Portrait of a franchise

Press reports surfaced early in 2005 that China National Offshore Oil Corp. was considering an offer to acquire Unocal Corp.Naturally, Unocal declined to comment on the reports, but the company has built a considerable asset base in China's back yard. Looking at the assets Unocal has built in the Gulf of Thailand, for example, could give any Asian company hungry for acquisitions a start.Unocal built its Gulf of Thailand franchise from scratch. With its original operations limited to gas production, the company has branched out into oil production and electric power generation.Having produced a gross 6.7 tcfe in Thailand, Unocal sees about 13.2 tcfe of expected remaining inventory ther...

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