Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Sinopec to buy stake in Chesapeake assets

  • SOURCE: | Editor
  • China Petroleum & Chemical Corp (Sinopec) Asia’s largest oil refiner, will buy a 50 percent stake in Chesapeake Energy Corp’s ,Mississippi Lime oil and gas properties in Oklahoma and Kansas for $1.02 billion, a Sinopec source said.

    Chesapeake, the second-largest gas producer in the United States, has about 2.1 million net acres of leasehold in the Mississippi Lime region.

    Chesapeake could not be reached for comment.

    Production from the Mississippi Lime region jumped 208 percent to an average of 32,500 barrels of oil equivalent per day in the fourth quarter, Chesapeake reported this month.

    About 45 percent of the total output was oil, 46 percent was natural gas and the rest was natural gas liquids.

    Chesapeake, which has been looking at divestment to cut down debt, said in December it would sell most of its natural gas processing and gathering assets for $2.16 billion to Access Midstream Partners LP .

    Sinopec struck a deal with Devon Energy Corp  in January 2012 to buy a third of the U.S. oil and natural gas producer’s interest in five developing fields for about $2.2 billion.

    Source: Reuters

    Share this article

    Leave a reply

    Personality of the Month
    Poll

    Do you think the President should fund the free SHS with oil revenue?

    Follow Us Online
    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Events Calendar
    << Jul 2018 >>
    MTWTFSS
    25 26 27 28 29 30 1
    2 3 4 5 6 7 8
    9 10 11 12 13 14 15
    16 17 18 19 20 21 22
    23 24 25 26 27 28 29
    30 31 1 2 3 4 5
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar