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BP to pay $1.9b for Chesapeake Energy

China Daily | Updated: 2008-09-03 07:28

BP Plc, Europe's second-largest oil company, agreed to pay $1.9 billion for Chesapeake Energy Corp's natural-gas properties in Arkansas.

BP will hold a 25 percent interest in the Fayetteville Shale joint venture with Chesapeake, the companies said yesterday in a statement. The assets are currently producing 180 million cubic feet of natural gas equivalent a day.

This will be the second transaction between the two companies, after BP in July agreed to buy Oklahoma-based gas properties from Chesapeake for $1.75 billion.

BP to pay $1.9b for Chesapeake Energy

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