Sinochem takes large stake in US shale block
Updated: 2013-06-05 17:13
By XIE YU in Shanghai (chinadaily.com.cn)
|
|||||||||
Sinochem Group, a State-owned conglomerate involved in energy, agriculture, chemicals, real estate and financial services, has purchased a 40 percent stake in a US shale gas block.
Sinochem Petroleum USA LLC, a subsidiary of Sinochem, on Friday reached a deal with US oil and gas company Pioneer for a share of its leasehold interest in about 2,070 hectares in the Wolfcamp shale area of the Permian Basin, west Texas.
The company paid $1.7 billion for 40 percent, it said in a statement on Monday.
Production from the joint interest area is approaching 10,000 barrels oil equivalent a day.
- Sinochem to buy into US oil-gas field
- Monsanto, Sinochem in talks to sow seeds of cooperation
- Sinochem agrees on $1b oil deal
- Sinochem to look for oil in deep waters
- Sinochem targets 'green development' as future strategy
- Sinochem takes 50% stake in Dutch company
- Sinochem agrees to buy DSM stake to form anti-infective JV
- Sinochem abandons Potash counterbid plan: Report
Michelle lays roses at site along Berlin Wall
Historic space lecture in Tiangong-1 commences
'Sopranos' Star James Gandolfini dead at 51
UN: Number of refugees hits 18-year high
Slide: Jet exercises from aircraft carrier
Talks establish fishery hotline
Foreign buyers eye Chinese drones
UN chief hails China's peacekeepers
Most Viewed
Editor's Picks
|
|
|
|
|
|
Today's Top News
Shenzhou X astronaut gives lecture today
US told to reassess duties on Chinese paper
Chinese seek greater share of satellite market
Russia rejects Obama's nuke cut proposal
US immigration bill sees Senate breakthrough
Brazilian cities revoke fare hikes
Moody's warns on China's local govt debt
Air quality in major cities drops in May
US Weekly
|
|
