China’s state owned petrochemical giant Sinochem (SHA: 600500) acquired a 40 percent in Wolfcamp, a well-known shale oil and gas field in the Permian Basin of Texas.

Pioneer Natural Resources (PXD) of Irving, Texas said this week that it sold a 40 percent stake in its Wolfcamp field for a total price of $1.7 billion.  Sinochem’s U.S. subsidiary signed the deal on Wednesday.

The transaction is expected to close during the second quarter of 2013, subject to customary governmental approvals. Under the agreement, Sinochem will acquire approximately 82,800 net acres of leasehold held by Pioneer for all Wolfcamp depths and deeper horizons, PXD said in a statement.

Facebook Twitter RSS