Shale Daily / NGI All News Access

Industry Brief

Chesapeake Energy Corp. and China's CNOOC Ltd. have closed their deal for CNOOC International Ltd. to buy a one-third undivided interest in Chesapeake's 600,000 net oil and natural gas leasehold acres in the Eagle Ford Shale in South Texas, the parties said Tuesday. The price was $1.08 billion in cash plus a $40 million adjustment at closing. CNOOC Ltd. has agreed to fund 75% of Chesapeake's share of drilling and completion costs up to $1.08 billion, which Chesapeake expects to occur by year-end 2012. The transaction represents Chesapeake's fifth such deal in the shale patch. It was announced last month (see Shale Daily, Oct. 12).

ISSN © 2577-9877 | ISSN © 2158-8023
Comments powered by Disqus