cnooc-and-sinopec-pay-13-billion-for-angola-assets

CNOOC and Sinopec pay $1.3 billion for Angola assets

The two Chinese oil producers emerge triumphant in an auction by US Marathon Corporation of a 20% equity stake in an Angolan oil field called Block 32.

Two of China's state-owned oil companies, CNOOC and Sinopec International Petroleum Exploration and Production Corporation, are jointly buying a 20% stake in an Angolan oil field from Marathon Oil Corporation for $1.3 billion.

The stake is in a property called Block 32 -- a deepwater exploration block spanning 5,090 square kilometres. It has thus far had 12 oil discoveries, the first of which was in 2003. The field is located about 150km off the coast of Angola at a water depth of 1,400 to 2,200 metres.

Block 32 is operated by Total SA of France, which owns a 30% stake. Sonangol, Angola's state-owned oil company, owns another 20%, while Exxon Mobil Corporation, through a...

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