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Sinochem Group, a State-owned conglomerate involved in energy, agriculture, chemicals, real estate and financial services, has purchased a 40 percent stake in a US shale gas block.

Sinochem Petroleum USA LLC, a subsidiary of Sinochem, on Friday reached a deal with US oil and gas company Pioneer for a share of its leasehold interest in about 2,070 hectares in the Wolfcamp shale area of the Permian Basin, west Texas.

The company paid $1.7 billion for 40 percent, it said in a statement on Monday.

Production from the joint interest area is approaching 10,000 barrels oil equivalent a day.