Maurel & Prom, a French oil producer with a market value of about 1.65 billion euros ($2.28 billion), is weighing a sale. The company is working with banks including Citigroup Inc. to explore options and has drawn interest from potential bidders, including Chinese companies. While Maurel & Prom has discussed a sale process with its advisers, a deal isn’t imminent and a buyer for the company may not emerge.
Independent companies that have made recent discoveries and that are beginning to increase their output,” are the “best targets” for Chinese, Indian and South Korean oil companies. As the national oil companies such as China Petrochemical Corp., Oil & Natural Gas Corp. and Korea National Oil Corp. are under pressure to raise output and reserves as quickly as possible.