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India may bid for Kazakh Oil sought by CNOOC
(Bloomberg.com)
Updated: 2006-01-13 19:08
"Lot of Bidders"
Cnooc's shares were unchanged at the close of morning trading in Hong Kong.
The shares have risen 9.3 percent since the company announced the Nigerian
acquisition on Jan. 9.
The company has more than 3,400 employees, primarily based in Kazakhstan and
Azerbaijan. It had profit of $80.5 million on sales of $339.6 million in the
first nine months of 2004.
The Karazhanbas field was discovered in the 1970s and was in decline until
Nations Energy acquired it in 1997 and drilled new wells, upgraded existing
wells and added new production facilities, according to the Web site. Production
has grown from under 5,000 barrels per day in 1999 to average 35,154 barrels per
day in 2003.
The company's proven reserves in Kazakhstan exceed 400 million barrels.
Nations Energy's Chairman, Hashim Djojohadikusumo, is a son of Sumitro
Djojohadikusumo, a former Indonesian finance minister under presidents Sukarno
and Suharto. Hashim, the former owner of PT Bank Niaga, is chairman of
Indonesia's Tirtamas Group, a trading business.
Citigroup Inc., the world's biggest bank, is advising Cnooc while Credit
Suisse Group, Switzerland's second-largest bank, is advising Nations Energy, the
Standard said. Both banks declined to comment.
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