CNOOC Considering Counter-Offer for Unocal

China National Offshore Oil Corporation (CNOOC) is to discuss the possibility of making a counter-offer to ChevronTexaco's bid for Unocal of $16bn. This would commence the first takeover battle between a Chinese company and a US competitor.

Any counter-bid by CNOOC, would be controversial in the United States opposing the attempt by a state-owned Chinese group to buy a US oil rival.