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Treasury decision gives China Drilling rights in Gulf of Mexico

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As if our Hypocrite-in-Chief has not done enough to sabotage our energy resources, now we hear that we are more than happy to give drilling rights to China in the Gulf. Best part is how the Treasury Dept. and the other Departments got their long fingers into the matter. Just think about it. No pipeline for us, but plenty for China. Obama’s bundler’s make out swell. H/T. goes to Judicial Watch and their FOIA request which has not been responded to.

Treasury Decision Gives Chinese National Offshore Oil Corporation Drilling Rights in Strategic Gulf of Mexico Waters, Provides Apparent Windfall of Financial Returns to Major Obama Contributors.

But let me digress first. Recall this one that covered what foreign companies are doing to us. One example:

China buying up U.S. Energy Supplies

CNOOC recently completed a 570 million dollar deal that gives it a one-third interest in huge oil and gas deposits in Colorado and Wyoming. The following is from Wyoming Energy News….

Chinese energy company Cnooc Ltd. has agreed to pay $570 million for a one-third interest in Chesapeake Energy Corp.’s 800,000 leased acres in northeast Colorado and southeast Wyoming. The acreage is in the Denver-Julesburg (DJ) and Powder River basins. Cnooc is China’s biggest offshore oil and natural gas producer.

In fact, according to a recent Business Insider article, this deal gives the Chinese government the right to a third of any new oil discovered by Chesapeake Energy in the entire region….

Now back to the story:

Because of Nexen’s holdings in the Gulf of Mexico, the CNOOC takeover required the approval of the CFIUS, which is chaired by the Secretary of the Treasury and includes the Attorney General, the U.S. Trade Representative, and the secretaries of the Department of Homeland Security, Commerce, Defense, State, and Energy. On February 12, 2013, the CFIUS announced its approval of CNOOC’s takeover of Nexen. As a state enterprise, CNOOC is owned by the Chinese government and is managed by Communist Party officials. CNOOC offered Nexen a 60% premium over the stock’s trading value at the time of the takeover, prompting analysts to describe the terms as “a fantastic deal for Nexen.” It also raised questions as to whether the Chinese government’s interests were more strategic than economic.

“With one ill-chosen action, the Obama administration has managed to undermine our strategic interests and reward its corporate cronies,” said Tom Fitton, President of Judicial Watch. “It’s little wonder that the Treasury Department is defying the open records law to stonewall accountability. And Americans may want to compare and contrast the quick approval of this Chinese strategic initiative with the Obama administration’s scandalous delay of the related Keystone XL oil pipeline project.”

The acquisition will reportedly provide a windfall return to Obama-connected investors, who profited heavily from Treasury’s approval of the takeover and Chinese expansion into the hemisphere, including:

  • Farallon Capital Management LLC, which bought 8.7 million shares of Nexen (1.65 percent of the company) between July 1 and September 30, 2012. The founder of Fallon Capital is Thomas Steyer, is a long-time Democratic fundraiser who ridiculed Romney’s energy plans at the 2012 Democratic National Convention.
  • Eton Park Capital Management, which bought 6,737,000 shares (1.28 percent) of Nexen. Eton Park was founded and is directed by Eric Mindich, a bundler who raised more than $71,000 for Obama this cycle and has given more than $500,000 to Democratic candidates since 1990.
  • D.E. Shaw & Co., which increased its position by 5.8 million to 6.5 million shares, or 1.22 percent of the company. D.E. Shaw was founded by David E. Shaw, an Obama bundler in the $200,000 to $500,000 range. He also sits on the President’s Council of Advisors on Science and Technology, as he did under the Clinton administration.
  • Covington & Burling LLP, in which Eric Holder was formerly a partner, was hired by Nexen to lobby on behalf of the acquisition’s approval.

CNOOC’s July 2012 acquisition of Nexen drilling interests in northern Canada (which includes 1.6 billion barrels in Keystone XL oil reserves) and in the Gulf of Mexico (which includes 100 exploration projects and access to 116 million barrels in reserves) allowed the Chinese government a partial takeover of a vital strategic asset: accessible crude oil in the Western Hemisphere.

The acquisition is the largest Chinese takeover of a foreign company in history. More over at Judicial Watch

Filed under: Energy Tagged: China, CNOOC, Drilling, Energy, environment, Eric Holder, Nexen, Politics, powder river basins



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