Cnooc, China’s largest offshore oil and gas producer, will invest up to $1.3bn in a new deal with Chesapeake Energy that will expand its presence in the US shale oil and gas industry.
This is the second onshore US deal in four months for the state-owned Chinese company whose $18.5bn bid for Unocal in 2005 was thwarted by a serious political backlash in the US.
Cnooc will pay $570m in cash for a 33 per cent stake in Chesapeake blocks in Wyoming and Colorado, providing the company with access to Chesapeake’s expertise in extracting fossil fuels from hard-to-access deposits locked in shale rock.
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