Fulbright Advises Sinopec in a Multibillion-Dollar Joint Venture in Several U.S. Shale Plays
Fulbright represented Sinopec International Petroleum Exploration & Production Corporation, a unit of China's Sinopec Group, in connection with its purchase from an affiliate of Devon Energy Corporation of an undivided 33.3% interest in, and the development of, approximately 1.2 million acres of oil and gas properties located in the Tuscaloosa Marine Shale in Mississippi, the Niobrara in Colorado and Wyoming, the Mississippian in Oklahoma, the Utica Shale in Ohio and the Michigan Basin.
The closing of the transaction is expected to occur in the first quarter of 2012. Sinopec will pay $900 million at the closing and will pay $1.6 billion in the form of a carry under a development agreement after closing.
This transaction represents Sinopec's first investment in the United States.
The Fulbright team representing Sinopec on this transaction included Houston partners Craig Vogelsang, Deborah Gitomer, Robert Phillpott, Eva Fromm O'Brien, Efren Acosta and senior associate Daniel Tristan, London partner Stefan Ricketts, and Washington, D.C. partners Larry Franceski, Steve McNabb, Dan Wellington and senior associate Stefan Reisinger.
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