BEIJING – China Petrochemical Corp. (NYSE:SHI) has purchased Marathon Oil Corp.’s (NYSE:MRO) 10% in deepwater block 31 offshore Angola for $1.52 billion.
The Dow Jones reports the purchase will give Sonangol Sinopec International Inc. a total 15% interest in the block. BP says it projects production from the block to reach as much as 150,000 b/d of oil by year end.
The agreement still requires approval of both the Chinese and Angolan governments.
BP holds 26.67% operated interest in the block, with Sonangol E.P. (25%), Sonangol P&P (20%), Statoil (13.33%), Sonangol Sinopec (10%), and SSI 31 Ltd (5%), with Sonangol as concessionaire.