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Sinopec Group, the acquisition of Angola approved by NDRC

Keywords: Sinopec GrouRomantic isl   Date: Aug 11, 2014   From: Chinahourly    Views:

Correspondent of high-August 2, Britain, the National Development and Reform Commission announced in May 2011, the National Development and Reform Commission approved the China-owned China Petrochemical Corporation Sinopec International Petroleum Exploration and Development Co., Ltd. (hereinafter referred to, Sinopec International Exploration ) acquisition of Marathon Oil Company held 10% interest in Angola Block 32 project, also approved along with Chinese Sinopec International Petroleum Exploration and Development Co., Ltd. held by the acquisition of Total 5% interest in Angola Block 31 project.

as early as July 2009, China's Sinopec International Petroleum Exploration and Development Limited, and CNOOC to set up 50:50 joint venture, the joint venture will invest $ 1.3 billion all-cash acquisition Marathon's Angola Block 32 Limited, which holds Angola Block 32 production sharing contracts and joint operating agreements under the 20% interest. Transaction effective date January 1, 2009. Project delivery will take effect when the settlement date to the cash flow between conducting a related price adjustments.

information, the transaction is completed, Marathon Oil's interest in the block will drop to 10%. Total SA owns 30% interest in the block, and served as operator. Other project partners include the Angolan state oil company Sonangol (20% interest), ExxonMobil (15% interest) and Galp Company (5% interest).

Angola Block 32 is a rich deep-water oil and gas exploration blocks, block a total area of ​​5090 square kilometers, including a total of 12 oil and gas discovery. The block away from the coastline of 150 km, water depth of 1400-2200 meters.

Angola is Africa's fourth largest oil producer, a total of 32 blocks, including 12 oil and gas discovery. Block 32 and the adjacent Block 31, has a total of 2 billion to 3 billion barrels of oil equivalent of oil and gas reserves.

(Weekly stock market feeds)

Reporters of high-Ying] (Editor: Suna)

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