CNOOC buys Chesapeake shale stake for $570m

CNOOC (0883.HK) is planning to pay US$570 million for a one-third stake in Chesapeake’s (CHK.NYSE) shale oil and gas projects in Wyoming and Colorado, the South China Morning Post reported. This latest deal follows CNOOC’s US$1.08 billion purchase of one-third of Chesapeake’s Eagle Ford shale oil and gas project in Texas. CNOOC and Chesapeake plan to develop up to 5 billion barrels of oil equivalent (BOE) of oil and gas resources from the projects over the next several decades. CNOOC is likely to continue to look for new acquisitions as Beijing steps up efforts to secure energy supplies for its growing economy.