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Sinopec to Buy Stakes in Devon Energy Oil Projects for $900 Million
Jan. 03, 2012 03:38PM PST
Oil and Gas InvestingBloomberg reported that China Petrochemical Corp. (TPE:1314) has agreed to buy a one-third stake in five Devon Energy exploratory oil projects for $900 million.
Bloomberg reported that China Petrochemical Corp. (TPE:1314) or Sinopec has agreed to buy a one-third stake in five Devon Energy exploratory oil projects for $900 million.
As quoted in the market news:
The company, known as Sinopec Group, will pay $900 million in cash and as much as $1.6 billion in Devon’s future drilling costs, funding 125 wells in the coming year, according to a statement from Devon today.