Pioneer Natural Resources close transaction with Sinochem Petroleum US

Pioneer Natural Resources to close transaction with Sinochem Petroleum US

9:10 AM, 12th June 2013
Pioneer Natural Resources to close transaction with Sinochem Petroleum US

DALLAS, US: Pioneer Natural Resources Company has closed its previously announced transaction with Sinochem Petroleum USA LLC, a US subsidiary of the Sinochem Group, to sell 40 per cent of Pioneer’s interest in approximately 207,000 net acres leased by the Company in the highly prospective horizontal Wolfcamp Shale play in the southern portion of the Spraberry Trend Area Field for a total price of $1.7 billion.

At closing, Sinochem paid $631 million in cash to Pioneer, of which $522 million was the up-front portion of the transaction price and $109 million was Sinochem’s 40 per cent share of net expenditures in the joint interest area from the 1 December 2012 effective date of the transaction to the closing date. Sinochem will pay the remaining $1.2 billion of the transaction price by carrying 75 per cent of Pioneer’s share of future drilling and facilities costs until the drilling carry is fully utilized. Production from the joint interest area is approaching 10,000 barrels oil equivalent per day, and Sinochem will commence receiving its share effective immediately.

© Worldofchemicals.com

worldofchemicals.com is the best chemical portal providing details of industrial chemicals, laboratory chemicals, bio chemicals, fine chemicals, construction chemicals, agricultural chemicals, food chemicals, textile chemicals, pharmaceutical chemicals, electroplating chemicals and much more - https://www.worldofchemicals.com/Chemicals/id-3.html?lst=trt

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


US, China to phase out consumption, production of hydrofluorocarbons

WASHINGTON, US: The United States and China, the world’s top two greenhouse-gas emitters, have agreed to work together and with other countries ...

Read more
Ineos to close expandable polystyrene production in Marl, Germany

ROLLE, SWITZERLAND: Ineos has announced its intention to close production of expandable polystyrene (EPS) at its Marl site in Germany. Discussions wil ...

Read more
Asahi Kasei acquires DuPont’s share in polyacetal joint venture in China

TOKYO, JAPAN: Asahi Kasei Chemicals and DuPont China Holdings Co Ltd have agreed to a share transfer under which the Asahi Kasei Group will obtain ful ...

Read more
Cardia Bioplastics, University of Sydney collaborate for PPC polymers

VICTORIA, AUSTRALIA: Cardia Bioplastics and biomolecular engineers at the University of Sydney are creating cleaner, more cost-effective polypropylene ...

Read more
Solar nanofiltres remove antibiotics from water in lakes, rivers

WASHINGTON DC, US: Using the same devious mechanism that enables some bacteria to shrug off powerful antibiotics, scientists have developed solar-powe ...

Read more
Understanding the behaviour of particles in ionic liquids

CALIFORNIA, US: A new study by researchers at UC Santa Barbara provides clues into the understanding of the behaviour of the charged molecules or part ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X