Chinese oil giant circles Australian producers

Major Chinese oil producer CNOOC Ltd might seek to acquire Woodside Petroleum or Santos in the wake of its abortive bid for US-based Unocal Corp, the Financial Times reported today.

Quoting unidentified analysts, the business newspaper said in its Asian editions that any such acquisition plans could run into political problems in Canberra due to concerns associated with national interest.

Woodside, the largest oil and gas firm in Australia, declined to comment on speculation it might be a takeover target, the paper said.

The Age