GREAT NEWS! New multi billion oil and gas deal in Texas!

[Hazcat]

for CHINA!!!!!!!!!!!! 

China lands multi-billion dollar deal in Texas oil and gas fields:

The China National Offshore Oil Corporation (CNOOC) announced this week it is investing in US energy reserves located in south Texas, a move expected to draw little political opposition in the US.
China’s state-owned energy giant, CNOOC, has announced it is purchasing a 33.3 percent undivided interest in Chesapeake Energy Corporation’s oil and natural gas leasehold acres in the south Texas Eagle Ford Shale project. Price tag for the investment with Chesapeake is 2.16 billion dollars.
Consideration for the sale is $1.08 billion at closing. CNOOC also has agreed to fund 75% of Chesapeake’s share of drilling and completion costs up to the point where an additional $1.08 billion has been paid. Chesapeake expects that to occur by the end of 2012. Closing of the deal is expected to occur during the fourth quarter of 2010.
CNOOC, China’s largest producer of offshore crude oil and natural gas, is considered one of the world’s largest independent gas and oil exploration companies in the world.
Chesapeake controls approximately 600,000 net oil and natural gas leasehold acres in the Eagle Ford Shale project. The Oklahoma-based energy company anticipates the project will reach peak production of 400,000-500,000 barrels of oil equivalent within the next decade.
The financial transaction is seen by many as a means of China testing the waters for further inroads into US energy reserves as well as finding a way to alleviate China’s growing need for carbon-based energy. The International Energy Agency (IEA) announced in July that China became the worlds largest consumer of energy in 2009, surpassing the US.

more at link

http://current.com/news/92722705_china-lands-multi-billion-dollar-deal-in-texas-oil-and-gas-fields.htm

[fightingquaker13]

I dunno Haz. Its money flowing FROM China into the US. And its not like an American corporation won/t sell that oil to the highest bidder anyway. I'm not seeing the harm here, unless you have fuzzy feelings for Exxon or BP.
FQ13

[mosbear]

Read this Haz

http://en.wikipedia.org/wiki/Oil_shale_in_China

They have the "Know How". And yes, they are "capitalistic pigs", despite the big red sign over the shop entrance.

[tombogan03884]

Who gets the jobs and gas ? If the gas is going overseas we should burn their corporate offices and hang their executives beside the politicians who allowed it.
Next they will be allowed to drill in ANWAR

[Hazcat]

Read this Haz

http://en.wikipedia.org/wiki/Oil_shale_in_China

They have the "Know How". And yes, they are "capitalistic pigs", despite the big red sign over the shop entrance.

But to whose coffers go the profits?  Who will work and manage this?

[Sponsor]

[twyacht]

China throws Cold Hard CASH!!!! around like confetti.  In our American current economy,  many a lesser principled person simply takes it.

Is there an another motive?

Sure there is......But China doesn't work in the "now",....The master plan is one piece at a time.....

[tombogan03884]

Stripped of all the BS, we can't drill for our oil but the f*cking gooks can.

[mosbear]

Stripped of all the BS, we can't drill for our oil but the f*cking gooks can.

Allow me to enlighten you all. The key word here is SHALE. The "f*cking gooks" can do wonders with SHALE, but we can't do shit when it comes to SHALE. I don't see the country and natural resources being sold to the highest bidder here. I see mutually beneficial partnership developing in the very high tech world of exploration of the natural resources. Here is another article on the subject:

http://en.wikipedia.org/wiki/Oil_shale

Enjoy!
 

[tombogan03884]

Now we can figure out what the Halfrican used for collateral on the $800 Trillion loan he got from China for the Porkulus.