Sinopec, China companies eye $12 bln oil deals

China Petroleum & Chemical Corp. and other Chinese companies are considering overseas acquisitions of oil and gas assets worth as much as $12 billion, the South China Morning Post said, citing unidentified industry sources.

China Petroleum is working on a bid for Addax Petroleum Corp., which is listed in Toronto and London, worth as much as $8 billion, the English-language newspaper said. China National Petroleum Corp. and China National Offshore Oil Corp. are also interested in the deal, it said.

Cnooc Ltd. and its parent China National Offshore are also planning bids of as much as $4 billion for the principal assets of U.S.-based Kosmos Energy LLC, which is selling its 30 percent stake in the Jubilee oilfield off the coast of Africa’s Ghana, the report said.