The consideration for the transaction was $570m in cash, and CNOOC has also agreed to fund 66.7% of Chesapeake’s share of drilling and completion costs up to $697m.
Chesapeake CEO Aubrey McClendon said that Chesapeake looks forward to accelerating the development of this large domestic oil and natural gas resource, resulting in a reduction of oil imports of the US over time.
Chesapeake’s operations are focused on discovering and developing unconventional natural gas and oil fields onshore US, and CNOOC is a China-based producer of offshore crude oil and natural gas.
