R communist Chinese drilling in Wayne's backyard?

[Original Looper 1]

Wayne,

Howdy duty time.

China stakes claim to South Texas oil, gas

www.mysanantonio.com - Tues 12 Oct ‘10
By Monica Hatcher- Houston Chronicle
Web Posted: 10/12/2010

HOUSTON — State-owned Chinese energy giant CNOOC is buying a multibillion-dollar stake in 600,000 acres of South Texas oil and gas fields, potentially testing the political waters for further expansion into U.S. energy reserves.

With the announcement Monday that it would pay up to $2.2 billion for a one-third stake in Chesapeake Energy assets, CNOOC lays claim to a share of properties that eventually could produce up to half a million barrels a day of oil equivalent.

and.....

The deal represents China’s second try at making a big move into the U.S. oil and gas market, following a failed bid five years ago to buy California-based Unocal Corp.

Read the entire story at: http://sfawbn.com/news/?p=2285



So should we hate the communist Chinese but love their capital? I once knew a guy that absolutely hated socialism that happened to have benefited other people, but he loved his local government job, health care and government pension.

As usual, follow the money and draw your own conclusions.

Regards,

Paul

[Mark75H]

They are no longer communists, merely totalitarian.

We give them dollars, what are they supposed to do with them? Buy Fords that are too big for their parking spaces?

[bandit]

I know some people on the edge of Mark Twain Forest that seen some surveyers and talked to them as there had been a survey done allready.
They were told china wanted to back up the loans???

[Master Oil Racing Team]

I didn't know that Paul. I quit reading trade publications years ago since I didn't have to deal with regulatory affairs anymore regarding trucking, mining, offshore, spills, discrimination, hiring, drug testing, OSHA, EPA, MMS, TNRCC, MSHA, DOT, RRC, TXDOT, EEOC, TDWR, USCG, NMF,..ad nauseum. It doesn't surprise me though. Chinese are going to extract the petroleum reserves that O'Bama prevented our American companies from drilling for. Obama's biggest contributor gets our tax dollars to drill and tap into some of the largest offshore reserves ever found off the coast of Brazil. I'm not talking about tax dollars as an incentive for an American company to be willing to take a multimillion dollar chance on stepping out into an unknown, expensive and dangerous horizon for exploratory research. I'm talking about the financier for President Obama and his pals in Brazil getting a hundreds of million dollar package to develope a deep offshorse Brazilian reservoir that was already discovered a couple of years ago.

So the leap into South Texas is no surprise. We don't do any work for Chesapeake. They are really known for their chickenpoop ways. Now that I have heard about the Chinese involvement I am very interested in some other properties. There could be some serious consequences of the Chinese owning or controlling certain oil and gas assests.