December 15, 2008 / 1:42 AM / 10 years ago

CNPC to bid for Verenex eyeing Libya asset -report

HONG KONG, Dec 15 (Reuters) - China National Petroleum Corp (CNPC), the country’a largest oil company, is bidding for Canadian energy firm Verenex Energy VNX.TO to broaden its oil and gas assets in Africa, South China Morning Post reported on Monday, citing sources.

The deal may worth about $300 million, the newspaper said, adding a successful bid would broaden CNPC’s assets in Africa as Verenex owns a 50 percent stake in part of Ghadames Basin in Libya.

“The Chinese like Libya because of the geology there,” the newspaper cited a source as saying.

It gave no further details.

Indonesia’s state oil firm, Pertamina, had said earlier in December that the company would like to participate in the Libyan oil area of Canadian energy company Verenex. Pertamina has said it wants to expand its upstream activities and to participate in several potential oil and gas projects both at home and abroad to boost its reserves. [ID:nJAK388331]

Mainland firms continue to drive for natural resources and have been eyeing resource-rich Africa, the Middle East and other regions as the domestic supply in China’s northeast approaches the end of its productive life, the newspaper said.

Last week, a local newspaper reported that CNPC, the parent of Asia’s top oil and gas producer PetroChina (0857.HK) (601857.SS) (PTR.N), may team up with a foreign partner to bid for Australia’s third-largest oil and gas firm Santos Ltd (STO.AX). (Reporting by Donny Kwok; Editing by Keiron Henderson)

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