Unocal Two for Unocal

In the oil patch it’s the best and worst of times. Crude prices are skyrocketing. But it’s also getting harder to find oil. Producers are drowning in cash but struggling to find good uses for it. Against this backdrop suitors are circling independent US producer Unocal, with ChevronTexaco reportedly the latest to cast its eye. In January, China National Offshore Oil Corp (CNOOC) did the same. Unocal’s reserves of 1.7bn barrels of oil would appeal to Chevron, which replaced none of its reserves ...