China Petroleum & Chemical Corp (Sinopec) , Asia's largest oil refiner, will purchase half of Chesapeake Energy Corp's Mississippi Lime oil and gas properties for $1.02 billion, becoming the latest Chinese company to pick up shale assets in North America.Chesapeake shares were up 2 percent at $20.90 in premarket trading on Monday. The stock has risen about 23 percent this year.Output from shale fields in the United States and Canada has jumped over the last three years due to the advent of drilling methods such as hydraulic fracturing.Companies in China, which has the largest shale reserves in the world, are keen to get the know-how of drilling in such unconventional fields.
Chesapeake Energy Corporation (Chesapeake) is a natural gas and oil exploration and production company. Shares of CHK remained unchanged at $20.50. In the past year, the shares have traded as low as $13.32 and as high as $26.09. On average, 14125300 shares of CHK exchange hands on a given day and today's volume is recorded at 26801.
China Petroleum & Chemical Corporation is an energy and chemical company. Shares of SNP remained unchanged at $112.75. In the past year, the shares have traded as low as $82.51 and as high as $122.81. On average, 81379 shares of SNP exchange hands on a given day and today's volume is recorded at 0.
Source
