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2009-6-29 10:46:00 a.m. HKT, XFNA
DJ Cnooc, PetroChina Plan Bids For Papua New Guinea Proj-Report
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| HONG KONG (Dow Jones)--China National Offshore Oil Corp. and PetroChina Co. (PTR) are planning to bid for a stake in a natural gas project in Papua New Guinea owned by Canada's InterOil Corp. (IOC) that could fetch about US$500 million, the South China Morning Post reported Monday, citing unnamed market sources.
Beijing typically only allows one of its oil majors to bid for an overseas project, so one of the companies will likely be given approval to submit an offer or they could make a joint bid for the stake, the newspaper said, citing the sources.
Cnooc is the parent of Hong Kong-listed Cnooc Ltd. (CEO).
Newspaper Web site: http://www.scmp.com -By Hong Kong Bureau, Dow Jones Newswires; 852-2802-7002; djnews.hongkong@dowjones.com
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