CNOOC (SHA:600938, HKG:0883) President Yan Hongtao said the oil and gas company is positioning itself to seize merger and acquisition opportunities as oil prices slide, The Paper reported Wednesday.
With Brent crude at $65 per barrel-below first-quarter levels of realized oil prices-CNOOC sees room for further volatility but is "not pessimistic" in the long-term, according to the report.
Yan said potential targets may include individual assets, not just entire companies, The Paper wrote.
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