Sinopec, CNOOC consider $3b Caspian oil bid

China Petroleum & Chemical Corp, or Sinopec, and CNOOC are considering a US$3 billion bid for Devon Energy’s 5.6% stake in an Azerbaijan oil field, Bloomberg reported, citing sources close to the deal. Devon, America’s biggest independent oil and natural gas producer, said in November that it would shed up to US$7.5 billion worth of overseas assets in to service and finance onshore projects. If completed, the deal would bring the value of China’s energy acquisitions since December 2008 to US$21 billion as the country looks to secure resources to fuel its continuing economic growth. An analyst valued the stake at US$1.3 billion based on the proved reserves. Japan’s Itochu Corp. and Inpex Corp. as well as India’s Oil and Natural Gas Corp. may also bid.