Sinopec acquires equity of Devon Energy Corp's five shale gas assets in USA

30-Apr-12

China Petrochemical Corp. (Sinopec) has completed the acquisition of one-third of the equity of Devon Energy Corp's five shale gas assets in the United States, at a total cost of near US$ 2.44 bln. The five shale gas blocks owned by Devon are Niobrara, Mississippian, Ohio Utica Shale, the Michigan Basin and Tuscaloosa Marine Shale. The acquisition marks the company’s foray into oil and gas exploration and development business in the U.S. The move will enable Sinopec to capitalize on Devon's proficiency in producing oil and gas from shale and other unconventional basins, as part of China's drive to develop clean energy, analysts said.