Jan 30 (Reuters) - Pioneer Natural Resources Co:

* Announces $1.7 billion horizontal wolfcamp shale transaction with Sinochem

* Signed agreement with Sinochem Petroleum USA to sell 40% of co's interest in

about 207,000 net acres leased by co

* It & Sinochem agreed to development plan which forecasts drilling of 86

horizontal wolfcamp shale wells in 2013

* At closing, Sinochem will pay $500 million in cash to pioneer

* Sinochem will pay remaining $1.2 billion by carrying portion of co's share of

future drilling and facilities costs

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