Chinese offshore oil producer CNOOC still plans to counter Chevron Corp.'s $16.4 billion offer to buy Unocal Corp., according to media reports Friday.
CNOOC board members will meet within the next two weeks to approve the offer, which may trump Chevron's bid by up to 10 percent, according to the reports.
CNOOC is said to have already secured financing from banks for the bid and is inviting international investment firms to participate.
The Federal Trade Commminssion approved the $16 billion deal between San Ramon-based Chevron and Unocal, based in El Segundo, on June 10.
