The shale assets sector kicked off 2012 with a pair of major deals, as French oil company Total and China’s Sinopec International Petroleum Exploration and Production (SIPC) announced separate acquisitions topping $2 billion apiece from a pair of Oklahoma City-based companies.
Devon Energy said early Tuesday that SIPC has agreed to pay $900 million in exchange for a one-third stake in five different Devon operations, including one located in the Utica Shale region and the others involving petroleum and shale deposits elsewhere the United States. The purchase price is to be paid in cash upon closing of the deal, which is expected in the first quarter of the year. SIPC has also agreed to pay Devon as much as $1.6 billion in future drilling costs under the transaction’s terms.
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