CNOOC and Chesapeake announce second M&A deal

In its second deal with Chesapeake in less than six months, CNOOC agrees to pay up to $1.27 billion for a one-third interest in a shale-gas acreage in the US.

CNOOC will acquire a one-third interest in an 800,000 acre shale oil and gas lease in the US for a $570 million upfront payment and a phased payment of up to $697 million related to drilling costs. The lease is owned by Chesapeake Energy Corporation.

Hong Kong-listed CNOOC is 64%-owned by Chinese state-owned enterprise SOE China National Offshore Oil Corporation, which is China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil...

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