CNOOC Inks U.S. Shale Deal

(Beijing) -- China's largest offshore oil and gas producer, China National Offshore Oil Corporation (CNOOC), announced its second purchase of shale oil and gas assets from Chesapeake Energy.

CNOOC agreed on January 31 to pay US$ 570 million in cash for 33.3 percent stake in Chesapeake Energy's blocks in Wyoming and Colorado. The transaction is expected to be completed by the first quarter this year.