HONG KONG, June 29 (Reuters) - China National Offshore Oil Corp....

HONG KONG, June 29 (Reuters) - China National Offshore Oil Corp. (CNOOC) and PetroChina are planning bids for a stake in Canadian oil firm InterOil Corp's natural gas project that could be worth up to $500 million, a newspaper reported on Monday.
The South China Morning Post, citing anonymous sources, did not make clear whether the bids would be made by the parent companies or their listed entities. Representatives from CNOOC and PetroChina were not available for comment when contacted by Reuters on Monday.
Thailand's PTT PCL is also among the bidders angling for as much as a 35 percent stake in the gas field development and terminal.
The possible bid comes on the heels of Sinopec Group's $7.2 billion bid for Swiss oil explorer Addax Petroleum.
China's energy majors have been snapping up overseas assets in recent months, spurred by the fall in oil prices and the drive to secure oil supplies for the world's second-largest energy user.
In May, InterOil said it had received strong interest from global oil majors and utilities to invest in its proposed $4.5 liquefied natural gas (LNG) project in Papua New Guinea. .
Source-http://www.iii.co.uk/news/?type=afxnews&articleid=7394174&action=article


Gee, it seems like we are sitting on a time bomb. Surely news must be close?