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Sinopec to buy Marathon Oil's Angolan field for $1.52 billion

Staff writer |
Sinopec Group has agreed to buy Marathon Oil's Angolan offshore oil and gas field for $1.52 billion.

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Sonangal Sinopec International, Sinopec Group's subsidiary, will acquire Houston-based Marathon's 10 percent stake on the Angolan field called Block 31. The has estimated proved and probable reserves of 533 million barrels. When the transaction is completed, Sinopec will hold a stake of 15 percent in the block. The Angolan Block 31 field is operated by BP.

Marathon Oil wants to dispose of assets worth $3 billion to fund further exploration and development projects and this new deal is a part of that disposal process.

Chinese oil giant is on a shopping spree. In November last year French energy company Total has finalized the agreement to sell its 20% contractor interest in OML 138 block to a wholly owned subsidiary of Sinopec for $2.5 billion in cash.

In February this year, Sinopec announced that it will buy 50% of Chesapeake Energy's Mississippi Lime oil and gas field for $1.02 billion.

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