IndonesiaƆs new offshore Chinese

CNOOC''s entry into Indonesia says a lot about both China and Indonesia.

Is this the start of another new China trend MA bankers have long predicted that WTO entry will not just mean foreigners buying assets in China, but top Chinese firms buying abroad too.

Barely a fortnight into 2002 and CNOOC, the highly regarded Chinese oil company taken public last year by CSFB and Merrill Lynch, has done just that.

CNOOC will buy the offshore Indonesian assets from Repsol-YPF for $585 million. The acquisition will make CNOOC the largest offshore oil producer in Indonesia.

CNOOC's highly regarded CFO, Mark Qiu tells FinanceAsia while we have always said we will focus our business on developing offshore fields in China, we have also...

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