China’s Cnooc spent $15.1 billion in 2013 to close on its acquisition of Calgary, Alberta-based Nexen.
And China’s largest refiner, Sinopec (SNP), paid $1.02 billion for a 50% ionstake in Chesapeake Energy’s 850,000 acres in northern Oklahoma shale assets called the Mississippi Lime, Investors Business Daily said.
For the full year, overall deal activity was down 20% from 2012 after that year’s decade high of more than $250 billion in deals.
In May, China’s Sinochem completed its $1.7 billion purchase of a 40% share in Pioneer Natural Resources’ 207,000 acres in west Texas’ Wolfcamp development, IBD said.
“Analysts generally read the deals as strategic moves by Chinese companies to gain shale production expertise, which they can then translate to China’s nascent shale gas industry. China has the world’s largest shale gas reserves, according to the Energy Information Administration,” according to the report.