China provides needed capital for unconventional oil resource
On one hand I just wrote that Americans should boycott Chinese made products because China is a civil rights abuser. On the other hand, they are a source of capital to oil companies that are trying to squeeze every ounce of oil from domestic sources. Take their money, but stop buying their consumer products.
“Chinese oil company, Chesapeake Energy enter deal for shale project in Texas
Washington Post Staff Writer
Sunday, October 10, 2010; 11:06 PM
The China National Offshore Oil Corp. will payChesapeake Energy $2.2 billion for a one-third interest in a South Texas oil and natural gas shale project and will pay billions of dollars more for its share of development costs over the next several years.
Chesapeake Energy, an Oklahoma City-based domestic exploration company, announced the deal Sunday night, saying it will help speed development of resources on 600,000 acres in the Eagle Ford shale play that could help keep natural gas prices low and boost production of unconventional U.S. oil resources.
"They're providing the capital and we're providing the expertise and assets, and the output will be the development of American assets, less U.S. dependence on foreign oil and the creation of 20,000 jobs and tax revenues for all levels of government," Aubrey K. McClendon, Chesapeake's chief executive, said in an interview.”