CNOOC reaches $1.3bn shale deal

CNOOC will pay $1.3bn (£817m) in its second shale deal with America’s Chesapeake Energy, the latest move by China’s top offshore oil producer in its aggressive drive for overseas acquisitions. In line with CNOOC’s strategy to expand into the oil-rich shale deposits in North America, the state-owned company will buy a 33.3 per cent stake in Chesapeake’s leasehold acres in northeast Colorado and Southeast Wyoming for $570m, the US natural gas producer has said.