Deal Insight
CNOOC acquires a 33.3% interest in Chesapeake's Eagle Ford acreage for US$2.16 billion
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Report summary
CNOOC Ltd is to acquire a 33.3% stake in Chesapeake Energy's Eagle Ford Shale acreage. The deal is structured as a Joint Venture (JV), with a total consideration of US$2.16 billion. This constitutes an up-front cash consideration of US$1.08 billion, and a drilling capex carry of US$1.08 billion. CNOOC will acquire 200,000 net acres and around 1.33 billion boe of net unrisked resource. This equates to valuation metrics of US$10,800/acre and US$1.62/boe respectively. Our base case ...
Table of contents
- Executive summary
- Transaction details
- Upstream assets
-
Deal analysis
- Valuation assumptions and methodology
- Upsides and risks
-
Strategic rationale
- CNOOC Ltd
- Chesapeake
- Oil & gas pricing and assumptions
Tables and charts
This report includes 11 images and tables including:
- Executive summary: Table 1
- Location of Chesapeake Eagle Ford Acreage
- Upstream assets: Table 1
- Wood Mackenzie production assumptions (net entitlement basis)
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Wood Mackenzie valuation sensitivities
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Strategic rationale: Table 1
What's included
This report contains:
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