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Uploaded on Oct 11, 2010
Cnooc Ltd. (NYSE:CEO) announced it reached an agreement to purchase a 33.3% stake in Chesapeake Energy's (NYSE:CHK) oil and natural gas leasehold acres in the Eagle Ford Shale in South Texas for $1.08 billion in cash.
Chinese-state operated Cnooc also said it would fund 75% of Chesapeake's share of drilling and completion costs until an additional $1.08 billion has been paid, which Chesapeake expects to be completed by the end of 2012.
The deal marks the largest Chinese purchase of US energy assets ever and the latest in a line of similar deals by Beijing on a global scale.