CNOOC eyes Statoil's US assets, report
BEIJING, Oct 20, 2009 (Xinhua via COMTEX) --
Company: CNOOC Ltd. (CEO)
CNOOC (CEO.NYSE; 0883.HK) is in talks with StateoilHydro ASA, the state-run Norwegian oil firm, over a deal for five prospects in the US Gulf of Mexico, reported the Wall Street Journal.
But CNOOC spokesman Xiao Zongwei refused to comment on the report.
The WSJ cited a source familiar with the situation as saying that CNOOC may soon ink a deal with Statoil on the purchase of the Norwegian company's assets in the Gulf of Mexico, but the source failed to elaborate.
Such a deal is expected to open up the crude oil reserves in the area to China for the first time.
CNOOC attempted to acquire the US UNOCAL Corporation in 2005 but confronted unexpected opposition in America. The issue has long dampened enthusiasm of Chinese oil firms to invest in American oil and gas assets.
Industry watchers are saying CNOOC's investment this time may face less opposition on grounds that upstream exploration investment has been slashed due to the tighter credit.
Copyright (C) 2009 Xinhua Economic News. All rights reserved
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Company: CNOOC Ltd. (CEO)
Related terms: acquisition, ceo, china, exploration, gasoline, investment, mexico, nyse, oil
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