Sinopec invests $2.2b in shale firm

NEW YORK (AFP) ― Chinese oil and gas giant Sinopec will invest $2.2 billion in Devon Energy, giving the firm a stake in exploring five U.S. shale fields, a company statement said on Tuesday.

In return for the investment state-run Sinopec would take a one-third stake in fields across the United States, in 125 wells, according to a Devon statement.

Oklahoma City-based Devon Energy will be responsible for running the projects and commercial marketing, it said.

The deal, if approved by watchdogs, would close in the first quarter of this year.