[JURIST] After strong Congressional opposition [JURIST report] to an $18.5 billion offer from the China National Offshore Oil Company Ltd. (CNOOC) [official website] and a $17.3 billion bid from Chevron, CNOOC has announced that it will drop its offer completely instead of raising it [AP report]. China's offer led Chevron to increase its offer and alarmed Congress, which feared Chinese control of such a large segment of the oil market. Chevron, if its bid is accepted, will acquire reserves equivalent to 1.75 billion barrels. Bloomberg has more.