25 February 2013 17:00 [Source: ICIS news]
HOUSTON (ICIS)--China's Sinopec has agreed to purchase 50% undivided interest in Chesapeake Energy’s US Mississippi Lime oil and gas play for $1.02bn (€775m), the companies announced on Monday.
The transaction for the joint venture is expected to be completed in Q2 2013, ?xml:namespace>
The Mississippi Lime play is 850,000 acres of leasehold in northern
“We are excited to announce the execution of our Mississippi Lime joint venture with Sinopec, which moves us further along in achieving our asset sales goals and secures an excellent partner to share the capital costs required to actively develop this very large, liquids-rich resource play,” said Steven C. Dixon, Chesapeake’s CEO.
Petrochemical companies are increasingly using shale gas as a cheap feedstock alternative for production, and
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