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CHINA> National
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CNOOC, Sinopec to buy Angola oil stake
(Agencies)
Updated: 2009-07-18 11:49 LONDON: CNOOC and Sinopec have agreed to buy a stake in an Angolan oil block from US oil major Marathon Oil, as the Chinese state-owned oil companies continue to buy up overseas energy assets. The companies said in statements on Friday that the Chinese companies would form a 50-50 venture and pay $1.3 billion for a 20 percent stake in the highly prospective block, which has already yielded 12 discoveries. The deal price is a comedown for Marathon, which tried to sell the stake for $2 billion in 2008, sources involved in the process said at the time.
In recent years, Chinese oil companies have been pacing the globe to secure energy assets to fuel the fast-growing Asian powerhouse's economy. Angola, which in recent years has become a major international oil producer, and an OPEC member, has been a particular focus. Marathon will retain a 10 percent working interest in the block, the company said. The companies said they expected to close the transaction by the end of 2009. Shares in Marathon closed at $30.14 Thursday on the New York Stock Exchange. The block is operated by French oil major Total , which owns a 30 percent stake, while Texas-based Exxon Mobil Corp holds 15 percent, Portugal's Galp owns 5 percent and Angola's state-owned oil company Sonangol owns 20 percent. |
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