Chesapeake, CNOOC forge $1.08B Eagle Ford agreement

10/11/2010 | Bloomberg

CNOOC will purchase a 33.3% stake in Chesapeake Energy's project in the Eagle Ford Shale, paying $1.08 billion. The deal, the largest U.S. oil and natural gas acquisition by a Chinese company, would not require clearance from federal regulators, said Jim Gipson, a spokesman for Chesapeake. "This deal is completely consistent with what U.S. government has said they would like to see Chinese energy companies do," added Chesapeake CEO Aubrey McClendon.

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