Sinopec forays into American shale- pays US$2.2 bln for one-third stake in five emerging oil fields

China Petrochemical Corp (Sinopec) has forayed into American shale with payment of US$2.2 billion for a one-third stake in five emerging oil fields operated by Devon Energy Corp., as per Shanghai Daily. This is the latest effort by Chinese companies to gain critical know-how on extracting oil and gas from shale rock formations in a bid to gain experience to unlock similar resources domestically. Devon is one of the first companies to economically extract gas from shale fields. As part of the investment, Sinopec will pay US$1.6 billion to drill wells in the five projects in Alabama, Ohio, Michigan and elsewhere.
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