Norwegian media DN reports that the business development division of Equinor has spent months working on a potential takeover bid for British assets owned by Chinese oil outfit China National Offshore Oil Corporation. The media cites information from the financial markets in London and sources within Equinor.

If such an acquisition were to pan out, the transaction would have a value of NOK 20-30bn (EUR 1.9-2.9bn) and could be finalized by the end of the year.

Among other things, CNOOC’s portfolio consists of the operatorship of the Buzzard field in the North Sea, said to contain 1.5 billion barrels of crude reserves, one of the most productive fields in UK territory.

Due to high oil and gas prices, Equinor has enough liquidity to cover a potential acquisition without having to resort to loans.

However, multiple players are expected to get involved in the bidding process, with DN citing anonymous sources saying that there is significant uncertainty within Equinor as to whether the company would emerge triumphant from such a foray.

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