CNPC Exploration Reportedly Plans Bid For Oil Search

(RTTNews) – Citing unidentified sources, South China Morning Post has reported that CNPC Exploration, a joint venture between China National Petroleum Corp. and PetroChina Co. (PTR, PCCYF.PK), is planning as much as US$5 billion offer for Oil Search Ltd. (OISHF.PK, OISHY.PK). The report also noted that some European oil companies are also studying Oil Search. However, responding to South China Morning Post’s article, Oil Search has said that it has not received any formal approaches by any party in regards to a take-over. Further, Oil Search said it ‘continues to discuss potential participation in a range of proposed gas developments in PNG with a number of international companies,’

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