China secures big Angola oil deal

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The deal is the company's first acquisition of overseas upstream assets and is set to push Sinopec's proven crude oil reserves up by 3.6%, or by 102 million barrels (bbl), with daily crude-oil production rising by 8.8%.

Angola Block 18, a deep-water oil asset in Angola, is divided into an east and west zone and has an average water depth of 1,500 meters. The east zone has been in operation since October 2007, with daily production capacity of 240,000 barrels, while the west zone is at the develo