CNOOC plays down overseas M&A prospects

CNOOC, the listed subsidiary of China National Offshore Oil Corp, said its existing business, not overseas acquisitions, will be the main contributor to the company’s future growth, Bloomberg reported. Speaking at CNOOC’s annual general meeting in Hong Kong, company chairman Fu Chengyu stressed that overseas asset purchases and takeovers are just one aspect of overall strategy. CNOOC CFO Yang Hua said in November that the company is looking at acquisitions in the Caspian Sea, Africa and Asia-Pacific regions. CNOOC is believed to be in talks with Calgary-based Talisman Energy regarding a takeover or asset purchase that may focus on oil and gas interests in the North Sea, Australia, Trinidad and Denmark. Last month, China National Offshore Oil Corp signed an agreement to import 2 million metric tons of liquefied natural gas a year from Qatar.