03 January 2012 17:30 [Source: ICIS news]
HOUSTON (ICIS)--Chinese energy and petrochemicals major Sinopec has agreed to pay $2.2bn (€1.7bn) to acquire one-third of the interest of Devon Energy in five ?xml:namespace>
The assets are Niobrara, Mississippian,
Devon CEO John Richels said the deal with Sinopec would improve
“We can accelerate the de-risking and commercialisation of these five plays without diverting capital from our core development projects,” Richels added.
The companies expect to close the deal in the first quarter of 2012, subject to regulatory approvals.
For Sinopec, the deal marks its entry into the upstream
In related news on Tuesday, French energy and petrochemicals major Total said it had acquired an interest in shale gas assets in Ohio from US firms Chesapeake and EnerVest.
($1 = €0.77)
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