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China’s Sinopec to produce oil in US

January 04, 2012, 18:45 UTC+3
Under the 2.5 billion U.S. dollar deal, Sinopec will buy a 30 percent participatory share in American Devon Energy’s 5 projects
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LONDON, January 4 (Itar-Tass) — China’s second largest energy corporation Sinopec has been given the green light for oil production in the United States, the British Sky News channel reported on Wednesday, January 4.

Under the 2.5 billion U.S. dollar deal, Sinopec will buy a 30 percent participatory share in American Devon Energy’s five oil production projects in different parts of the U.S.

“China Petrochemical Corp.'s 2.5 billion U.S. dollar deal with Devon Energy Corp. …marks the third billion-dollar-plus joint venture that foreign energy firms have signed with U.S. explorers in as many weeks,” Sky News reported.

Sinopec will also invest 80 percent (1.6 billion U.S. dollars) in the development of these fields and contribute 900 million U.S. dollars in cash.

“Known as Sinopec, China Petrochemical is making its first foray into the U.S. by buying a one-third stake in Devon's acreage in five emerging fields—four shale plays and one limestone field,” the channel said.

London experts say that Sinopec is seeking access to new oil production technologies used by Devon Energy.

At the same time, France’s biggest energy company Total will pay 2.3 billion U.S. dollars for access to U.S. shale gas fields. It will set up a joint venture with American Chesapeak and EnerVest for the development of Ohio’s largest field.

Under the deal, Total will buy 25 percent of shares in the joint venture and invest 60 percent (1.63 billion U.S. dollars) in the development of the field. It will contribute another 700 million U.S. dollars in cash.

The French parliament has suspended shale gas production in France pending a thorough study of its impact on the environment.

 

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