Monday, January 31, 2011

Chinese Buying US Energy Properties..........Great

The Chinese are also adding to their overseas oil and gas holdings… by adding more U.S. properties. CNOOC just struck its second deal with Chesapeake Energy in four months.This time, CNOOC will spend $1.3 billion for a 33% stake in Chesapeake’s shale properties in Wyoming and Colorado. That’s in addition to the $2.2 billion it’s spending for a similar stake in a Texas project.Hmmm… that’s $3.5 billion CNOOC has put up so far. Its total bid for Unocal in 2005 -- rejected by a xenophobic Congress -- totaled $18.5 billion. What the Chinese can’t get in one fell swoop, they’ll be content to get piecemeal.

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