Chinese buy third of Chesapeake South Texas field

The Chinese continue to covert the depreciating dollars into resource plays that support their economic plan. This investment plan remains a stark contrast to the Western plan of asset sales (divestures) and money printing. It should be no surprise that liquidity-driven economic growth with little private sector investment struggles to create jobs.

CNOOC Ltd. and Oklahoma City-based Chesapeake announced the deal worth up to $2.16 billion Sunday in the Eagle Ford Shale project between Laredo and San Antonio. A joint statement says CNOOC will pay Chesapeake $1.08 billion in cash at closing and share 75 percent of Chesapeake's drilling and completion costs up to another $1.08 billion.

Chesapeake expects to produce 400,000 to 500,000 barrels of oil equivalent per day at the project's peak.

Source: finance.yahoo.com