Cnooc has agreed to pay just over $1bn for a stake in a large shale gas project in Texas in the first step by the state-owned Chinese energy company into the onshore US market since its failed bid for Unocal, an exploration and production company, in 2005.
In a deal that underscores China’s appetite for “unconventional” resources, Cnooc is to buy 33 per cent of Chesapeake Energy’s Eagle Ford shale acreage in Texas for $1.08bn.
It also has agreed to pay 75 per cent of the US company’s drilling and well completion costs, up to a further $1.08bn. Chesapeake will retain operational control.
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