Offshore oil producer China National Offshore Oil Corporation (CNOOC) will “definitely” buy more overseas unconventional oil and gas projects after the recent Chesapeake deals, General Manager Fu Chengyu said, but he declined to name a potential takeover target or region. CNOOC Ltd, a listed arm of CNOOC, struck its second shale gas deal with Chesapeake Energy on January 30 to buy a 33.3% stake in the U.S. natural gas producer’s leasehold acres in northeast Colorado and southeast Wyoming for USD570 million, following a deal in October to buy a 33.3% interest in Chesapeake’s Eagle Ford Shale project in South Texas for USD1.1 billion. Fu said CNOOC will earmark some CNY300 billion or a third of planned investments in the five years through 2015, on offshore oil and gas projects. A lack of deepwater know-how and equipment has prevented CNOOC’s ambition to quickly expand its oil and gas exploration and development in the South China Sea. But Fu confirmed that  CNOOC’s first deepwater drilling rig, Offshore Oil 981, will be employed in the South China Sea in the second half and drill one to two wells this year. The company targeted pumping 50 million tons of oil equivalent from overseas by 2020, and generating 50 million tons of oil equivalent from deepwater sources, and building a liquefied natural gas-receiving capacity of 50 million tons of oil equivalent in China’s coastal areas, the South China Morning Post reports.