Sinopec 'eyes Chesapeake assets'

Eyes on Chesapeake: Sinopec boss Fu Chengyu reportedly in Oklahoma to consider buying assets

Chinese oil and gas group Sinopec is looking into buying billions of dollars worth of assets from cash-strapped US producer Chesapeake, according to a report.

The Financial Times, quoting industry sources, reported that Sinopec boss Fu Chengyu has been in Oklahoma this week on a due diligence mission related to the Chesapeake assets.

The newspaper did not say which assets in particular Sinopec was interested in. A Chesapeake spokesman declined to comment.

The Oklahoma City-based gas giant has been aggressively trying to sell up to $11.5 billion in assets in order to close a funding gap that has left investors uneasy.

Chesapeake is offering up packages in several highly touted onshore plays, including the Mississippi Lime in…

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