Gas Week

EWN Publishing

Oil Search takeover speculation; CNPC Exploration considers a run

Posted by gasweek on 26 September, 2007

According to Rebecca LeMay, in The Canberra Times, (18/9/2007, p.13), Oil Search managing director Peter Botten said that in the past year a wide range of parties had shown considerable interest in taking part in the company’s PNG gas development. Oil Search shares have risen on unconfirmed takeover speculation.

CNPC Exploration interested: The South China Morning Post newspaper reported yesterday that CNPC Exploration, a joint venture company between China National Petroleum Corp and its subsidiary PetroChina, was considering a bid but did not name any sources.

LNG the lever: Analysts agreed Oil Search’s valu­able PNG project was a key factor behind the rumours. Oil Search is a partner in two separate groups — one led by Exxon-Mobil and the other by BG Group —to commercialise Oil Search’s sig­nificant gas resources in PNG through a stand-alone natural gas development.

The Canberra Times, 18/9/2007, p. 13

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