Subscribe to our free daily newsletters
  Energy News  




Subscribe to our free daily newsletters



ENERGY TECH
China's CNOOC inks U.S. shale gas deal

disclaimer: image is for illustration purposes only
by Staff Writers
Beijing (UPI) Jan 31, 2011
China National Offshore Oil Corp. has agreed to pay $570 million for a 33.3 percent interest in Chesapeake Energy's shale and oil gas drilling project in Colorado and Wyoming, the companies announced.

The deal also calls for CNOOC to fund 66.7 percent of Chesapeake's drilling and completion expenses, which Chesapeake expects will last through to 2014.

Under the agreement, Chesapeake is to continue as operator of the project, conducting all leasing, drilling, completion, operations and marketing activities.

The agreement follows CNOOC's $1.08 billion deal with Chesapeake for a 33 percent stake in Chesapeake's south Texas shale oil and gas field last October.

"This second transaction with Chesapeake represents another success in our overseas development as we implement a value-driven merger and acquisition strategy," said Yang Hua, vice chairman and chief executive officer of CNOOC Limited in a statement. "I am confident the project will not only strengthen our solid resource and production base in overseas but create value to the shareholders in the long term."

Aubrey K. McClendon, Chesapeake's chief executive officer, said the project would advance the efforts of both the United States and China to reduce greenhouse gas emissions as well as accelerate commercial opportunities for the development of shale gas resources in China.

The project, he said, would also further the objectives of the U.S.-China Shale Gas Resource Initiative launched in November 2009 by the Obama administration. The CNOOC-Chesapeake October deal was the first project to be announced since the White House initiative was launched.

China's soaring demand for energy was reflected in its foreign oil dependence ratio reaching a new high of 55 percent in 2010.

In its hunt for global acquisitions, CNOOC, China's largest offshore oil and gas producer, has bought stakes in oil assets in Africa, South America, the Middle East and Australia.

Earlier this month, CNOOC Chairman Fu Chengyu said the group planned to spend between $121 billion to $151 billion by 2015 in buying foreign oil groups and investing in new production, China Daily newspaper reported.

CNOOC's total profit in 2010 exceeded $14 billion, a rise of more than 70 percent on a year-on-year basis.

China, which has surpassed the United States as the world's biggest energy user, relies on coal for about 70 percent of its energy supply.

In 2009, natural gas accounted for just 3 percent of the country's energy mix, states BP's Statistical Review of Energy. China aims to double that over the next five years.



Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Powering The World in the 21st Century at Energy-Daily.com



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


ENERGY TECH
Oil turns higher on Chinese economic surge
Singapore (AFP) Jan 21, 2011
Oil prices turned higher in Asian trade Friday as market sentiment was buoyed by strong Chinese economic growth last year, analysts said. New York's main contract, light sweet crude for March delivery, gained 24 cents to 89.83 dollars per barrel. Brent North Sea crude for March advanced 18 cents to 96.76 dollars. Stellar Chinese economic numbers fuelled the crude price rally, said Ja ... read more







ENERGY TECH
Endeavor Power Recycles 250,000 Pounds Of Electronic Waste Per Month

Romania probes carbon credits theft from Swiss Holcim

World Can Be Powered By Alternative Energy In 20-40 Years

Save Dollars And Lives With Alternative Energy At Forward Operating Bases

ENERGY TECH
Undersea electricity cable envisioned

China's CNOOC inks U.S. shale gas deal

EU wants more money for clean energy

US Energy Enters Into Acquisition, Exploration And Development Agreement

ENERGY TECH
Construction Begins On Dempsey Ridge Wind Project

India's Suzlon wins $1.28 bn wind power deal

German wind sector hopes for 2011 comeback

U.S. behind China in wind power energy

ENERGY TECH
Enecsys Solar PV Micro-Inverter Gain UL Certification

Duke Energy And SunEdison Announce Completion Of Solar Farm

Pepco Energy To Implement PV Project For US DoE

GSLO Expects Booming iPhone Sales To Drive Demand For Volt

ENERGY TECH
Russia to help Belarus build nuclear power plant

China to boost nuclear power

Poland eyes EUR25 bln investments as it goes nuclear

Nuclear cleanup plant questioned

ENERGY TECH
Rentech Fuels First Cross-Country Drive On 100 Percent Synthetic Diesel

Malaysian peatswamps obliterated for palm oil: study

Scania Receives Large Order For Biofuel Buses In Sweden

Team Looks To The Cow Rumen For Better Biofuels Enzymes

ENERGY TECH
Slow progress in U.S.-China space efforts

China Builds Theme Park In Spaceport

Tiangong Space Station Plans Progessing

China-Made Satellite Keeps Remote Areas In Venezuela Connected

ENERGY TECH
China farmers to get $15 bn subsidies amid drought

Man, Volcanoes And The Sun Have Influenced Europe's Climate Over Recent Centuries

Climate Tax On Meat And Milk Results In Less Greenhouse Gases

More Africa droughts as global temps rise


The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement