Chinese Company To Buy Acreage in West Texas
Link to Oil & Gas Journal:
Sinochem Petroleum USA LLC, a subsidiary of China’s Sinochem Group,
plans to pay $1.7 billion to acquire 40% of Pioneer Natural Resources
Co.’s stake in 207,000 net acres in the Wolfcamp shale in the Spraberry
trend of West Texas.
At closing, Sinochem will pay $500 million in cash to PNR,
before normal closing adjustments, and will pay the remaining $1.2
billion by carrying a portion of Pioneer’s share of future drilling
costs.
Sinochem and PNR plan to drill 86 horizontal Wolfcamp shale wells
during 2013, 120 wells in 2014, and 165 wells in 2015. The transaction
is expected to close during the second quarter, subject to customary
governmental approvals.
Previously reported.
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