Jan 30 (Reuters) - Oil and gas producer Pioneer Natural Resources Co said it will sell 40 percent of its interest in the Wolfcamp shale field in Texas to China's state-run Sinochem Group Co Ltd for $1.7 billion.

Sinochem will pay $500 million in cash and will fund a portion of Pioneer's share of drilling and facilities costs.

Under the agreement, Sinochem will acquire about 82,800 net acres of leasehold held by Pioneer.

(Reporting by Swetha Gopinath in Bangalore; Editing by Sriraj Kalluvila) Keywords: PIONEERNATURAL SINOCHEM/

(swetha.gopinath@thomsonreuters.com)(within U.S. +1 646 223 8780, outside U.S. +91 80 4135 5800)(Reuters Messaging: swetha.gopinath.thomsonreuters.com@reuters.net)

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