Sinopec Pays $1.5B For Marathon Angola Oil Field Stake

Law360, New York (June 24, 2013, 7:42 PM EDT) -- China Petroleum & Chemical Corp. Ltd., also known as Sinopec, has reportedly agreed to purchase Marathon Oil Corp.'s stake in an offshore oil and gas field in Angola for $1.5 billion, upping its own stake in the process.

State-owned Sinopec said that subsidiary Sonangal Sinopec International Ltd. would buy Marathon's 10 percent stake in the oil field known as Block 31, which is operated by BP PLC, according to a Reuters report. Sinopec said the field has estimated proved and probable reserves of 533 million barrels...
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