Sinochem acquires Pioneer Natural’s 40 pc interest in Texas shale field

Sinochem acquires Pioneer Natural’s 40 pc interest in Texas shale field

9:46 AM, 31st January 2013
Sinochem acquires Pioneer Natural’s 40 pc interest in Texas shale field

IRVING, US/SHANGHAI, CHINA: Oil and gas producer Pioneer Natural Resources Co will sell 40 per cent of its interest in the Wolfcamp shale field in Texas to China’s state-run Sinochem Group Co Ltd for $1.7 billion. Sinochem will pay $500 million in cash and will fund a portion of Pioneer’s share of drilling and facilities costs. Under the agreement, Sinochem will acquire about 82,800 net acres of leasehold held by Pioneer.

© Reuters News 

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