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Oil & Gas

BP to buy Chesapeake properties for $1.75 billion

July 21, 2008
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BP plans to acquire Chesapeake Energy''s stake in about 90,000 acres of natural gas properties in $1.75 billion, the Associated Press reports. The properties are in the Arkoma Basin Woodford Shale play in Oklahoma. Oklahoma City-based Chesapeake Energy Corp. says the properties currently produce about 50 million cubic feet of natural gas equivalent per day. Chesapeake and Houston-based BP America Inc. expect the deal to close August 8. BP says the deal has the potential to double its production in the region.

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