Sinopec Enters U.S. Shale Market in Deal with Devon Energy

Sinopec says it will enter the U.S. shale market by buying a one-third interest in Devon Energy’s (Oklahoma City, OK) assets in several shale plays. Sinopec will acquire about 406,300 net acres in the Utica Shale play in Ohio, the Tuscaloosa Shale in Louisiana, the Niobrara Shale in Wyoming and Colorado, and tight-oil deposits in Michigan and Oklahoma. Sinopec will pay $900 million at closing and will also pay $1.6 billion to drill wells in the acreage over the next three...

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