Law360, New York (January 03, 2012, 3:11 PM ET) -- Sinopec International Petroleum Exploration & Production Corp., a subsidiary of energy giant China Petroleum & Chemical Corp., will invest $2.2 billion for a stake in five exploratory oil shale projects owned by Oklahoma-based Devon Energy Corp., the companies announced Tuesday.
Sinopec will pay $900 million in cash for a one-third stake in the ventures and commit $1.6 billion to drilling costs, according to an announcement by Devon.
“This arrangement improves Devon’s capital efficiency by recovering our land and drilling costs to date and by significantly reducing...
Sinopec Puts Up $2.2B For Stake In US Shale Projects
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