China National Petroleum Corporation (CNPC) is considering bidding up to $5 billion to for Australia-listed Oil Search, reports local media.
CNPC Exploration, a venture between CNPC and its Hong-Kong-listed arm PetroChina, is looking to buy the Papua New Guinea-focused company. Several European energy firms are also considering bids. Oil Search said in a statement it had not received any formal approaches by any party in regards to a take-over. However, the company said it was continuing to discuss potential participation in a range of proposed gas developments in PNG with a number of international companies. Oil Search's large gas reserves in PNG are understood to be the attraction for any potential predator.
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