CNOOC Ltd.’s executives met Thursday night ahead of an expected decision this weekend on whether to launch a higher offer of nearly $20 billion for Unocal Corp. or concede to rival Chevron Corp., the Financial Times reported.

CNOOC is likely to increase its $18.5 billion bid for Unocal in spite of political pressure in the U.S. and a lack of support from Unocal’s board, the paper said. The Chinese state-owned group is reported to have drafted plans to increase its $67-a-share cash bid to more than $70 a share, valuing Unocal at about $19.3 billion, which is about $2 billion above Chevron’s proposal.

CNOOC may even go as high as $72 a share to compensate Unocal’s shareholders for the 51-day delay to the completion of its bid imposed this week by the U.S. Congress.

However, FT reported the decision on whether to raise or withdraw has not been made and the situation was too close to call.

CNOOC is expected to make a decision on a revised bid over the weekend, with an announcement likely next week. On August 10, Unocal shareholders will vote on the Chevron deal, which is worth about $63 per share.