China grabs oil interests in USA The first ma
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Posted On: 04/14/2014 12:03:26 AM
China grabs oil interests in USA
The first major intrusion of China in the U.S. oil and natural gas market can be traced to the Obama administration decision in October 2009 to allow state-owned Chinese energy giant China Offshore Oil Corporation, or CNOOC, to purchase a multi-million dollar stake in 600,000 acres of South Texas oil and gas fields.
By allowing China to have equity interests in U.S. oil and natural gas production, the Obama administration reversed a policy of the Bush administration that in 2005 blocked China on grounds of national security concerns from a $18.4-billion dollar deal in which China planned to purchase California-based Unocal Corp.
China’s two, giant, state-owned oil companies acquiring oil and natural gas interests in the USA are CNOOC, 100-percent owned by the government of the People’s Republic of China, and Sinopec Group, the largest shareholder of Sinopac Corporation, an investment company owned by the government of the People’s Republic of China, incorporated in China in 1998, largely to acquire and operate oil and natural gas interests worldwide.
On March 6, 2012, the Wall Street Journal compiled a state-by-state list of the $17 billion in oil and natural gas equity interests CNOOC and Sinopec have acquired in the United States since 2010.
Colorado: CNOOC gained a one-third stake in 800,000 acres in northeast Colorado and southwest Wyoming in a $1.27-billion pact with Chesapeake Energy Corporation.
Louisiana: Sinopec has a one-third interest in 265,000 acres in the Tuscaloosa Marine Shale after a broader $2.5-billion deal with Devon Energy.
Michigan: Sinopec gained a one-third interest in 350,000 acres in a larger $2.5-billion deal with Devon Energy.
Ohio: Sinopec acquired a one-third interest in Devon Energy’s 235,000 Utica Shale acres in a larger $2.5-billion deal.
Oklahoma: Sinopec has a one-third interest in 215,000 acres in a broader $2.5-billion deal with Devon Energy.
Texas: CNOOC acquired a one-third interest in Chesapeake Energy’s 600,000 acres in the Eagle Ford Shale in a $2.16-billion deal.
Wyoming: CNOOC has a one-third stake in northeast Colorado and southeast Wyoming after a $1.27-billion pact with Chesapeake Energy. Sinopec gained a one-third interest in Devon Energy’s 320,000 acres as part of a larger $2.5-billion deal.
On March 6, 2012, in a separate story, the Wall Street Journal described that China’s strategy implemented since 2010 by Fu Chengyu, who has served as chairman of both CNOOC and Sinopec, involved the following components: “Seek minority states, play a passive role, and, in a nod to U.S. regulators, keep Chinese personnel at arm’s length from advanced U.S. technology.”
Read more at http://www.wnd.com/2014/04/reid-smelling-anyt...Fuos3Wm.99
The first major intrusion of China in the U.S. oil and natural gas market can be traced to the Obama administration decision in October 2009 to allow state-owned Chinese energy giant China Offshore Oil Corporation, or CNOOC, to purchase a multi-million dollar stake in 600,000 acres of South Texas oil and gas fields.
By allowing China to have equity interests in U.S. oil and natural gas production, the Obama administration reversed a policy of the Bush administration that in 2005 blocked China on grounds of national security concerns from a $18.4-billion dollar deal in which China planned to purchase California-based Unocal Corp.
China’s two, giant, state-owned oil companies acquiring oil and natural gas interests in the USA are CNOOC, 100-percent owned by the government of the People’s Republic of China, and Sinopec Group, the largest shareholder of Sinopac Corporation, an investment company owned by the government of the People’s Republic of China, incorporated in China in 1998, largely to acquire and operate oil and natural gas interests worldwide.
On March 6, 2012, the Wall Street Journal compiled a state-by-state list of the $17 billion in oil and natural gas equity interests CNOOC and Sinopec have acquired in the United States since 2010.
Colorado: CNOOC gained a one-third stake in 800,000 acres in northeast Colorado and southwest Wyoming in a $1.27-billion pact with Chesapeake Energy Corporation.
Louisiana: Sinopec has a one-third interest in 265,000 acres in the Tuscaloosa Marine Shale after a broader $2.5-billion deal with Devon Energy.
Michigan: Sinopec gained a one-third interest in 350,000 acres in a larger $2.5-billion deal with Devon Energy.
Ohio: Sinopec acquired a one-third interest in Devon Energy’s 235,000 Utica Shale acres in a larger $2.5-billion deal.
Oklahoma: Sinopec has a one-third interest in 215,000 acres in a broader $2.5-billion deal with Devon Energy.
Texas: CNOOC acquired a one-third interest in Chesapeake Energy’s 600,000 acres in the Eagle Ford Shale in a $2.16-billion deal.
Wyoming: CNOOC has a one-third stake in northeast Colorado and southeast Wyoming after a $1.27-billion pact with Chesapeake Energy. Sinopec gained a one-third interest in Devon Energy’s 320,000 acres as part of a larger $2.5-billion deal.
On March 6, 2012, in a separate story, the Wall Street Journal described that China’s strategy implemented since 2010 by Fu Chengyu, who has served as chairman of both CNOOC and Sinopec, involved the following components: “Seek minority states, play a passive role, and, in a nod to U.S. regulators, keep Chinese personnel at arm’s length from advanced U.S. technology.”
Read more at http://www.wnd.com/2014/04/reid-smelling-anyt...Fuos3Wm.99
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