Dramatic Growth and Changes in the Overseas Portfolios of China's National Oil Companies
Article from: OGEL 1 (2011), in China Energy Law and Policy
CNOOC has taken its first onshore position in the USA by purchasing a 33.3% stake in Chesapeake Energy's Eagle Ford Shale project. This project, which lies in South Texas, is particularly attractive because it promises to yield not only shale gas but also natural gas liquids, which will add considerable value to the investment. CNOOC has agreed to pay US$ 1.08 billion for its share of the project and a further US$ 1.08 billion towards development costs over the next two years. Though all three major Chinese NOCs hold stakes in Canada's tar sands, CNOOC has been the first to move into the ...