Cepsa Looks to Buy Coastal Energy for up to $3B - Reports

Spanish oil and gas firm Cepsa is looking at spending up to $3 billion on buying Houston-based Coastal Energy, according to a report in Spanish business newspaper Expansión late Thursday.

Cepsa sources contacted by Expansión declined to comment while no spokesman for the firm was available to talk to Rigzone Friday morning. Earlier this week Canadian paper Financial Post reported that Jynwel Capital – an international private-equity investment firm – had got together with Cepsa to make a bid for Coastal.

Based in Texas and listed on the Toronto Stock Exchange, Coastal Energy is focused on Southeast Asia, and holds several assets offshore and onshore Thailand as well as offshore Malaysia. This is the second time during the past year that Coastal has received interest as a possible takeover target; in November 2012 the Financial Post reported that Indonesian state-owned oil and gas firm Pertamina had cast its eyes over the company.

Cepsa, which employs some 11,000 people, is currently active in Europe, North Africa, Canada and South America.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com


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