM PDT · by Rabin · 3 replies
    Houston Chronicle ^ | 10/12/2010 | Monica Hatcher
    HOUSTON — State-owned Chinese energy giant CNOOC is buying a multibillion-dollar stake in 600,000 acres of South Texas oil and gas fields, potentially testing the political waters for further expansion into U.S. energy reserves. With the announcement Monday that it would pay up to $2.2 billion for a one-third stake in Chesapeake Energy assets, CNOOC lays claim to a share of properties that eventually could produce up to half a million barrels a day of oil equivalent.
  • Cnooc, Statoil wade into Eagle Ford shale ( NG and Oil--China and Norway Companies in Texas)

    10/11/2010 12:40:50 PM PDT · by Ernest_at_the_Beach · 24 replies · 1+ views
    MarketWatch ^ | Oct. 11, 2010, 10:16 a.m. EDT | Steve Gelsi, MarketWatch
    South Texas region draws third big investment in a weekNEW YORK (MarketWatch) — China National Offshore Oil Corp. and Norway’s Statoil ASA announced separate deals, both valued at more than $2 billion, to develop the Eagle Ford shale in south Texas. Statoil said Monday it would team up with Canada-based Talisman Energy Inc. to buy acreage in the Eagle Ford shale. Statoil and Talisman formed a joint venture to purchase assets from Enduring Resources LLC for $1.33 billion. Statoil will also pay $180 million for additional acreage. Statoil’s share of the two transactions will cost $843 million. Late Sunday, Cnooc...
  • Cnooc Acquires Argentina Oil Assets

    03/15/2010 4:39:34 PM PDT · by Pontiac · 11 replies · 396+ views
    WSJ On-Line ^ | MARCH 14, 2010 | YVONNE LEE and NISHA GOPALAN
    Chinese state-owned oil company Cnooc Ltd. said it will pay $3.1 billion for a 50% stake in a unit of Argentina's Bridas Energy Holdings Ltd. in a move to boost its production and reserves. The deal highlights China's growing thirst for energy resources globally. The Chinese government is encouraging state-owned energy companies to buy assets abroad to power the country's booming economy. The deal is structured as an oil and gas production joint venture. The Beijing-based oil company's unit, Cnooc International Ltd., and Bridas Energy Holdings will each hold a 50% stake in Bridas Corp., which has exploration and production...
  • China discloses buying spree in US firms

    02/11/2010 1:23:42 AM PST · by myknowledge · 7 replies · 596+ views
    Ninemsn ^ | February 9, 2010
    China's giant sovereign wealth fund revealed it has accumulated stakes totalling $US9.6 billion ($A11.1 billion) in major US companies including Coca-Cola, Apple and Goodyear following a buying spree last year. Most of the stakes are small, reflecting China Investment Corp's strategy of avoiding politically sensitive acquisitions. But they highlight its growing presence in global markets as it invests a portion of Beijing's $US2.4 trillion ($A2.78 trillion) in foreign reserves. The holdings were disclosed Friday in a filing with the US Securities and Exchange Commission that listed shares traded in the United States. CIC, one of the world's biggest investment funds,...
  • Chinese giant to buy US oil assets: company (Norwegian energy group Statoil)

    11/04/2009 8:49:53 AM PST · by NormsRevenge · 15 replies · 1,064+ views
    AFP on Yahoo ^ | 11/4/09 | Pierre-Henry Deshayes
    OSLO (AFP) – Norwegian energy group Statoil said Wednesday it was selling some of its US offshore oil assets to China's state-owned CNOOC, marking the first step by a Chinese energy major into the US market. The sale, announced along with Statoil's quarterly results, involves a limited stake for the China National Offshore Oil Corporation (CNOOC) in four exploitation licences for deepwater blocks bought in 2007 and 2008. "On 29 October Statoil signed a farm down agreement with the Chinese company CNOOC involving a number of Statoil's leases in the Gulf of Mexico," Statoil said in its third-quarter earnings statement....
  • Obama intel chief violating Iran sanctions (sits on the board owned by the Chinese government )

    03/04/2009 3:09:45 PM PST · by patriotmediaa · 9 replies · 843+ views ^ | March 04, 2009 | Aaron Klein
    Obama intel chief violating Iran sanctions? Board member of Chinese government-owned company in deal with Tehran Charles "Chas" Freeman JERUSALEM – President Obama's nominee for a top intelligence post sits on the board of a major oil company owned by the Chinese government that is in the midst of a multibillion dollar deal with Iran which may violate U.S. sanctions, WND has learned. The oil company is widely seen as conducting business deals meant to expand China's influence worldwide. One of its recent attempts to purchase a large U.S. oil firm drew bipartisan congressional opposition amid fears the deal would...
  • POWER PLAY ("one of the most strategically ominous developments in the world today")

    10/12/2006 8:59:13 AM PDT · by GodGunsGuts · 18 replies · 971+ views
    The Journal of International Security Affairs ^ | Spring 2006 | Frank J. Gaffney, Jr.
    Power Play Frank J. Gaffney, Jr. Last summer, the American people and their elected representatives suddenly awoke to a startling reality: Communist China is hungry for energy and working aggressively to secure assured access to it all over the world. And, for a brief moment, it looked as though the United States might become seized of the larger thrust of Chinese strategy, of which the PRC’s energy agenda is but one part. The precipitating cause was the proposed purchase of Unocal by one of the PRC’s state-owned energy giants, the China National Offshore Oil Corporation (CNOOC). In June 2005, the...
  • CNOOC Announces $2.3B Nigeria Investment

    01/09/2006 5:05:27 AM PST · by Wiz · 14 replies · 450+ views
    Associated Press via Yahoo! News ^ | 2006 Jan 9 | Joe McDonald
    BEIJING - Chinese state-controlled oil company CNOOC Ltd. said Monday it is paying $2.3 billion for a 45 percent stake in a Nigerian oil field in its first major investment since its failed bid to take over Unocal Corp. last year. The deal adds to a multibillion-dollar string of foreign acquisitions by Chinese oil companies, which are aggressively pursuing energy supplies to fuel China's booming economy. The agreement, which requires approval from the Nigerian and Chinese governments, covers a deep-water area of the oil-rich Niger Delta region, CNOOC said. It said the area includes the Akpo oil field discovered in...
  • China - Clinton criticizes US for blocking Chinese takeover of California-based Unocal

    09/10/2005 2:10:19 AM PDT · by HAL9000 · 37 replies · 1,151+ views
    Interfax China ^ | September 10, 2005 | John Liu
    US and China should break the "old economy" - Clinton By John Liu Hangzhou September 10. INTERFAX-CHINA - Former US President Bill Clinton has said that China had no choice but to develop renewable sources of energy, saying that if new alternatives were not found to traditional modes of economic growth, international conflicts over scarce resources would become increasingly likely. Clinton, attending the China Internet Summit at the West Lake, organized by the e-commerce portal Alibaba in the coastal resort city of Hangzhou, noted that in an "interdependent" world, growing nations such as China and India had to find...
  • CNPC in $4.18 Billion Deal To Buy PetroKazakhstan

    08/22/2005 5:28:04 AM PDT · by Brilliant · 2 replies · 412+ views
    DOW JONES NEWSWIRES ^ | August 22, 2005 | LEIA PARKER
    State-owend China National Petroleum Corp. struck a deal with PetroKazakhstan Inc. to offer $55 a share to acquire the Canadian company as China seeks to secure new oil reserves abroad. PetroKazakhstan said Monday that the offer by CNPC values PetroKazakhstan at $4.18 billion. It comes just weeks after another Chinese company, Cnooc Ltd., abandoned its effort to acquire U.S. oil producer Unocal Corp. amid political pressure from Washington... The Chinese company beat out competition from a joint venture made up of India's ONGC Videsh... The deal brings state-owned CNPC access to PetroKazakhstan's proved and probable reserves of roughly 550 million...
  • WSJ: China Paranoia - The mystery is why the Washington celebration over Cnooc's stand-down.

    08/03/2005 6:10:42 AM PDT · by OESY · 32 replies · 675+ views
    Wall Street Journal ^ | August 3, 2005 | Editorial
    The Red-scare protectionists on Capitol Hill won a victory of sorts yesterday when the Chinese-owned oil company, Cnooc Ltd., withdrew its offer to purchase Unocal for $18.4 billion. But at whose expense? We suspect the big losers are not so much the Chinese but rather Unocal shareholders, who will have to take a lower price for their shares. Cnooc's offer was about $1 billion higher than what American-owned Chevron Corp. has put on the table. Had it not been for six weeks of congressional jaw-boning against the Cnooc offer, there's a strong likelihood a bidding war with Chevron might have...
  • Takeover Bid Reveals Washington's Lack of Strategic Thinking On China

    07/26/2005 9:11:13 AM PDT · by Willie Green · 17 replies · 608+ views ^ | Monday, July 25, 2005 | Alan Tonelson
    For education and discussion only. Not for commercial use. The China National Offshore Oil Company's attempted takeover of the U.S. oil company Unocal may have suffered a fatal setback last week when the Unocal board endorsed a rival offer from U.S.-owned Chevron. In addition, Chinese appliance maker Haier has dropped out of the competition to buy U.S. competitor Maytag. At the same time, U.S. officials still need to fill the policy vacuum revealed by these two offers – for many more will surely follow in their wake. The bid for Unocal in particular, seems to have finally awakened many U.S....
  • Terms soured bid by CNOOC - Chinese oil giant pressed Unocal to lobby on its behalf

    07/26/2005 12:29:49 AM PDT · by Cincinatus' Wife · 7 replies · 514+ views
    Houston Chronicle ^ | July 26, 2005 | LYNN J. COOK
    Buried in the fine print of Unocal's latest filing with regulators is an interesting dissection of the behind-closed-doors dealing that has played out as Chevron and China's CNOOC Ltd. bid against each other for one of this country's oldest oil companies. According to the filing, Unocal on July 16 almost secured a higher all-cash offer of $69 per share from CNOOC, a subsidiary of government-owned China National Offshore Oil Co. But the wheels fell off when the national oil company insisted Unocal lobby on CNOOC's behalf before Congress, according to Unocal's updated proxy statement filed with the Securities and Exchange...
  • Unocal urged to consider higher bid

    07/25/2005 1:10:38 AM PDT · by carl in alaska · 11 replies · 611+ views
    Reuters ^ | 7/24/05
    Unocal Corp. urged on Sunday the company's board to consider a higher takeover offer from China's CNOOC Ltd. than one it backed from Chevron Corp. Peter Schoenfeld, chief executive of P. Schoenfeld Asset Management which holds over 1 million Unocal shares, said the company would be liable to stockholders for any lost premium on the deal if it refused to seek a higher offer. Schoenfeld released a copy of a July 20 letter sent to Unocal's board in which he estimated shareholder damages would be "at least several billion dollars." "We demand that the Unocal board of directors adhere to...
  • Unocal board backs Chevron takeover bid

    07/20/2005 12:03:05 AM PDT · by Cincinatus' Wife · 10 replies · 404+ views
    Houston Chronicle ^ | July 20, 2005 | AP
    LOS ANGELES — Unocal's board of directors Tuesday recommended that its shareholders accept a last-minute, $17 billion takeover bid from Chevron, rejecting a competing offer from China's third-largest oil company. Chevron boosted its offer by $2 per share shortly before the Unocal board met Tuesday night, raising its bid to $63 per share or more than $17 billion. "Our increased offer has been driven by competitive circumstances, but even at this higher price it remains a compelling transaction for Chevron stockholders," Chevron Chairman and Chief Executive Officer David J. OReilly said in a statement late Tuesday. Hours later, Unocal's board...
  • Lawmakers try to block China's bid for Unocal

    07/16/2005 2:31:59 PM PDT · by radar101 · 5 replies · 299+ views
    S F Chron ^ | July 16, 2005 | David Armstrong,
    China's third-largest oil company has run into roadblocks in both houses of Congress over its bid to buy California's Unocal Corp. Sen. Byron Dorgan, D-N.D., introduced a bill in the Senate on Friday that would bar the Chinese National Offshore Oil Co. from buying Unocal. The 70 percent government-owned CNOOC has presented an $18.5 billion unsolicited bid for the U.S. oil and gas firm. Rep. Richard Pombo, R-Tracy, said he plans to introduce an amendment to the House's Energy Policy Act of 2005 that would intensify scrutiny of Chinese policies. Pombo's 11th District encompasses the San Ramon headquarters of Chevron...
  • Unocal board won't back CNOOC bid

    07/15/2005 4:00:25 PM PDT · by Dane · 8 replies · 413+ views
    Unocal board won't back CNOOC bid Unocal Corp.'s directors refused to support a takeover of their company by CNOOC Ltd., the oil company whose parent is owned by the government of China. Sources familiar with the bid said the Unocal directors didn't back the unsolicited takeover bid because the CNOOC bid did not raise the Chinese oil company's $18.5 billion cash offer. San Ramon-based Chevron Corp. (CVX) has offered $16.3 billion in cash and stock to snap up Unocal. Chevron says its bid is superior to CNOOC's because the Chevron bid would close quickly, while CNOOC's proposal faces lengthy government...
  • Unocal board won't back CNOOC bid

    07/15/2005 6:04:00 PM PDT · by RoyalsFan · 8 replies · 357+ views
    The San Jose Mercury News ^ | 07/15/05 | George Avalos
    Unocal board won't back CNOOC bid Unocal Corp.'s directors refused to support a takeover of their company by CNOOC Ltd., the oil company whose parent is owned by the government of China. Sources familiar with the bid said the Unocal directors didn't back the unsolicited takeover bid because the CNOOC bid did not raise the Chinese oil company's $18.5 billion cash offer. San Ramon-based Chevron Corp. (CVX) has offered $16.3 billion in cash and stock to snap up Unocal. Chevron says its bid is superior to CNOOC's because the Chevron bid would close quickly, while CNOOC's proposal faces lengthy government...
  • Market Impact [ UCOOC, Unocal, Red Alert ]

    07/15/2005 11:50:21 AM PDT · by Paul Ross · 30 replies · 1,849+ views
    The Center For Security Policy ^ | July 15, 2005 | Frank Gaffney
    Market impact -- THE CENTER FOR SECURITY POLICY Friday, July 15, 2005 As reported by Bloomberg News, China National Offshore Oil Corporation (CNOOC) stocks fell following Center for Security Policy President Frank Gaffney's testimony Wednesday before the House Armed Services Committee that called attention to the adverse economic and national security implications of CNOOC's $18.5 billion bid to purchase Unocal. Gaffney pointed out that the PRC's play for Unocal's energy and rare earth mineral assets is hardly a normal commercial transaction, but rather part of Beijing's long-term plan to dominate strategic energy resources, materials, minerals and technologies in order to...
  • Unocal meeting ends, bidding war expected

    07/14/2005 5:01:41 PM PDT · by Brilliant · 39 replies · 439+ views
    Reuters via Yahoo! ^ | July 14, 2005 | Deepa Babington
    NEW YORK (Reuters) - A crucial Unocal Corp. board meeting on Thursday to discuss competing bids from Chevron Corp. (NYSE:CVX - News) and a Chinese oil company ended without any public statement on the outcome, as expectations of a bidding war between the two suitors grew. Unocal -- which has so far backed Chevron's offer despite a higher bid from China's CNOOC Ltd.-- declined to provide any details on the meeting at the company's El Segundo, California, headquarters. A Unocal spokesman said it would violate securities law if he disclosed when the company plans to issue a statement. The jockeyeing...
  • Buying America, Chinese-style —Orville Schell

    07/13/2005 8:26:21 AM PDT · by Dr. Marten · 18 replies · 510+ views
    Daily Times ^ | 07.13.05 | Dr. Orville Schell
    Buying America, Chinese-style —Orville Schell Just as Bank of America’s current bid for a stake in the China Construction Bank raises no objections among US politicians, China, too must be permitted to invest abroad freely. What is fare for the US goose must be fare for the Chinese gander America’s relations with China have a disturbing tendency to oscillate between embrace and rejection, and that manic ambivalence is now on open display, as China’s relentlessly mounting economic power has finally resulted in the inevitable: Chinese firms are starting to buy up American companies. The United States received its first shock...
  • Kissinger advisor for Unocal and CNOCC

    07/13/2005 8:47:14 AM PDT · by Alexander Rubin · 2 replies · 272+ views
    Canada Free Press ^ | Wednesday, July 13, 2005 | Judi McLeod
    Toronto-- Tomorrow is D-Day for the Republic of China gaining a toehold in the American business world. Thursday is the day when the battle between Chevron corp. and CNOOC over Unocal Corp. is set to come to a head with the U.S. company’s board due to decide whether to back the Chinese group’s US$18.5-billion bid and withdraw support for Chevron’s US$16.6-billion cash-and-share offer, says the Financial Times. "The Unocal board’s decision is crucial to the outcome of CNOOC’s attempt to challenge Chevron–a move that has sparked a barrage of opposition from U.S. politicians." CNOOC’s offer will be the subject of...
  • China tells U.S. Congress to stop interfering in Unocal bid

    07/05/2005 9:17:17 AM PDT · by NormsRevenge · 49 replies · 953+ views
    Bakersfield Californian ^ | 7/5/05 | AP - Peking
    BEIJING (AP) - China on Tuesday demanded that Congress "correct its mistaken ways" and stop interfering in the proposed takeover of the Unocal oil corporation by China's state-owned CNOOC Ltd. American politicians had warned the $18.5 billion takeover bid announced last month could pose risks to U.S. national security and called for a full review by the Bush administration. The Chinese company's officials have welcomed a security review and denied that CNOOC was acting on behalf of China's government, which is in the midst of a multibillion-dollar campaign to secure foreign oil and gas supplies to power its booming economy....
  • In Seeking Unocal, Chevron Ruffles an Asian Partner

    07/05/2005 12:05:22 AM PDT · by neverdem · 4 replies · 496+ views
    NY Times ^ | July 5, 2005 | JAD MOUAWAD and DAVID BARBOZA
    The last thing Chevron wanted when it made its $16.8 billion offer for Unocal back in April was to be pitted in a takeover battle against the Chinese government. After all, one of the main reasons it went after Unocal, a California-based independent oil company with vast resources in Asia, was to sell oil and gas to the fastest-growing energy market in the world, China. But on June 22, when the state-controlled China National Offshore Oil Corporation, or Cnooc, countered with a higher bid for Unocal, Chevron found itself in a delicate position. Since then, Chevron's managers have gone into...
  • China tells US lawmakers to back off CNOOC's takeover bid of Unocal

    07/04/2005 9:10:43 AM PDT · by Righty_McRight · 69 replies · 1,693+ views
    AFP ^ | June 4, 2005
    BEIJING (AFP) - China angrily responded to a vote by US lawmakers urging the Bush administration to block the 18.5 billion-dollar bid by China National Offshore Oil Corporation (CNOOC) to take over US oil group Unocal. "We demand that the US Congress correct its mistaken ways of politicizing economic and trade issues and stop interfering in the normal commercial exchanges between enterprises of the two countries," China's foreign ministry said in a statement. "CNOOC's bid to take over the US Unocal company is a normal commercial activity between enterprises and should not fall victim to political interference. "The development of...
  • Chevron 'likely to win oil bid' - (meaning that they'll beat out China, but don't hold your breath)

    06/26/2005 8:09:18 PM PDT · by CHARLITE · 6 replies · 424+ views
    FINANCE24.COM ^ | JUNE 26, 2005 | Adrienne Taylor
    Boston - Some analysts and money managers here would pick Chevron Corp to beat CNOOC Ltd in the emerging race to acquire Unocal Corp, though they hope US politics won't be the deciding factor. CNOOC, China's biggest offshore oil company, has formally bid $18.5bn for Unocal. That's about $1.5bn higher than the proposal by Chevron, which in April announced a pact it had hoped to seal within the next several weeks. "I think Chevron's going to win because I think there will be some economic consequence to the regulatory hurdles that CNOOC has to do," money manager Mike Holland said....
  • CNOOC to start gas field despite dispute

    03/30/2005 9:04:58 AM PST · by Bald Eagle777 · 11 replies · 550+ views
    Daily Times ^ | March 30, 2005 | Reuters
    China’s top offshore oil and gas producer, CNOOC Ltd., will begin operations this year at a gas field in the East China Sea despite a territorial dispute with Japan. ..CNOOC Chairman Fu Chengyu told reporters on Tuesday he expected the Chunxiao field, located south of Japan, to begin operations in August and September... ....On Monday Japanese media reported Japan had demanded that China halt construction at the Chunxiao natural gas field. Hydrocarbon deposits were found in the early 1970s... In 2004 China’s construction of the Chunxiao natural gas production plant 5 kilometres (3 miles) from the disputed area aggravated tensions...
  • China's oil group eyes $13 billion bid for U.S. rival Unocal: FT

    01/06/2005 9:31:23 PM PST · by hedgetrimmer · 10 replies · 641+ views
    Kyodo News ^ | January 7, 2005
    CNOOC Ltd., China's third-biggest oil and gas group, is considering a bid of more than $13 billion for its U.S. rival Unocal Corp. in a deal that would mark the largest and most significant overseas acquisition by a Chinese company, the Financial Times reported Friday. Quoting people close to the situation, the British paper said the state-controlled group is interested in Unocal's Asian assets and has asked bankers to study a takeover of the whole company followed by a subsequent sale of the U.S. assets. Unocal's main attraction for CNOOC is its extensive operations in several Asian countries, including Indonesia,...