11 October 2010 08:56 [Source: ICIS news]
SHANGHAI (ICIS)--CNOOC, China's largest offshore oil and gas producer, will pay $1.08bn(€767m) for a 33.3% stake in Chesapeake Energy Corp’s shale oil and gas acreage in ?xml:namespace>
The two firms expected to finalise the agreement for the 600,000-acre Eagle Ford shale assets in the fourth quarter of 2010, CNOOC said in a press release on its website.
The deal required CNOOC to fund 75% of
As project operator,
The project was expected to reach its peak production of 400,000-500,000 barrels of oil equivalent per day in the next decade, it added.
“We see this as a win-win deal.
($1 = €0.71)
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