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Thread: China's CNOOC and Sinopec Pay $1.3 Billion for Angola Oil

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[quote=MARRIE,373857]China's Petro-players are paying $1.3 billion to U.S. firm Marathon Oil for a 20% share in an offshore Angolan oilfield 
By Sameera Anand

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 subsidiary, holds 15% and Portugal's Galp Energia Group the remaining 5%. Marathon, which was awarded equity interests in adjacent Blocks 31 and 32 by Sonangol in 1999, currently owns 30% in Block 32 and will consequently still hold 10% after this deal. The U.S. firm also owns 10% in Block 31. 
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