Deal insight
Sinopec and Devon form US$2.5billion JV across five emerging tight oil plays
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Report summary
Early this year, Sinopec acquired a 33.33% stake in Devon's interests in five North American tight oil plays - the Mississippian, Niobrara, Utica, Tuscaloosa and Michigan - for a total investment of US$2.5 billion. Sinopec will pay US$900 million upfront and US$1.6 billion in the form of a drilling carry.Cumulative M&A spend in North American unconventional resources now exceeds US$200 billion, including US$50 billion of JV structured deals. While the drivers and dynamics continue ...
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