CNOOC tests U.S. with $1.1 billion Chesapeake bid

China’s top offshore oil producer CNOOC Ltd (HKG:0883) reported that it agreed to pay $1.1 billion for a stake in a U.S. shale oil and gas field, testing the market for the first time since its 2005 failed bid for Unocal.

The press release is quoted as saying:

CNOOC shares hit a three-year high on news of the deal with Chesapeake Energy Corp (CHK.N), which could be the start of more outbound acquisitions as the Chinese company races to meet its aggressive production growth forecasts to feed the country’s fast-growing economy, analysts and bankers said.

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