Deals
Cnooc Pays $570 Million for Chesapeake Shale Stake
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Cnooc Ltd., China’s largest offshore energy producer, agreed to pay $570 million in cash for a one-third stake in Chesapeake Energy Corp.’s Niobrara shale project, adding to its U.S. holdings in crude oil production.
The Chinese explorer also agreed to pay as much as $697 million, up to two-thirds of Chesapeake’s costs to drill and complete wells in the area, the companies said in a statement yesterday.