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Watching The World: China buys into Chesapeake

10/18/2010
Eric WatkinsThe US oil and gas industry has doubtlessly watched with interest CNOOC International Ltd.'s decision to buy a 33.3% stake in Chesapeake Energy Corp.'s acreage in the Eagle Ford shale project (OGJ Online, Oct. 11, 2010).The $1.1 billion purchase, which is the Chinese firm's first test of the US market since its failed 2005 bid to take over Unocal Corp., continues an acquisition strategy developed under Chief Executive Fu Chengyu."As one of the world's largest independent oil and gas companies, CNOOC is keeping a close watch on the development of the upstream sector across the world, among which is shale oil and natural gas development," said Fu."CNOOC has the de...
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