Comments 
Print 
Mail 
Large Medium SmallPioneer Natural Resources Co, an American oil and gas company, said on Wednesday that a 40 percent stake in the Wolfcamp oil-gas field, which is worth $1.7 billion, will be sold to Sinochem Group, one of China’s four State oil companies.
Sinochem will buy a 40 percent stake in the 207,000 acres (837.7 square kilometers) Wolfcamp oil-gas field, while Texas-based Pioneer will retain a 60 percent stake, as well as operating rights for the field.
The Chinese company will pay $500 million in cash for the stake, with $1.2 billion to be paid in the form of drilling equipment.
Pioneer will get the capital within six years, but the period can be extended under certain circumstances.
The two companies have also agreed to join hands to develop up to 86 horizontal wells in 2013, 120 in 2014, and 165 in 2015.
Related Readings
Monsanto, Sinochem in talks to sow seeds of cooperation
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 20100000002731 
