Pioneer Natural signs $1.7 bln shale deal with China's Sinochem

Wed Jan 30, 2013 8:24am EST

Jan 30 (Reuters) - Oil and gas producer Pioneer Natural Resources Co said it will sell 40 percent of its interest in the Wolfcamp shale field in Texas to China's state-run Sinochem Group Co Ltd for $1.7 billion.

Sinochem will pay $500 million in cash and will fund a portion of Pioneer's share of drilling and facilities costs.

Under the agreement, Sinochem will acquire about 82,800 net acres of leasehold held by Pioneer.

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