(Reuters) – China’s Sinopec and France’s Total SA made major purchases into the U.S. energy sector on Tuesday, pouring $4.5 billion into deals to buy into booming production from shale rock formations.
The ventures showed that the global appetite for U.S. energy assets remained strong, with foreign oil and gas producers eager to invest in several of the mostly undeveloped fields that are believed to hold billions of cubic feet of natural gas and liquids.
Sinopec’s Sinopec International Petroleum Exploration Production Corp made its first foray into U.S. shale with a $2.2 billion investment to create a joint venture with Devon Energy Corp.
That gives Sinopec a one-third interest in five fields, while Total’s $2.3 billion deal with Chesapeake Energy is its second joint shale venture with the U.S. company.
U.S. oil and gas producers have been in a frenzied land-grab in recent years to buy up rights that allow them to tap into the lucrative fields under development in Texas, Pennsylvania, Ohio and other states.
That has left many looking
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