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Taking a break from Middle East revolutionary events...the Chinese are about to convert a few more of their stash of bonars into something more useful. And right in the home of the brave and the land of the free, no less. It's really too bad nobody has been able to convince them to buy up all those now cheap tract homes in California, Florida & outside Vegas and stabilize the market. Evidently they don't understand good value when they see it, because they keep insisting on spending their money on resources instead...
Chesapeake, CNOOC strike second shale deal for $1.3 bln
Sun Jan 30, 2011 11:09pm EST
NEW YORK/HONG KONG, Jan 30 (Reuters) - CNOOC Ltd will pay $1.3 billion in its second shale deal with America's Chesapeake Energy Corp , the latest move by China's top offshore oil producer in its aggressive drive for overseas acquisitions.
In line with CNOOC's strategy to expand into the oil-rich shale deposits in North America, the state-owned company will buy a 33.3 percent stake in Chesapeake's leasehold acres in northeast Colorado and Southeast Wyoming for $570 million, the U.S. natural gas producer announced on Sunday.
State-owned CNOOC has also agreed to fund 66.7 percent of Chesapeake's share of drilling and completion costs until an additional $697 million is paid, which Chesapeake expects will happen by the end of 2014, the companies said...
..."The total investment of $1.27 billion in this deal through 2014 is manageable and equates to about 14 percent of CNOOC's budgeted $9 billion for 2011," he said...
...The deal between the two companies, expected to close in the first quarter, follows an agreement in October under which 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 about $1.1 billion cash...
Sun Jan 30, 2011 11:09pm EST
NEW YORK/HONG KONG, Jan 30 (Reuters) - CNOOC Ltd will pay $1.3 billion in its second shale deal with America's Chesapeake Energy Corp , the latest move by China's top offshore oil producer in its aggressive drive for overseas acquisitions.
In line with CNOOC's strategy to expand into the oil-rich shale deposits in North America, the state-owned company will buy a 33.3 percent stake in Chesapeake's leasehold acres in northeast Colorado and Southeast Wyoming for $570 million, the U.S. natural gas producer announced on Sunday.
State-owned CNOOC has also agreed to fund 66.7 percent of Chesapeake's share of drilling and completion costs until an additional $697 million is paid, which Chesapeake expects will happen by the end of 2014, the companies said...
..."The total investment of $1.27 billion in this deal through 2014 is manageable and equates to about 14 percent of CNOOC's budgeted $9 billion for 2011," he said...
...The deal between the two companies, expected to close in the first quarter, follows an agreement in October under which 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 about $1.1 billion cash...
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