CNOOC still eyeing Unocal

China’s largest offshore oil producer CNOOC Ltd. said Tuesday it may counter Chevron Corp.’s $16.4 billion bid for Unocal Corp., according to media reports.

In April, Chevron beat out several firms, including CNOOC, to buy El Segundo’s Unocal in a cash-and-stock deal. In the deal, which has not yet closed, Chevron would assume about $1.6 billion in debt. The agreement also included a $500 million breakup fee to be paid to Chevron by any new acquirer in the event of a cancellation