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China Oilfield Services to Buy Russia's Oil Services Firm

China Oilfield Services Ltd. is in talks to acquire a majority stake in a Russian oil services company in an effort enter the country's market

China Oilfield Services Ltd. is in talks to acquire a majority stake in a Russian oil services company in an effort enter the country's market, according to a top company official.

Chen Weidong, the company's executive vice president, revealed the potential deal during a Sino-Russian oil and gas conference in Shanghai, but he declined to reveal the name and the size of the target company or the stage of the negotiations.

He also said the company is currently operating alone in the acquisition, but would not deny opportunities to work with other Chinese companies if the need arises.

The company, a subsidiary of the China National Offshore Oil Corp., the third largest oil company in China, specializes in offshore oil drilling. CNOOC listed shares on New York Security Exchange in 2001.

CNOOC, founded in Hong Kong in October 1999, has more than 1,000 employees and owns oil and natural gas reserves of 1.8 billion barrels as of last year.