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Sinopec pumps $2.2b into US shale gas venture blocks

01-05-2012 13:37 BJT

Move will give company access to high-end technology and experience

NEW YORK / BEIJING - China Petrochemical Corp, or Sinopec Group, the country's second-largest oil producer, has announced its first foray into shale gas assets in the United States.

Chinese companies still lag behind in technology for extracting gas trapped between layers of shale. Analysts have noted that China's shale gas deposits are located at about twice the depth of US deposits, making extraction more difficult and expensive. [Photo / China Daily]

Sinopec's international practice arm, Sinopec International Petroleum Exploration & Production Corp (SIPC), will invest $2.2 billion in exchange for one-third of five new venture blocks owned by Devon Energy Corp, according to a statement on Tuesday by Devon, a US-based independent oil and gas producer.

The move is intended to obtain the US company's cutting-edge shale gas exploration technology and management experience, as part of China's plan to extract the largely untapped clean fuel.

The technology for extracting gas trapped between layers of shale is still developing and China lags in the field.


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