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Sinopec to Invest in U.S. Devon's Oil, Gas Project for $2.2

01-04 14:27 Caijing

China’s Sinopec has said Tuesday that it will invest 2.2 billion U.S. dollars for a third of Devon Energy Corp’s interest in five developing field

China’s Sinopec has said Tuesday that it will invest 2.2 billion U.S. dollars for a third of Devon Energy Corp’s interest in five developing field, to develop the gas shale reserves in the United States.

Sinopec International Petroleum Exploration & Production Corp, a fully-owned subsidiary of Sinopec, is investing in 1.2 million acres in Devon’s operations in the Tuscaloosa Marine Shale and Alabama and Mississippi, the Niobrara in Colorado, the Mississippian, the Utica Shale in Ohio and the Michigan Basin.

Under the terms of the deal, China’s No.2 oil company will pay 900 billion U.S. dollars in cash and contribute 1.6 billion U.S. dollars toward the cost of drilling.

The win-win deal will help Sinopec to develop businesses in the oil and gas operations in the U.S. market, said the Chinese company.

Devon is one of the most successful shale gas developers, with proven technologies and experiences in exploration and pipeline operations of the energy reserves.

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