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15

CNOOC Denies Takeover Rumors

The company said once it would pay $2.3 billion for a 45 per cent interest in the Nigerian oilfield

China's biggest offshore oil producer CNOOC has denied rumours that it is in major talks about taking over foreign oil reserves.

In a statement to the Hong Kong Stock Exchange, the firm said it is not involved in any talks about acquisitions that require disclosure to the stock market.

It said it did not know of any reason why its shares yesterday increased by 5.5 per cent.

The company last month said it would pay US$2.3 billion for a 45 per cent interest in the Nigerian oilfield. Shares in CNOOC leapt 3.7 per cent the day after the company made the acquisition announcement.

"The board confirms that there are no negotiations or agreements relating to intended acquisitions or realizations that need to be disclosed. And neither is the board aware of any matter that requires disclosure that is, or may be, price sensitive," the oil producer added.