CNOOC will purchase a 33.3% undivided interest in Chesapeake Energy’s 600,000 net oil and natural gas leasehold acres in the Eagle Ford Shale project in South Texas, US.
Under the $1.08bn cooperation agreement, CNOOC will also fund 75% of Chesapeake’s share of drilling and completion costs.
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The project is expected to be complete by the end of 2012.
The agreement is Chesapeake’s fifth industry shale development transaction.
“The agreement will accelerate development of the domestic oil and natural gas resource, resulting in a reduction of the country’s oil imports over time,” said Chesapeake CEO Aubrey McClendon.
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By GlobalData
