South Korean trading firm Samsung C&T said on Monday it was considering taking over independent U.S. oil firm Parallel Petroleum, which a media report said might be worth some $1 billion.
"We are actively pursuing oil, natural gas and mineral resource business...and reviewing various resource deals across the globe but no final decision has been made on Parallel Petroleum," Samsung C&T said in a statement.
Earlier on Monday a report by online news outlet Money Today said Samsung was seeking to buy the U.S. firm, which is owned by private equity group Apollo Global Management, for an estimated 1 trillion won ($919.6 million).
The move comes as the pace of global resource deals has picked up in recent weeks, putting the sector on track to top a record $120 billion in transactions this year, Ernst & Young predicts.
Resource deals are being fueled by miners anxious to deploy the spoils from booming commodity markets, with some being forced to move into new sectors or regions, as the number of top tier assets available grows thin.
Shares in Samsung C&T closed down 2 percent, in line with the broader market.
Samsung C&T has hired JPMorgan Chase & Co to advise on its overseas resource deals, a Samsung spokesman said.