Related News
CNOOC, Sinopec seal deal in Angola
By Richard Fu |
July 18, 2009, Saturday
|
Print Edition
Print Edition
CHINA'S CNOOC Ltd and Sinopec Group have agreed to jointly acquire a 20-percent working interest in a block offshore Angola from a United States energy company in a US$1.3-billion deal.
Through an equally-owned joint venture, CNOOC and Sinopec have signed an agreement with Marathon Oil Corp, according to a CNOOC statement yesterday.
The transaction is expected to be closed by the end of this year, it said.
Block 32 is a deep-water exploration block with 12 oil discoveries.
The Chinese firms will buy the 20-percent interest in the production sharing contract and joint operating agreement.
Yang Hua, president of Hong Kong-listed CNOOC, said the deal fits in with the company's strategy of pursuing value-driven acquisition.
David E. Roberts Jr, Marathon's executive vice president for upstream, said: "With the divestiture of a portion of our Angola interest, we are able to bring better balance to our overall portfolio by capturing the sizable amount of value we have created and redeploying capital into other growth regions for the company."
Houston-based Marathon operates in the US, Canada, Equatorial Guinea, Gabon and Indonesia. It will retain a 10-percent stake in the block after the transaction.
Through an equally-owned joint venture, CNOOC and Sinopec have signed an agreement with Marathon Oil Corp, according to a CNOOC statement yesterday.
The transaction is expected to be closed by the end of this year, it said.
Block 32 is a deep-water exploration block with 12 oil discoveries.
The Chinese firms will buy the 20-percent interest in the production sharing contract and joint operating agreement.
Yang Hua, president of Hong Kong-listed CNOOC, said the deal fits in with the company's strategy of pursuing value-driven acquisition.
David E. Roberts Jr, Marathon's executive vice president for upstream, said: "With the divestiture of a portion of our Angola interest, we are able to bring better balance to our overall portfolio by capturing the sizable amount of value we have created and redeploying capital into other growth regions for the company."
Houston-based Marathon operates in the US, Canada, Equatorial Guinea, Gabon and Indonesia. It will retain a 10-percent stake in the block after the transaction.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
