USA’s Devon Energy swaps $2.2bn shale asset with Sinopec

American energy supplier Devon Energy is swapping a third of its five newest shale gas ventures for $2.2billion investment from Chinese state-owned oil firm Sinopec. The Oklahoma-based oil and gas […]

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By Vicky Ellis

American energy supplier Devon Energy is swapping a third of its five newest shale gas ventures for $2.2billion investment from Chinese state-owned oil firm Sinopec. The Oklahoma-based oil and gas firm will operate the projects, it announced yesterday.

John Richels, Devon’s president and chief executive officer said: “This transaction provides us [with] further flexibility to seek exposure to additional new play (or area of interest) types with less risk.”

Through 2012, the companies expect to drill approximately 125 gross wells in the five plays.