eagle ford

CNOOC and Chesapeake Sign a $2.2 Billion Deal

CNOOC, China's top offshore oil producer, plans to buy one-third of Chesapeake Energy's oil and natural gas acreage in the Eagle Ford Shale project in South Texas for $1.08 billion in cash. The companies believe the deal will clear regulatory hurdles, even though CNOOC's efforts to buy a U.S. oil company five years ago were blocked.