OKLAHOMA CITY (
is mulling the sale of a 5.6% stake in an Azerbaijan oil field that may fetch as much as $3 billion, a report says.
China Petroleum & Chemical
, which is known as Sinopec, are said to be bidding for this stake,
reports, citing two sources familiar with the matter.
Other bidders include Japan's
, several sources told
The interest from the Chinese companies reflects China's "big appetite for oil assets worldwide," Hirofumi Kawachi, an analyst at Mizuho Investors Securities in Tokyo, told
. "The U.S. is gradually shifting investment to unconventional energy sources, such as shale gas reserves at home."
China already has made $18 billion worth of energy acquisitions since December 2008,
Existing partners in the Azeri-Chirag-Gunashli field, which include among others
, have a right of first refusal to buy Devon's stake, the sources told
A Devon spokesman declined to comment for
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