China's Sinopec invests $2.2 bn in US shale firm

Oil and Gas - Jan 3, 2012 NEW YORK - Chinese oil and gas giant Sinopec will invest $2.2 billion in Devon Energy, giving the firm a stake in exploring five US shale fields, a company statement said Tuesday.

In return for the investment state-run Sinopec would take a one-third stake in fields across the United States, in 125 wells, according to a Devon statement.

Oklahoma City-based Devon Energy will be responsible for running the projects and commercial marketing, it said.

The deal, if approved by watchdogs, would close in the first quarter of this year.

by Susan Njanji
(c) 2012 AFP

Source : AFP

Published on Global Energy World: Jan 3, 2012