Pioneer and Sinochem Close to Forming Partnership to Drill in Texas

On May 30, the Dallas Business Journal reported that Pioneer Natural Resources is close to entering a joint venture with China’s Sinochem Group through its US subsidiary Sinochem Petroleum USA LLC  for drilling interests near Midland, Texas. Pioneer will sell a 40 percent interest in 207,000 acres to Sinochem for $1.7 billion. The partnership will allow Pioneer to accelerate the development of the Spraberry/Wolfcamp Shale project.