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English > Industry > Industry-Breaking News>CNOOC, Sinopec JV to Buy 20% Stake in Angolan Oil Block

CNOOC, Sinopec JV to Buy 20% Stake in Angolan Oil Block

07-20 11:49 Caijing



» CNOOC Ltd. said it has agreed to join China Petroleum & Chemical Corp. (Sinopec) to pay US$1.3 billion for a 20-percent working interest in an Angolan oil block.
» The venture plans to buy the stake by December 31 from Marathon Oil Corp., which will retain 10 percent in the block, CNOOC said in an online statement on July 17.
» The deal is subject to regulatory approval by both countries and pre-emptive rights of other parties to the production-sharing agreement.
From wires
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