CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

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.

 


Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program