China's Cnooc Ltd. (CEO) is purchasing several shale oil and gas leases in America owned by Chesapeake Energy Corp. (CHK) for five hundred and seventy million US dollars in cash, in the most recent move by a Chinese oil company to know more about a technology that has changed the U. S. gas industry.

China's oil and gas producer CNOOC Ltd said its chief executive will quit and be replaced by its president, as it posted its second-best interim profit stimulated by higher crude oil prices and a rise in production.

Cnooc Ltd., China’s biggest offshore oil explorer, is believed to be in plans to acquire Argentina’s Bridas Group from Carlos Bulgheroni under a deal worth more than $3 billion, reveals two people familiar with the discussions.