Chevron may meet CNOOC offer

In the battle over Unocal, Chevron could afford to match the China National Oil Company's US$18bn all-cash offer by coming up with an additional US18.5bn in cash, the Financial Times reported, citing industry analysts. Some analysts expect Chevron to raise its current offer of US$16bn in stock and securities. Meanwhile, CNOOC is obtaining some funding from the Chinese government and an undisclosed amount from Western bankers.