Chinese group Sinopec buys stake in Angolan oil block

24 June 2013

The China National Petroleum Corp (Sinopec) has reached an agreement to buy a stake in an offshore oil block in Angola from US group Marathon Oil Corp for US$1.52 billion, Sonangal Sinopec International announced.

According to the statement, Sonangol Sinopec International, a partnership between Angolan state oil company Sociedade Nacional de Combustíveis de Angola (Sonangol) and Chinese group Sinopec, acquired the 10 percent 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 Corp, adding that when the transaction is concluded it will have a 15 percent stake in the block.

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