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China's Sinopec takes interest offshore Angola oil

June 25, 2013 at 9:00 AM

BEIJING, June 25 (UPI) -- China Petroleum Corp. said it took a stake in an oil field in Angola that is predicted to hold more than 500 million barrels of oil reserves.

China Petroleum Corp., known also as Sinopec, paid $1.52 billion to Marathon Oil Corp. to purchase its 10 percent stakes in Block-31. Sinopec increased its overall share in the field to 15 percent because of an earlier acquisition from French energy company Total, officials said.

British oil company BP is the lead operator offshore Angola. The energy giant said it expects to spend as much as $15 billion in Angola by the end of the decade.

BP Regional Vice President Martyn Morris said in April the company was looking forward to long-term results offshore Angola. China's official Xinhua News Agency said Monday the reserve area acquired by Sinopec holds proven and probable oil reserves of 533 million barrels.

Angola, a member of the Organization of Petroleum Exporting Countries, ranks second behind Nigeria in terms of oil production in sub-Saharan Africa.

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