CNOOC eyes Kazakh oil bid

CNOOC, China’s big offshore oil producer, is considering a US$2 billion bid to buy Canada-based Nations Energy, whose main holding is a large Kazakhstan oil field. This follows CNOOC’s US$2.3 billion bid for a stake in a Nigerian oil field. Citigroup, which assisted China National Petroleum Corp in its US$4.18 billion acquisition of PetroKazakhstan last year, is advising CNOOC, while Credit Suisse First Boston is advising Nations Energy.