Chesapeake Sells Stake in Niobrara Shale Oil Play to China's CNOOC

摘要

China National Offshore Oil Corp. (CNOOC) is expanding its cooperation with US-based Chesapeake Energy, announcing Monday that it will spend up to $1.27 billion to acquire an interest in oil and gas acreage in the Niobrara Shale in northeastern Colorado and southeastern Wyoming. The Chinese state giant will pay $570 million in cash up-front for a 33.3% stake in Chesapeake's 800,000 net leasehold acres in the emerging oil play, which stretches across portions of the Denver-Julesburg (DJ) and Powder River basins.