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CNOOC buys stake
Source: Xinhua |
February 18, 2011, Friday
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Print Edition
Print Edition
CHINA National Offshore Oil Co yesterday said it has closed a deal with United States-based Chesapeake Energy Corp to buy a 33.3 percent undivided interest in a shale oil and gas project for US$570 million in cash.
CNOOC International Ltd, a wholly owned subsidiary of CNOOC, signed an agreement with Chesapeake in January to purchase the interest in Chesapeake's 800,000 acres in the Denver-Julesburg and Powder River Basins in northeast Colorado and southeast Wyoming.
CNOOC has also agreed to fund 66.7 percent of Chesapeake's share of drilling and completion costs, up to US$697 million, which Chesapeake expects to occur by the end of 2014.
CNOOC International Ltd, a wholly owned subsidiary of CNOOC, signed an agreement with Chesapeake in January to purchase the interest in Chesapeake's 800,000 acres in the Denver-Julesburg and Powder River Basins in northeast Colorado and southeast Wyoming.
CNOOC has also agreed to fund 66.7 percent of Chesapeake's share of drilling and completion costs, up to US$697 million, which Chesapeake expects to occur by the end of 2014.
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