Hottest Sinopec CNOOC M & A Angola block

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On August 11, Sinopec and CNOOC announced that Sinopec and CNOOC had signed a sales and purchase agreement with marathon Angola 32 block Co., Ltd. (hereinafter referred to as the 32 block company) under Marathon Oil Company, and the two Chinese enterprises would jointly invest US $1.3 billion to acquire 20% of the block product sharing contract and joint operation agreement held by marathon 32 block company in all cash. To this end, Sinopec and CNOOC established a joint venture in the ratio of 50:50 to jointly complete the acquisition

angola, a member of OPEC, is the second largest oil producer in sub Saharan Africa after Nigeria, with an oil output of 695.7 million barrels in 2008. Block 32 has a partial interest in a deepwater exploration block rich in oil and gas in Angola. The block is 150 kilometers away from the coastline, with a water depth of 1400 ~ 2200 meters, and a total area of 5090 square kilometers

after the transaction is completed, As an example, Mala Songshi fetscher said, "the interest of a preform oil company whose paving is not suitable in this block will be reduced to 10%. Total owns 30% of the interest in this block and acts as an operator. Other partners of the project include Angola national oil company Sonangol (with 20% interest), ExxonMobil (with 15% interest) and GALP (with 5% interest) 。

at present, Angola block 32 has obtained 12 oil and gas discoveries through drilling. In order to confirm the feasibility of the first development in the southeast of this block, the relevant parties are currently formulating a preliminary development research plan

"Angola is an important oil producing country in Africa and also an important oil importing country in China," said a senior Sinopec official. "In recent years, its deep-sea exploration has made a number of major achievements, and its oil production is rising. Not only Chinese enterprises, but also multinational oil companies such as chevron are actively investing in this country."

this transaction is scheduled to be completed by the end of 2009. However, the final completion of the transaction depends on whether the approval of the government and regulatory agencies can be obtained and whether the relevant partners of the product sharing contract and the joint operation agreement can exercise the preemptive right to provide different impact performance, weather resistance and scratch resistance

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