Chinese increase oil search in US

[phantom power]

China's state-owned offshore oil and gas company is intensifying its search for oil in the western United States.

CNOOC announced it will pay 570 million US dollars (£359m) for a one-third stake in Chesapeake Energy's drilling project at an emerging oil field in north-east Colorado and south-east Wyoming.

http://www.independent.ie/breaking-news/world-news/chinese-increase-oil-search-in-us-2517766.html

[Angry Dragon]

1. Something is wrong with this picture

[nc4bo]

4. I guess I'm even more surprised that this post was the first I'd heard of it.

And I guess I shouldn't be surprised that this is considered a non-news story to M$M.

[AtheistCrusader]

5. That we are still so dependent on petrochemicals?

Now it's a race, with domestic oil consumption down over five years, to get to nil consumption before Chinese consumption raises the prices so high we can't function economically.

(We're already losing that race)

[Angry Dragon]

6. I was thinking more that a Chinese company

was buying up oil companies

[AtheistCrusader]

7. Sure. Access is key.

They want access, then they can insulate themselves from some price. Really just doing what we did.

[pscot]

8. The Chinese have big wads of dollars

and have been on a resource buying spree for the last few years. They've been accumulating tar sands, gas, mining rights and ag land around the globe. They're big players in Canadian energy as well as Africa and Latin America.

[Name removed]

2. Deleted message

Message removed by moderator. Click here to review the message board rules.

[nc4bo]

3. Well damn. I accidently ran into your post when I went too far back in my browser

to DU's front page and it hit me like a slap in the face.

So now they'll be getting a pipeline to another oil source.

Sigh.