This content is from: Innovation
CNOOC Buys $570M Chesapeake Project Stake
Chinese offshore energy producer, CNOOC, will pay $570 million in cash for a one- third stake in Chesapeake Energy’s Niobrara shale project.
Chinese offshore energy producer, CNOOC,will pay $570 million in cash for a one- third stake in Chesapeake Energy’s Niobrara shale project. The company will acquire a 33.3% undivided interest in the Denver-Julesburg (DJ) and Powder River Basins in northeast Colorado and southeast Wyoming.
The Chinese explorer will also pay 66.7% of Chesapeake’s costs of up to $697 million to drill and complete wells in the area. Jefferies advised Chesapeake on the, while CNOOC was advised by Tudor, Pickering,Holt & Company Securities.
Click here for the story from Business Wire.