How Important Is Unocal To CNOOC?

The LaTimes has a lengthy report today on China's expansionist Chinese National Overseas Oil Corporation.

They jump on a Canadian offer to get into their shale oil reserves. They take advantage of US restrictions on doing oil biz with brutal regimes in Iran, Myanmar and Sudan. They build roads in Africa in return for rights to oil reserves, they wave big bucks around in poverty-stricken central Asia.

In the face of this aggressive pursuit of oil, you have to wonder how important Unocal really is to CNOOC. It seems to smell of Iran pursuing nuclear power. Iran doesn't need nuclear power, it wants nuclear bombs. China doesn't need Unocal, it needs strategic and military advantage.