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.

Sameera Anand

February 01, 2011

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.

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