CNOOC Buys $570M Chesapeake Project Stake

Chinese offshore energy producer,CNOOC,will pay $570 million in cash for a one- third stake inChesapeake Energy’s Niobrara shale project. The company will acquire a 33.3% undivided interest in the Denver-Julesburg (DJ) and Powder River Basins in northeast Colorado and southeast Wyoming.

The Chinese explorer will also pay 66.7% of Chesapeake’s costs of up to $697 million to drill and complete wells in the area.Jefferiesadvised Chesapeake on the, while CNOOC was advised byTudor, Pickering,Holt & Company Securities.

Click here for the story fromBusiness Wire.