Petroleum Africa
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Tuesday, June 25, 2013
China’s CNPC has agreed to purchase US independent Marathon Oil’s stake in an Angolan block. The Chinese firm will pay $1.52 billion for Marathon’s 10% stake in Block 31. The stake is being acquired by CNPC’s wholly owned unit Sonangal Sinopec International.
Block 31, operated by BP, has estimated proved and probable reserves of 533 million barrels, CNPC said, adding that the acquisition moves its stake in the block to 15% once the transaction is complete.
The deal is subject to approval by the Chinese and Angolan governments.
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