Chesapeake Signs $1 Billion Deal with Chinese Energy Corp.
Chesapeake Energy closes joint venture with China’s Sinopec
By Jay F. Marks, Published: July 1, 2013
Chesapeake Energy Corp. on Monday announced the closing of its $1 billion joint venture with China’s Sinopec International Petroleum Exploration and Production Corp.
Sinopec acquired a 50 percent stake in Chesapeake’s acreage in northern Oklahoma’s Mississippi Lime play in the deal, which was announced Feb. 25.
Chesapeake received about 93 percent of the $1.02 billion Sinopec paid in the deal when it closed.
Assets associated with the joint venture produced about 9,600 barrels of liquids and 54 million cubic feet of natural gas a day in the first quarter.