Tuesday, January 3, 2012

Chinese Company Buys American Oil Assets -- Again

Link here.

Sinopec, Devon, $2.2 billion.
Devon Energy Corp said on Tuesday China's Sinopec will invest $2.2 billion for a third of the U.S. oil and natural gas producer's interest in five developing fields as part of a long-term partnership.

Foreign companies like Sinopec, hungry for the know-how to produce oil and gas from shale and other unconventional basins, have invested heavily in North American acreage. Chesapeake Energy announced a similar $2.3 billion deal on Tuesday with French oil company Total SA.

3 comments:

  1. Sinopec is bank rolling the wells Chesapeak is drilling south of dickinson.. got this from a very reliable source..no wonder they are taking a risk drilling wildcats in that area.. i would to

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  2. Makes sense. As noted in the linked articles, they will also gain a lot of insight into drilling horizontal wells and fracking.

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  3. yep,yep, been on site on one of the wells i have a interest in, a few of the folks hanging around there don't look Irish to me. pretty tight liped who the visitors are

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