Sinopec, the Chinese state-owned oil and gas group, will pay $1bn for a 50 per cent stake in Chesapeake Energy’s Mississippi Lime oil and gas assets.
The joint venture represents Sinopec’s second step into unconventional US oil and gas, following its $2.2bn purchase of stakes in five Devon Energy properties last year.
The transaction, worth $1.02bn in total, is the latest example of a buying spree by Chinese oil and gas companies, which the International Energy Agency forecast last week will lead to state-owned groups producing 3m barrels of oil a day outside China by 2015, more than the current production of Kuwait.
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