CNOOC will meet Unocal conditions-source

CNOOC Ltd. will meet all conditions set by takeover target Unocal Corp. for its board to recommend the Chinese company’s bid over one from Chevron Corp., a person close to the situation said on Thursday.

But the source, who said the talks “are going well,” added that Unocal is still trying to decide whether CNOOC’s proposed $18.5 billion offer price justifies the regulatory and political risks that could delay or block approval of a deal.