Reuters 23 June 2013
(Reuters) – China’s Sinopec Group has agreed to buy Marathon Oil Corp’s Angolan offshore oil and gas field for $1.52 billion, Asia’s largest refiner producer said.
Sonangal Sinopec International Ltd, the group’s subsidiary, will acquire Houston-based Marathon’s 10 percent stake on the Angolan field called Block 31, it said in a statement late on Friday.
China’s oil majors has been on an aggressive hunt for overseas assets to bulk up their energy reserves to meet future demand from the world’s second-largest economy.
CNPC agreed in March to buy a $4.2-billion stake in a Mozambique offshore natural gas field and on Friday agreed to buy a 20 percent stake in Novatek’s (NVTK.MM) $20-billion Yamal-LNG project in northwest Siberia.
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China’s Sinopec buys Marathon’s Angola oil fields for $1.52 billion
