Sinopec agrees $2.5 billion oil shale deal

Sinopec will pay a total consideration of up to $2.5 billion to Devon Energy for a stake in five oil shale projects in the US.

Sinopec agrees $2.5 billion oil shale deal

China Petrochemical Corporation Sinopec has started the new year with yet another significant international acquisition, this time agreeing to invest up to $2.5 billion for a one-third stake in five US oil shale projects owned by Devon Energy.

Sinopec International Petroleum Exploration and Production Corp, a wholly owned subsidiary of state-owned Sinopec, will pay Devon $900 million in cash for its stake in the projects 1.2 million acres covering the Tuscaloosa Marine Shale, the Niobrara,...

To continue reading, please login or register for free

Click for more on: sinopec | devon energy | oil shale

Print Edition

FinanceAsia Print Edition


  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...