Headquarters of
Chinese group Sinopec,
which has bought into
Angolan oil
Luanda, Angola — 25 June 2013 – The China National Petroleum Corp (Sinopec) has reached an agreement to buy a stake in an offshore oil block in Angola from the American group Marathon Oil Corporation for US$1.52 billion.

Macauhub News Agency reports that Sonangol Sinopec International “’ a partnership between Angolan state oil company Sociedade Nacional de Combustíveis de Angola (Sonangol) and Chinese group Sinopec “’ acquired the 10% stake owned by the US group in Block 31.

Block 31, which is operated by BP, has proven and estimated reserves of 533 million barrels, said the China National Petroleum Corporation, adding that when the transaction was concluded it would have a 15% stake in the block.

In March the Sinopec group agreed to pay Italian group ENI US$4.2 billion for a 20% stake in a natural gas block in the Rovuma basin, in northern Mozambique.

Source: Macauhub News Agency. For more information, click here.