CITIZEN POWER ALLIANCE

HONG KONG, July 28 (Reuters) - China National Petroleum Corp (CNPC), China's top state oil firm, is thinking of bidding for minority stakes in shale gas assets of Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz), according to a local newspaper report.

Chesapeake is looking to raise as much as $5 billion this year from selling minority stakes in its Arkansas and Pennsylvania shale gas properties, the South China Morning Post reported on Monday, citing unnamed market sources.

Energy companies are spending heavily to lock up acreage in hot shale plays, where oil and natural gas are trapped in layers of rock. Record energy prices and technology such as horizontal drilling have made retrieving hydrocarbons from shale profitable.

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