Pulitzer winning climate news.
facebook twitter subscribe

MeltdownPreviewBlock

Tweets

ICNfreesubscription

KeystoneBeyondPreviewBlock

Donate to InsideClimate News through our secure page on Network for Good.

EagleFordProjectPreviewBlock

BloombergLegacyPreviewBlock

CleanBreakAdAmazon

China Company Buys Texas Oil & Gas Field

Feb 4, 2013
(Forbes)

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.