China Makes $2.2B Investment in U.S. Shale, Including Utica
The Chinese government, through state-controlled Sinopec, yesterday signed a deal with Devon Energy to buy into five prospective new exploration areas in the U.S. One of those areas is the Ohio Utica Shale, where Devon has increased it’s position to 235,000 net acres. With a $2.2 billion cash infusion coming from Sinopec, Devon will have the money to develop all five plays, including the Utica.
From the Devon press release: