China’s Sinopec and CNOOC wants to acquire 20 percent of Marathon’s stake in Angolan oil block

22 July 2009

Luanda, Angola, 22 July – Chinese companies Sinopec and CNOOC agreed to pay US$1.3 billion to buy a 20 percent stake owned by US company Marathon Oil in Angola’s block 32, an offshore oil block in deep waters.

The block’s operator is Total, with 30 percent. Angolan state company Sonangol has 20 percent and a unit of Exxon Mobil has 15 percent. Portugal’s Galp has a 5 percent stake.

Marathon, the United States’ fourth-largest oil company will keep a 10 percent stake in the block, where 12 oil strikes have so far been announced.

The 12 wells discovered so far in block 32 are Louro, Cominhos, Caril, Gindungo, Canela, Cola, Gengibre, Mostarda, Salsa, Colorau, Manjericão and Alho. (macauhub)