Sinopec, Devon reach US Shale Oil & Gas deal

Sinopec, Devon reach US Shale Oil & Gas deal

SHI, DVN, CEO, CHK

China Petrochemical Corp. (NYSE:SHI) struck a multi-billion-dollar deal with Devon Energy Corp. (NYSE:DVN) for a 33% stake in 5 US shale Oil and Gas fields, in another move by a Chinese state-owned firm wanting to play a bigger role in the Global rush to tap unconventional fossil fuels.

Under the terms of the deal, expected to close in the current Quarter, Devon will be the operator. Sinopec, as the Chinese Oil giant is known, will pay Devon US$900-M at closing.

That payment includes US$300-M in reimbursements for money Devon already spent on acreage and drilling acquisition, according to a Devon spokesman.

In addition, it will pay US$1.6-B to Devon in the form of a drilling carry expected to be realized by the end of Y 2014.

Sinopec is making its first foray into the US Oil Patch through the deal with Devon, one of the 1st companies to successfully tap shale fields.

It follows the path taken by CNOOC Ltd. (NYSE:CEO), (HK:0883), which in Y?s 2010 and 2011 bought stakes in Chesapeake Energy Corp.?s (NYSE:CHK) operations in south Texas?s Oil-rich Eagle Ford shale and in shale assets in Colorado and Wyoming.

Sinopec?s involvement underlines the ambitions of its Chairman, Fu Chengyu, who has directed a wave of mergers and acquisitions since he took the job in May.

Formerly chairman of CNOOC, Fu is best known outside of China for that company?s bold attempt to buy US Oil firm Unocal Corp. 6 yrs ago, an effort that failed in the face of political opposition in the US.

In Y 2011 Sinopec and its listed unit together bid for US$19.7-B in acquisitions, according to Dealogic, building on spending of U $18.9-B in Y 2010 in assets as far-flung as Canada, Australia and Brazil.

The shale deals give Chinese state Oil giants access to one of the most dynamic Oil and Gas regions in the World, where production is rising dramatically thanks to hydraulic fracturing, or fracking, technology applied in the past decade. Learning and adapting fracking methods to shale plays in China could unlock massive new domestic Oil and Gas reserves for the emerging Superpower, just as it is changing the energy landscape of the US.

Countries need access to energy commodities around the Globe so they are not killed when price spikes.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster?s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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