HONG KONG (AFP) — Chinese oil giant CNOOC is in talks with Canadian-based Talisman Energy over a possible takeover deal, a report in Hong Kong said Monday.

CNOOC, China's third largest oil company, is in discussions that could lead to asset sales or a complete takeover, the South China Morning Post said citing unnamed sources.

The report also said that energy giant PetroChina was looking at taking a stake in Santos, the third largest oil and gas company in Australia.

Oil firms have shied away from acquisitions in recent months, waiting for a correction in the record oil price. ... Read full article