• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 5 hours U.S. Shale Oil Debt: Deep the Denial
  • 6 hours Satellite Moons to Replace Streetlamps?!
  • 2 days EU to Splash Billions on Battery Factories
  • 22 hours The Dirt on Clean Electric Cars
  • 9 hours Why I Think Natural Gas is the Logical Future of Energy
  • 5 hours Can “Renewables” Dent the World’s need for Electricity?
  • 21 mins Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 19 hours Owning stocks long-term low risk?
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 3 days Uber IPO Proposals Value Company at $120 Billion
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 2 days The end of "King Coal" in the Wales
  • 8 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
Oil Market Loses Its Bullish Edge

Oil Market Loses Its Bullish Edge

Bullish sentiment has dominated oil…

U.S. And Europe Divided On The Future Of Oil

U.S. And Europe Divided On The Future Of Oil

Oil majors in Europe and…

Sinopec to Buy Share in Angolan Oil and Gas Field for $1.52 Billion

The largest refiner in Asia, China’s Sinopec Group, has announced that it will buy Marathon Oil Corp’s share in an Angolan offshore oil and gas field for $1.52 billion.

Dependent on the approval of the Chinese and Angolan governments, Reuters reported that, a subsidiary of the giant Asian refiner, Sonangal Sinopec International Ltd., declared on Friday that they will buy Marathon’s 10% stake in the Block 31 field, increasing their own share to a total 15%.

Block 31 in Angola is run by BP, and according to Sinopec, is estimated to hold reserves of 533 million barrels of oil.

Related Article: Angola and Brazil Work Together on LNG Production

Chinese energy companies have been investing in energy projects and developments around the world in a search to secure energy resources to meet the growing demand of the world’s second largest economy.

In March, CNPC, another giant, Chinese energy company, agreed to buy a stake in an offshore natural gas field in Mozambique for $4.2 billion, and then last week announced it would buy 20% of Novatek’s $20 billion Yamal-LNG project in northwest Siberia.

Reuters claims that the $1.52 billion sale to Sinopec is part of Marathon’s $3 billion asset disposal target, that they hope will help them to create a healthier balance sheet, and fund other exploration and development projects in the future.

By. Joao Peixe of Oilprice.com


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News