Abstract

A bid by China's state‐owned offshore oil company for a privately‐owned US upstream corporation has raised fears of a Chinese takeover of several other foreign companies as Peking tries to secure oil and gas reserves to fuel the country's booming economy. The China National Offshore Oil Corporation (CNOOC) has offered $19.6 bn for the California‐based company, Unocal, the eighth‐largest upstream company in the US in terms of reserves. The bid trumps an earlier one of $18.4 bn by US major Chevron, which had been accepted by Unocal's board and appeared to have the backing of many leading political figures in the US.

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