Oil industry consolidation continues
Two further oil company acquisitions indicate the urgency in this increasingly valuable sector.
China's #1 petroleum producer CNPC announced the purchase of Canada-based PetroKazakhstan, while overcoming political objections in Kazakhstan and a counterbid from Russian oil giant Lukoil. The deal was worth $4.2 billion.
China and Kazakhstan are building a pipeline form one country to the other. CNPC is partly owned by the Chinese government, The deal marks a success in China's ongoing effort to snap up oil assets, notoriously frustrated in the attempt of CNOOC's recent attempt to buy US-based Unocal.
Also this week, Canada-based Talisman Energy agreed to buy UK-based Paladin Resources for $2.1 billion. The deal increased Talisman's holdings in North Sea oil fields. That acquisition is one in a series of recent deals in the North Sea by Talisman, which also acquired Norwegian company Pertra this year. The company also has oil fields in Southeast Asia, the Caribbean, and Western Canada.
Add these to the Occidental/Vintage deal, and this has been a major week for oil deals. It is also a week in which many of the biggest oil companies declared record profits. Clearly, some companies do not think that they are buying at the top of the market.
2:25:39 PM 
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