CNOOC Acquired 1/3 Stake In Eagle Beach Shale Oil And Gas Project

Beijing time October 11th morning news, China's largest offshore oil producer CNOOC Recently, he agreed to purchase $1 billion 80 million in cash. Chek SAS company (Chesapeake Energy Corp.) in Texas Eagle Beach shale oil and gas project (Eagle Ford Shale Project) 1/3. Shares 。

CNOOC and Chesapeake Energy Co released a statement on the 11 th of this month, saying that Cnooc International Ltd. plans to buy 33.3% of the project. It is understood that the oil and gas fields totaled 600 thousand acres. CNOOC said in a statement issued: "in the coming decades, the two sides will work together to develop the resource potential of a total of about 4 billion barrels of oil equivalent."

The statement also said that as the operator of the project, the company will be responsible for all the leasing, drilling, completion, operation and marketing of the project. Industry analysts pointed out that CNOOC's purchase of the company's shares reflects China's determination to seek more energy supplies.

The Texas Railroad Commission said the oil reserves of the Eagle Beach shale oil project are expected to reach 80 billion barrels. The oil field is about 50 miles wide and about 400 miles long. The Texas railway Commission said on its official website that the Eagle Beach shale oil and gas project will spanport natural gas and produce more oil than other shale gas fields.

According to media reports, Canada's Talisman Energy Inc. and Statoil ASA of Norway announced at the end of last week that they agreed to pay $1 billion 330 million to buy shares of eagle's shale oil and gas project from Enduring Resources, and set up a joint venture to exploit the field. "These two spanactions reflect the potential value of the oil field," Aubrey McClendon, chief executive of Chesapeake Energy Co, said in a telephone interview on the 11 th of this month. "These two spanactions reflect the potential of the oil field," he said.

It is understood that although the current spanaction price is $1 billion 80 million in cash, the spanaction price will be adjusted according to the actual situation when the spanaction is completed. The spanaction is expected to be completed in the fourth quarter of 2010.