01 July 2013 18:52 [Source: ICIS news]
HOUSTON (ICIS)--US Chesapeake Energy on Monday announced the closing of its Mississippi Lime joint venture with China’s Sinopec.
Future exploration and development will be shared, and Chesapeake will remain the operator of the joint venture to conduct all leasing, drilling, completion, operations and marketing activities.
“Chesapeake is pleased to have Sinopec as our partner in the Mississippi Lime play and we look forward to efficiently developing and growing this asset for many years to come,” said Doug Lawler, Chesapeake’s CEO.
Petrochemical companies are increasingly using shale gas as a cheap feedstock alternative for production, and Sinopec has been actively seeking to make in-roads into the US shale boom.
($1 = €0.77)
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