Gulf Oil and Gas accountACCOUNT

CNOOC and Sinopec Jointly Acquire 20% Interest

Source: www.gulfoilandgas.com 7/17/2009, Location: Africa

CNOOC Limited is pleased to announce that the Company through a 50:50 joint venture with Sinopec International Petroleum Exploration and Production Corporation (“SINOPEC”), has signed a Sale and Purchase Agreement with Marathon International Petroleum Angola Block 32 Limited, a subsidiary of Marathon Oil Corporation, to acquire a 20% working interest in the Production Sharing Contract and Joint Operating Agreement under Block 32, offshore Angola. The transaction has a total value of US$1.3 billion, excluding any purchase price adjustments at closing, and will be effective from Jan.1, 2009.

Block 32, with an acreage of 5,090 square kilometers, is an oil rich deepwater exploration block with 12 oil discoveries. The block is located about 150 kilometers off the coast in a water depth of 1400 to 2200 meters. The parties involved expect to close the transaction by year-end 2009, subject to government and regulatory approvals and the pre-emption rights of the other parties to the Production Sharing Contract and Joint Operating Agreement.

Twelve previously announced discoveries in Block 32 include: Gindungo, Canela, Cola, Gengibre, Mostarda, Salsa, Caril, Manjericao, Louro, Cominhos, Colorau and Alho. Conceptual development studies are underway in order to identify the feasibility of a first development area in the central southeastern part of Block 32. Mr. Yang Hua, President of the Company said: “I am glad that we seize the opportunity to acquire this asset. Since our listing, we have stuck to a value driven acquisition strategy to take opportunities. This transaction is a good example of such strategy.”

Marathon will retain a 10% interest in the block after the transaction. Block 32 is operated by Total SA of France, which owns a 30% stake and acts as the operator. Sonangol, Angola’s state-owned oil company owns 20%, while Exxon Mobil Corp. holds 15% and Galp 5%.

Oil & Gas Companies News in Angola >>

Egypt >>  2/14/2020 - A total of 29 international agreements and memorandums of understanding (MoUs) were signed during the Egypt Petroleum Show (EGYPS 2020), which conclud...
Egypt >>  2/11/2020 - The Egyptian Ministry of Petroleum and Schlumberger introduce the Egypt Upstream Gateway, a unique and innovative national project for digitizing subs...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Angola Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |

Oil & Gas Projects in Angola >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.