Red chip CNPC (Hong Kong) yesterday confirmed it was considering investing in Thailand's Sirikit oil field.
The listed arm of China National Petroleum Corp, which holds a virtual monopoly over mainland on-shore oil exploration and development, said it had not yet decided to invest in the oil field and no binding commitment had been entered into.
CNPC (Hong Kong) executive director Xu Xiaolu said yesterday the firm was interested in the Thai oil field and was conducting a preliminary review of it.
The company announcement was made at the behest of the stock exchange following a press report on the proposed investment by the company.
CNPC (Hong Kong) had reportedly made a preliminary bid for an 80 per cent stake in the central Thai oil field, worth an estimated US$300 million.
The stake was originally held by Royal Dutch/Shell Group which announced its retreat from oil exploration to focus on refining, thus inviting bids to take up its stake.
The remaining 20 per cent stake in the oil field is held by the National Petroleum Co of Thailand.