HONG KONG - China's top offshore oil producer CNOOC Ltd and Chesapeake Energy Corp on Nov. 16 announced the completion of an Eagle Ford Shale project deal in the United States.
The completion of the deal marks a victory for CNOOC's quest for U.S. government's approval after its failed 2005 bid for Unocal.
In 2005, CNOOC agreed to buy a 33.3 percent interest in Chesapeake's 600,000 net oil and natural gas leasehold acres in the Eagle Ford Shale project in South Texas for $1.08 billion cash, plus a $40 million payment adjustment at closing.
CNOOC will also fund 75 percent of Chesapeake's share of drilling and completion costs of up to $1.08 billion by year-end 2012.
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