Back in 2005, not all that long ago, CNOOC, a Chinese state-owned company, lost its $18.5 billion bid for Unocal following widespread media reports and subsequent political opposition.
Since then, CNOOC and other Chinese companies have entered into several North American shale plays:
- CNOOC will partner with Chesapeake Energy Corp. to develop the Niobrara Shale and Powder River Basin in Wyoming and Colorado. That deal closed Wednesday, February 16, 2011.
- CNOOC closed a similar deal with Chesapeake last November (2010) as partners in the Eagle Ford Shale play in south Texas
- PetroChina and Encana are looking to partner in the British Columbia shale gas project; that is currently being reviewed by the Canadian government. PetroChina is part of the China National Petroleum Corporation, another state-owned entity