CNOOC, Chesapeake close $1b shale deal

Updated: 2010-11-16 13:30


Twitter Facebook Myspace Yahoo! Linkedin Mixx

China's top offshore oil producer CNOOC Ltd and Chesapeake Energy Corp on Tuesday announced the completion of the Eagle Ford Shale project deal in the United States.

The completion of the deal marks a victory for CNOOC's quest for US government's approval.

CNOOC, Chesapeake close $1b shale dealNew energies to lead copper growth
Related readings:
CNOOC, Chesapeake close $1b shale deal CNOOC Q3 revenue surges on output, price hikes
CNOOC, Chesapeake close $1b shale deal CNOOC part of joint bid $5b for Jubilee stake
CNOOC, Chesapeake close $1b shale deal CNOOC starts to build 4th LNG terminal
CNOOC, Chesapeake close $1b shale deal US likely to give nod to CNOOC deal, despite opposition
Last month, CNOOC agreed to buy a 33.3 percent interest in Chesapeake's 600,000 net oil and natural gas leasehold acres in the Eagle Ford Shale project in South Texas for $1.08 billion cash, plus a $40 million payment adjustment at closing.

CNOOC will also fund 75 percent of Chesapeake's share of drilling and completion costs of up to $1.08 billion by year-end 2012.

Analysts and bankers said the deal could mark the start of more outbound acquisitions as the Chinese company races to meet its aggressive production growth forecasts to feed the country's fast-growing economy.

Paper's Digest

China bags Asiad team tennis title after 24 yrs

Wimbledon semifinalist Li Na led host China to capture the team tennis title on Tuesday at the Asian Games, accomplishing her Asiad tour with three consecutive victories.

China rate rises no panacea to curb inflation: PBOC adviser

European Edition


Russian possessed with TCM

Born into a family of doctors, Maxime became interested in Traditional Chinese Medicine (TCM) at the age of 12, after hearing about TCM theories such as health preservation and recuperation.

Acupuncture takes stab at UNESCO list

Acupuncture and Peking Opera have been selected as candidates for UNESCO intangible cultural heritage status.

The wedding coach comes back to life

A groom carries his bride from a wedding coach in Xuchang, Henan province, Nov 11, 2010. Produced a local factory, various original hand-made wedding carriages were displayed on the streets, attracting young people chasing fashion and an environment-friendly lifestyle.

Mounting inflation pressure tests policy makers
Chinese vice president to visit four nations
Chinese, Russian presidents meet in Seoul on co-op