FACTBOX-China energy firms' gas acquisitions

> The deal also marks China's third acquisition of a shale gas play after CNOOC Ltd's (0883.HK) twin deals with U.S. firm Chesapeake Energy Corp (CHK.N). China's state energy firms have since 2010 embarked on a spree of gas asset buys to fuel a domestic boom that aims to triple the use of the lower-carbon fuel in the next decade. China is developing gas liquefaction technology, hoping to unlock vast reserves in sanction-gripped Iran and also to win big-ticket engineering contracts in the gas projects they acquire. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For related analyses on China's gas ambitions: [ID:nTOE6BM034][ID:nL3E6MN06R][ID:nTOE62906Z] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ The following lists the gas deals China landed: ARROW, AUSTRALIA PetroChina (0857.HK) in early 2010 entered a $3.1 billion joint bid with Royal Dutch Shell (RDSa.L) to buy Australia's coal-seam gas player Arrow Energy.

"China's state energy firms have since 2010 embarked on a spree of gas asset buys to fuel a domestic boom that aims to triple the use of the lower-carbon fuel in the next decade"Arrow approved the deal in July 2010. The Shell-PetroChina joint venture will integrate Arrow's Australian assets with Shell's existing coal-seam gas assets and Shell's site for a planned liquefaction plant on Curtis Island, Queensland. Shell and PetroChina will each own 50 percent of the gas produced by the LNG plant and Shell said it was likely to sell its gas to China. Online target: 2015/17 CHESAPEAKE, UNITED STATES No.3 Chinese oil and gas firm CNOOC Ltd (0883.HK) agreed in January to buy a 33.3 percent stake Chesapeake Energy Corp's (CHK.N) leasehold acres in Colorado and Wyoming for $570 million.[ID:nLDE70U0ZE] The deal came just a couple of months after CNOOC agreed to take a 33.3 percent interest in Chesapeake's Eagle Ford acreage in South Texas. CNOOC will pay $1.08 billion cash at closing.

CNOOC has agreed to fund 75 percent of Chesapeake's share of drilling and completion costs until an additional $1.08 billion has been paid. This second payment was expected by end of 2012.[ID:nTOE69A002] ENCANA-CNPC, CANADA 1 2 Next Stocks Global Markets Energy Tweet this Share this Link this Digg this Email Reprints